Current Sensor Market Chronicles: Unveiling the Future of Electronics
By loop type, technology, output type, end-user, and geography, the Current Sensor Market was valued USD 2.8 billion in 2023. The market is expected to grow significantly and reach USD 4.7 billion by 2028 at a noteworthy compound annual growth rate (CAGR) of 10.4% between 2023 and 2028.
Technological improvements, the growing emphasis on energy saving across many industries, and the growing demand for current sensors in diverse applications are the main reasons driving this expansion. The market is positioned as a key actor in the larger sensor technologies landscape by reflecting the variety of applications and technologies that have contributed to its growth.
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The extensive usage of battery-powered systems, the growing emphasis on renewable energy sources, the substantial use of Hall-effect current sensors, and the growing demand within the consumer electronics sector are some of the major factors propelling the current sensor industry's growth. Furthermore, there is a strong market for current sensors due to the introduction of Internet of Things (IoT) and Industrial Internet of Things (IIoT) technologies, as well as the expanding production of electric and hybrid cars. These sensors are vital to maintaining productive industrial processes, despite the difficulties caused by the COVID-19 pandemic.
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Key Market Players in Current Sensor Market
- Asahi Kasei Microdevices (AKM) (Japan),
- ACEINNA (US),
- Melexis (Belgium),
- Allegro MicroSystems (US),
- TDK Corporation (Japan),
- LEM International (Switzerland),
- Infineon Technologies (Germany),
- Tamura Corp. (Japan),
- Texas Instruments (US),
- Honeywell (US)
Market Dynamics:
Driver: Increasing demand in consumer electronics industry
The consumer electronics sector has grown significantly, and this trend is expected to continue. New technologies are being introduced by different consumer electronics categories, and current sensors are essential to this. Smart devices such as tablets, TVs, wearables, and infotainment devices require integrated circuits for effective power management (ICs). Gallium nitride (GaN) has emerged as a critical component in power electronics, allowing businesses to provide effective solutions in response to the growing emphasis on mobility, autonomy, and energy efficiency. The contemporary sensor industry has a considerable revenue opportunity due to this expansion in the consumer electronics sector.
Restraint: Intense pricing pressure resulting in decline in average selling prices (ASPs)
Shipments have expanded as a result of the expanding uses of current sensors in consumer electronics, healthcare gadgets, automated cars, and telecommunications equipment. However, significant price erosion has hampered the current sensor market's sales growth. This difficulty has been exacerbated by the fierce competition among the increasing number of sensor manufacturers. Although lower average selling prices (ASPs) are advantageous to customers, suppliers have substantial difficulties as a result, which reduces their profit margins. Revenue growth is directly impacted by the tremendous pricing pressure in the fiercely competitive present sensor industry.
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Opportunity: Deployment of IoT and IIoT with current sensors
The Internet of Things, or IoT, is a key concept in the field of information technology. It is a network of sensors that is formed by connecting various information-sensing devices to the internet. In response to the demands of the interconnected environment, this integration causes a spike in demand for cutting-edge connected devices that enable Machine-to-Machine (M2M) communication and compatibility with other devices. It is projected that there will be a notable increase in the network traffic, which is increasing due to device interconnection. Many applications are being widely adopted, including content delivery via the internet and cloud, smart grid applications, resource and inventory management, home entertainment, connected transportation, healthcare and safety monitoring, and other M2M data applications. Furthermore, over the past few years, government financing has been drawn to IoT technology in various countries and it has experienced significant technological improvement.
Challenge: Accuracy over different temperature ranges
Under certain temperature conditions, current sensors provide remarkable precision with little variation. For manufacturers, maintaining this accuracy over the temperature ranges frequently found in automotive applications is a major issue. Open-loop and closed-loop current sensors are the two main current measurement technologies that end users usually use. Closed-loop sensors provide gain stability and efficiently manage short-duration, high-current transients, but open-loop sensors may experience problems with temperature changes or high temperatures. Open-loop sensors, however, have a benefit in terms of destructive overload capacity. Conversely, closed-loop sensors cause self-heating when they absorb a significant amount of quiescent current during high primary current periods. As a result, end users have a number of challenges regarding the operating temperature of existing sensors, which is a significant problem for manufacturers in the current sensor market.
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