Current Sensor Market To Grow At A CAGR Of 8.34% During the Forecast Period 2024

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The Current Sensor Market is expected to grow from USD 2.4 billion by 2019 to USD 3.6 billion by 2024 at a CAGR of 8.34%. The increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors are among the key driving factors for this 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 market growth.

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Key Market Players
Key players in the current sensor market include Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Siliocn Labs (US), LEM International (Switzerland), Sensitec (Germany), Koshin Electrin (Japan). Asahi Kasei Microdevices (Japan) is a leader in the current sensing industry. The company has shown consistent growth in the market by demonstrating capability to serve new markets, and its product launches and promotional activities have boosted its revenue growth.

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Recent Developments
  1. In February 2019, ACEINNA released a family of AMR-based isolated magnetic current sensors with high accuracy, wide bandwidth (1.5MHz, 3dB), low phase delay, and fast response time for a wide range of power and electrical applications. The current sensors have isolation of 4.8kV and are UL/IEC/EN60950-1 and UL1577 certified. These safety, reliability, and performance-related features are offered in an integrated “All-In-One,” simple-to-use, single-chip solution at effective costs.
  2. In October 2018, AKM launched CZ-370x (x: 0 to 6), an ultrahigh-accuracy coreless current sensor supporting 60 Arms with more than 8 mm of creepage/clearance distance. These sensors have applications in AC motors, DC motors, UPS, general inverters, and power conditioners.
  3. In February 2019, AKM acquired Senseair AB (Sweden), a manufacturer of gas sensor modules. This acquisition is expected to enable the company to expand its business activities in the market for air, gas, and alcohol sensors.
Critical Questions Answered by Report:
  • Where will all these developments take the industry in the mid to long term?
  • What are the leading industries of current sensors?
  • How are the advancements in various industries influencing the current sensor market?
  • Which current sensor type is expected to penetrate significantly in the overall market in the coming years?
  • Which countries are expected to witness significant growth in the current sensor market?

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