Current Sensor Market by Type (1) (Closed Loop and Open Loop), Type (2) (Isolated and Non-Isolated Current Sensors), End User (Automotive, Healthcare, Energy, Consumer Electronics, Industrial, and Others), and Geography – Global Forecast to 2024
The current sensor market is expected to be valued at USD 2.4 billion in 2019 and is likely to reach USD 3.6 billion by 2024, at a CAGR of 8.34% during the forecast period. Increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors are among the key factors driving for the current sensor market. Moreover, the growth of automotive electronic control systems and new vehicle technologies, and large scale-commercialization of IoT and IIoT are among the other factors fueling the growth of this market.
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Open-loop current sensors are expected to witness significant growth in the overall market during the forecast period. The open-loop current sensors provide a cost advantage over closed-loop sensors in high current ranges (over 100 A). Such advantages drive the growth of the market for this type over closed-loop type. Open-loop sensors are available in small in size and light in weight, and maintain constant power consumption, irrespective of the current level.
The market for isolated current sensors is expected to grow at a high CAGR during the forecast period. The growth of the market for this segment is credited to the growing demand for magnetic current sensors worldwide due to their usability in a wide range of applications such as commercial motors, electric / hybrid electric vehicles (EV/HEV), solar arrays, home energy metering, etc.
The energy sector is expected to register a high CAGR in the current sensor market, by vertical, during 2019–2024. The shift toward the generation and use of renewable energy would drive the current sensor market for energy. As a result, the market players are expected to have high growth opportunities in this sector owing to their application-specific properties, such as high accuracy, sensitivity, and stability, and faster response time. Moreover, these sensors are used in solar micro-inverters with solar panels for accurate current measurement at several stages.
Among all regions, APAC held the largest share of the current sensor market in 2018. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development of the region, which will boost the demand for current sensors from several sectors such as automotive, industrial, consumer electronics, energy, telecom and networking, and healthcare.