"The Current Sensor Market is estimated to grow from USD 2.41 billion in 2021 to USD 5 billion by 2028 at a healthy CAGR of 10.91% during the forecast period of 2022-2028".

Introduction

Current sensors, referred to as current transformers or CTs, are devices that measure the current running through a wire by using a magnetic field to detect the current and produce a proportional output. They are widely used with both AC and DC. These sensors find applications in inverter circuits and motor driving circuits and are used in different sectors including consumer electronics, automotive, and telecommunication. The current sensor helps to measure the electric current where the current ranges from Pico amps to tens of thousands of amperes. The measured current is then displayed on an ammeter and can be stored for control and data acquisition.

Key Market Drivers

Electrification of Automobiles: The surge in electric and hybrid vehicle production is a significant driver. Current sensors are crucial for battery management systems, motor control, and safety features in EVs and HEVs. For instance, Texas Instruments introduced advanced current sensing solutions in August 2023, highlighting the ongoing innovations in this field.

Renewable Energy and Smart Grids: The shift towards renewable energy and smart grid technology increases the demand for current sensors. These sensors ensure efficient energy management and safety in power systems.

Consumer Electronics Growth: The consumer electronics market, especially in regions like Asia-Pacific, is expanding rapidly. This growth is expected to drive the demand for current sensors, which are integral to various electronic devices and appliances.

Industrial Automation: The rise of Industry 4.0 and automation in manufacturing processes necessitates precise current sensing for monitoring and control, further boosting market growth.

Regional Insights

The Asia-Pacific region is expected to dominate the market due to rapid urbanization, industrialization, and significant investments in renewable energy. Countries like China, Japan, and India are key players, with substantial growth in automotive, industrial, and consumer electronics sectors. North America and Europe also hold significant market shares, driven by technological advancements and high adoption rates of electric vehicles and smart technologies.

Competitive Landscape

The market is fragmented, with key players including Allegro MicroSystems, TDK Corporation, Infineon Technologies, Melexis, and Honeywell International. These companies focus on innovation, product launches, and strategic partnerships to maintain their competitive edge. For example, in July 2023, Littelfuse launched a new current sensing resistor family, enhancing their portfolio with cost-effective solutions for various applications.

In summary, the current sensor market is experiencing robust growth, driven by technological advancements and increasing applications across multiple industries. The ongoing trends and investments in electric vehicles, renewable energy, and industrial automation are set to sustain this growth trajectory in the coming years​

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