The global current sensors market size is estimated to reach USD 2.9 billion in 2023. Over the forecast period, global current sensor sales are predicted to soar at a robust CAGR of 12.8%. By 2033, the total market valuation is expected to reach USD 9.6 billion.
Isolated current sensors are projected to witness a higher demand during the forecast period. This is due to their ability to protect operators and measurement equipment from dangerous currents. The latest current sensors market analysis indicates the isolated segment to exhibit a 12.4% CAGR through 2033.
| Attributes | Key Insights |
|---|---|
| Global Current Sensors Market Size in 2022 | USD 2.5 billion |
| Estimated Current Sensors Market Value (2023) | USD 2.9 billion |
| Projected Market Size (2033) | USD 9.6 billion |
| Predicted Current Sensors Market CAGR (2023 to 2033) | 12.8% |
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Current Sensors Market to Expand 3.3X Despite Reduction in Projected CAGR
The worldwide current sensors market is forecast to expand about 3.3X through 2033 despite a reduction in the estimated CAGR compared to the historical one. This is due to the rising adoption of current sensors across diverse industries and the growing emphasis on energy efficiency.
Amid the depletion of fossil fuels at an alarming rate and increasing energy costs, improving energy efficiency is becoming a top priority globally. As a result, industries are using current sensors for several applications to monitor and control power consumption. This is helping them to reduce energy waste.
United States to Emerge as the Winner in Terms of Current Sensor Consumption
The United States is expected to remain the hotbed for current sensor manufacturing companies during the forecast period. This is due to rapid industrial automation, IoT penetration, and a shift towards electric vehicles.
Closed-loop Current Sensors to Retain Market Dominance
As per the latest report, the closed-loop current sensors segment is expected to retain its market dominance during the forecast period. This is due to their adoption in high-power applications requiring high accuracy and electrical isolation.
However, a 2.4% reduction in predicted CAGR compared to the historical one indicates that closed-loop current sensor demand will decrease slightly during the forecast period. This is attributable to the rising usage of open-loop sensors in a wide range of applications, including battery-powered devices, due to their cost-effectiveness and ability to measure AC and DC currents.
Rise of Electrification Trends to Unlock New Opportunities for Manufacturers
In recent years, industries such as automotive, consumer electronics, and industrial automation have embraced electrification to reduce their environmental impact. This, in turn, has created demand for current sensors, and the trend is expected to continue through 2033.
With more and more electricity-powered systems and devices, the need for reliable and accurate current-sensing solutions will increase significantly. This is expected to create lucrative growth prospects for current sensor manufacturers.
Current sensors are devices used to measure electrical current in electrical circuits. These current measurement devices detect electric current in circuits and generate a signal proportional to that current.
Current sensors have become essential for monitoring and controlling electrical systems, optimizing power usage, and ensuring safety. Hall effect sensors, Rogowski coils, current transformers (CTs), magnetic current sensors, shunt resistors, digital current sensors, and integrated current sensors are few of the commonly used types of current sensors.
Growing usage of current sensors in diverse applications is expected to boost the global market. Current sensors are used in power distribution, renewable energy systems, battery management, electronic circuit protection, and motor control applications.
Increasing need for accurate power monitoring and control in several industries is forecast to uplift current sensors market demand. These sensors measure and monitor electrical current, critical for accurate power monitoring and control.
Rising focus on energy efficiency in automotive, consumer electronics, and industrial automation industries is projected to fuel sales of current sensors. These sensors help monitor and control power consumption, leading to more energy-efficient systems.
Another key factor expected to fuel global demand for current sensors is their rising application in thriving medical and aerospace & defense industries. Current sensors are widely used in medical equipment, such as diagnostic devices, patient monitors, and infusion pumps.
Similarly, current sensors are employed in several aerospace and defense applications to monitor and control military vehicles, spacecraft, and aircraft electrical systems. The rapid expansion of the aerospace and defense industry will positively impact current sensor sales.
Top current sensor companies are concentrating on developing novel current sensing solutions, such as smart sensors and digital current sensors. For instance, Riedon launched its new SSD smart shunt current sensor series in March 2023.
Riedon’s SSD series comprises highly integrated digital system-in-package (SiP) devices ideal for various battery-related current sensing applications. The development of such novel solutions is expected to bode well for the target market.
Regionally, North America and Asia Pacific are expected to dominate the worldwide current sensors industry. The rising popularity of electric and hybrid vehicles, high adoption of industrial automation, and development of cost-effective products are key factors driving Asia Pacific current sensors market.
The global market for current sensors exhibited a CAGR of 15.2% between 2018 and 2022. However, it is predicted that there will be a slight decline in the predicted current sensors market growth rate during the assessment period, although this drop will not have much influence on the overall market valuation.
| Historical CAGR (2018 to 2022) | 15.2% |
|---|---|
| Forecast CAGR (2023 to 2033) | 12.8% |
Short-term Analysis of Current Sensors Market from 2018 to 2022
Despite the impact of the COVID-19 pandemic, global sales of current sensors increased at an impressive pace during the historical period. This was mostly due to increased emphasis on remote monitoring and automation.
During 2018 and 2022, the healthcare industry witnessed an increased demand for medical devices and equipment. This, in turn, boosted current sensor sales as they play a key role in medical equipment, such as monitoring devices and ventilators.
Adoption of remote monitoring and IoT solutions increased significantly across several industries during the pandemic. This further boosted the global demand for current sensors and resulted in the global market value reaching USD 2.5 billion in 2022.
Mid-term Analysis of Current Sensors Market Forecast from 2023 to 2028
As industries embrace automation and the Internet of Things (IoT), the need for accurate and reliable current sensing technologies will rise rapidly. This, in turn, is anticipated to elevate demand for current sensors.
Current sensors are becoming essential for monitoring and controlling machinery and equipment. They ensure efficient and safe operations in automated systems. The growing adoption of Industry 4.0 and IoT in manufacturing and industrial sectors is expected to fuel current sensor demand.
Growing focus on safety and security in applications, such as industrial and building automation, is another key factor expected to boost the market. Similarly, introducing industry-specific regulations is anticipated to encourage the adoption of current sensors in several industries.
Long-term Analysis of Current Sensors Market from 2028 to 2033
In the long run, the global current sensors market is estimated to register healthy growth. The rising popularity of electric vehicles, increasing demand for smart grid technologies, and advancement in current sensing technologies are key factors expected to stimulate market growth.
The automotive industry’s transition towards electric vehicles is acting as a catalyst, triggering sales of current sensors. This is because current sensors are used in electric vehicles for battery management and motor control.
Growing environmental concerns and increasing fuel prices are prompting automakers and consumers to shift their preference toward electric and hybrid vehicles. This is anticipated to create revenue-generation opportunities for current sensor manufacturers.
Rising demand for smart grid technologies to improve the efficiency and security of power grids is likely to fuel current sensor demand through 2033. This is due to the rising usage of current sensors in smart grid solutions to monitor and control electricity flow.
Advancements in sensor technology are allowing manufacturers to develop more accurate, efficient, cost-effective, and reliable sensors. This is expected to boost the target market and other related markets, including the fiber optic current sensor market and the electrochemical sensors market, through 2033. The latest current sensors market analysis estimates total revenues, with these dynamics, to reach USD 9.6 billion by 2033.
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The table below highlights key countries’ current sensors market revenue by 2033. The United States, Japan, and China are the three key markets for current sensors, with expected valuations of USD 1.6 billion, USD 812.9 million, and USD 1.2 billion, respectively, in 2033.
India, the United Kingdom, and South Korea, and India are also emerging as lucrative markets for current sensor manufacturers. This is attributable to increasing penetration of industrialization and rising popularity of electric vehicles.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 1.6 billion |
| United Kingdom | USD 283.6 million |
| China | USD 1.2 billion |
| Japan | USD 812.9 million |
| South Korea | USD 525.4 million |
Below table highlights the estimated current sensors market growth rates of top countries through 2033. China, South Korea, and Japan are forecast to witness higher CAGRs of 12.7%, 13.3%, and 13.6% respectively through 2033.
| Countries | Projected Current Sensors Market CAGR (2023 to 2033) |
|---|---|
| United States | 12.0% |
| United Kingdom | 11.5% |
| China | 12.7% |
| Japan | 13.6% |
| South Korea | 13.3% |
The table below shows the historical current sensors market growth rates of the top five countries. With CAGRs of 18.2%, 15.7%, and 14.7%, respectively, South Korea, the United Kingdom, and the United States were the key markets current sensors during the historical period.
| Countries | Historical Current Sensors Market CAGR (2018 to 2022) |
|---|---|
| United States | 14.7% |
| United Kingdom | 15.7% |
| China | 12.4% |
| Japan | 13.3% |
| South Korea | 18.2% |
China is projected to remain one of the lucrative markets for current sensor manufacturers across East Asia. This is due to the rapid expansion of the consumer electronics industry, the increasing popularity of electric vehicles, and favorable government support.
As per the latest analysis, China is forecast to witness a healthy growth rate of 12.7% CAGR during the forecast period. By 2033, the total current sensor sales revenue in China is predicted to reach USD 1.2 billion.
China leads from the forefront regarding consumer electronics manufacturing and usage. The country is witnessing robust growth in the consumer electronics industry. This, in turn, is anticipated to fuel sales of current sensors in China during the forecast period.
Current sensors are used in various consumer electronic products to monitor and manage power consumption, improve battery life, and enhance device performance. Increasing proliferation of consumer electronic devices, such as laptops and smartphones, will boost China market through 2033.
The United States current sensors market size is forecast to reach around USD 1.6 billion by 2033. Over the forecast period, demand for current sensors in the country is predicted to rise at 12.0% CAGR.
Growth in the United States current sensors industry is expected to be driven by multiple factors. High adoption of industrial automation and rapid aerospace & defense industry expansion are key current sensors market drivers in the United States.
Rising penetration of industrial automation in the United States is expected to create a high demand for current sensors during the forecast period. These sensors have become essential tools in industrial automation, enabling precise control, monitoring, and protection of electrical systems and equipment.
Current sensors are widely used to monitor power consumption of motors, machines, and equipment in industrial settings. They provide overload protection, identify faults, and continuously monitor the condition of machinery and equipment.
Similarly, adoption of the Internet of Things (IoT) in manufacturing and industrial sectors is expected to improve the United States current sensors market share. Besides this, expansion of the Hall-effect current sensors market will boost revenues in the country.
The IoT ecosystem relies on sensors, such as current sensors, as they help to monitor and optimize power consumption of IoT devices and systems. Hence, increasing penetration of IoT is expected to foster market growth in the United States.
The United Kingdom current sensors market value is projected to total USD 283.6 million by 2033. Over the forecast period, current sensor sales in the country will likely soar at 11.5% CAGR. This is attributable to rapid expansion of the renewable energy sector and growing demand for energy-efficient devices.
Rising energy demand and costs across the United Kingdom encourage the adoption of renewable energy sources such as wind and solar. This, in turn, is expected to uplift current sensor demand as they are essential for monitoring and controlling the flow of electrical energy in renewable energy systems.
Current sensors are increasingly used in inverters and power management systems for renewable energy installations. Hence, increasing government initiatives and investments in expanding the country’s renewable energy infrastructure will bolster sales of current sensors.
During the forecast period, Japan is expected to remain a profitable market for current sensor manufacturers. This is attributable to the rising trend towards electrification and growing popularity of electric & hybrid vehicles.
Japan current sensors market size is projected to reach USD 812.9 million by 2033. Overall demand for current sensors in Japan will likely increase at a robust CAGR of 13.6% during the forecast period.
The transition towards eco-friendly vehicles is expected to create lucrative opportunities for current sensor companies across Japan. Growing environmental concerns and governmental regulations are prompting people and automakers to shift towards electric vehicles.
Per the Ministry of Economy, Trade and Industry (METI), every vehicle manufactured by Japanese automobile companies will be electrified by 2050. This is expected to create a high demand for current sensors, which are widely used in electric vehicles to monitor and measure the current flow in motors, batteries, and other electrical components.
South Korea current sensors market is set to progress at 13.3% CAGR through 2033 compared to 18.2% CAGR recorded from 2018 to 2022. Total market size in Korea is anticipated to reach USD 525.4 million.
The current sensors industry in South Korea is expected to witness robust growth through 2033. This is due to rising popularity of electronic devices, growing demand for industrial current sensors, and high adoption of smart grid and energy management systems.
South Korean government is rigorously investing in smart grid technology and energy management systems to improve energy efficiency. This is expected to fuel demand for current sensors as they are used in smart grid technologies to monitor and control electricity flow.
Escalating popularity of electric and hybrid vehicles and high penetration of industrial automation will improve the current sensors market share in Korea through 2033.
The below section predicts the closed loop segment to hold a dominant market share in terms of type. It is anticipated to exhibit a 12.6% CAGR through 2033.
Based on isolation, isolated segment is expected to lead the global current sensors market. It is predicted to thrive at a CAGR of 12.4% during the forecast period.
| Top Segment (Type) | Closed Loop |
|---|---|
| Projected CAGR (2023 to 2033) | 12.6% |
The current sensors market by type is segmented into closed-loop current sensors and open-loop current sensors. Among these, closed-loop current sensors segment is expected to hold a prominent market share during the assessment period.
As per the latest analysis, demand for closed-loop current sensors is projected to rise at a robust CAGR of 12.6% between 2023 and 2033. Historically, the target segment witnessed a CAGR of 15.0%.
Closed-loop current sensors are expected to remain highly sought-after during the forecast period. This is due to rising usage of closed-loop current sensors in commercial and industrial applications because of their several advantages, including high measuring accuracy, wide bandwidth, and low rise time.
Closed-loop current sensors, also called current transformers, work on the principle of electromagnetic induction. They are mostly used for measuring alternative current (AC) and find application in electrical power systems.
Current transformers are employed for current monitoring, protection, and metering. For instance, they are used in protective relays to detect overcurrent conditions. These sensors provide high accuracy in measuring AC current.
Growing usage of closed-loop current sensors in high-power applications where accuracy and electrical isolation are crucial is expected to boost growth of the target segment. Closed-loop current sensors are widely used in protection systems, power distribution, and metering applications where safety and precision are paramount.
| Top Segment (Isolation) | Isolated |
|---|---|
| Projected CAGR (2023 to 2033) | 12.4% |
The current sensors market by isolation is segmented into isolated current sensors and non-isolated current sensors. As per the latest report, isolated current sensors are expected to remain the most popular type among end users.
Isolated current sensor demand increased at around 14.8% CAGR during the historical period. Between 2023 and 2033, the target segment is anticipated to thrive at 12.4% CAGR.
Isolated current sensors, also called current transducers, are gaining immense popularity due to their ability to provide galvanic isolation. These devices measure electric current in a circuit while providing electrical insulation between the measured current and the measuring equipment.
By providing galvanic isolation, isolated current sensors help to protect both operators and measurement equipment from potentially dangerous currents or voltages. They are widely used in applications like control systems and power monitoring.
Rising adoption of isolated current sensors for power monitoring in commercial and industrial settings is set to boost the target segment. Subsequently, increasing usage of isolated current sensors for motor control and monitoring in HVAC systems and industrial machines will boost their sales.
Leading manufacturers of current sensors listed in the report include Aceinna, Allegro Microsystems, American Aerospace Controls (AAC), Asahi Kasei Microdevices, Electrohms Pvt. Ltd., Honeywell, ICE Components, Infineon Technologies, Kohshin Electric, and LEM International.
Top current sensor companies are investing rigorously in research & development activities to advance in current sensing technology. They are constantly introducing novel current sensors with enhanced features.
Several companies also implement acquisitions, partnerships, mergers, alliances, and collaborations to boost revenues and strengthen their global footprint.
Recent Current Sensors Market Developments
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 2.9 billion |
| Projected Market Value (2033) | USD 9.6 billion |
| Anticipated Growth Rate (2023 to 2033) | 12.8% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million/Billion, Volume (Units), and CAGR from 2023 to 2033 |
| Segments Covered | Type, Isolation, End Use, and Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | Aceinna; Allegro Microsystems; American Aerospace Controls (AAC); Asahi Kasei Microdevices; Electrohms Pvt. Ltd.; Honeywell; ICE Components; Infineon Technologies; Kohshin Electric; LEM International |
In 2022, the global market was valued at USD 2.5 billion.
The global market size is estimated to reach USD 2.9 billion in 2023.
The global market is projected to reach USD 9.6 billion by 2033.
The global market exhibited a CAGR of 15.2% from 2018 to 2022.
Global current sensor demand is set to rise at 12.8% CAGR through 2033.
Thriving at 12.6% CAGR, demand for closed loop sensors is estimated to remain high.
The United States market is forecast to reach USD 1.6 billion by 2033.
Hall effect sensors, magnetic current sensors, and shunt resistors are popular types.
Development of compact and cost-effective current sensors a is key trend observed in the market.
Aceinna, Allegro Microsystems, and American Aerospace Controls are a few of the key companies.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Closed Loop 5.2. Open Loop 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Isolation 6.1. Isolated 6.2. Non-Isolated 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Automotive 7.2. Consumer Electronics 7.3. Telecom & Networking 7.4. Healthcare 7.5. Energy 7.6. Other End Uses 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Aceinna 18.2. Allegro Microsystems 18.3. American Aerospace Controls (AAC) 18.4. Asahi Kasei Microdevices 18.5. Electrohms Pvt. Ltd. 18.6. Honeywell 18.7. ICE Components 18.8. Infineon Technologies 18.9. Kohshin Electric 18.10. LEM International 19. Assumptions & Acronyms Used 20. Research Methodology
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Current Sensors Market
