Inductive Current Sensor Market - Forecast(2023 - 2028)
Inductive Current Sensor Market Overview
Inductive Current Sensor Market size is estimated to reach $545.3 million by 2027 at a CAGR of 7.2% during the forecast period 2022-2027. The increase in demand for Current Sensors manufactured using BiCMOS technology (a combination of bipolar junction transistor and complementary metal oxide semiconductor) owing to the various features offered by them over conventional CMOS technology such as high current drive per unit, low input density, and high-power dissipation accelerate the Inductive Current Sensor Market share in current transformers, switch mode power supplies and other such applications. The rise in the usage of fully integrated and programmable current sensors and high demand for open loop hall effect current sensor and closed loop hall effect current sensor among consumers further influence the Inductive Current Sensor Market. Additionally, an increase in demand for intelligent hall-effect sensors and tunneing magnetoresistive sensor, flux gate sensors and increased investment in Inductive Current Sensors, research and development positively affect the Inductive Current Sensor Market. Furthermore, the rise in the need for energy measurement owing to urbanization and industrialization and potential applications in eco-friendly electric integrated with single integrated circuit device and hybrid vehicles extend profitable opportunities to the Current Sensor industry in the forecast period.
The report: “Inductive Current Sensor Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Inductive Current Sensor Market Report
- In Inductive Current Sensor Market, the Open-loop current sensor is expected to grow at the highest CAGR of 8.8% during the forecast period owing to its low cost, small size, lightweight and low power consumption
- APAC dominated the Inductive Current Sensor Market size in 2021 with a share of 32.8% due to the growing requirement of power management, government supporting industrial automation and growth of the industrial sector in countries such as China, India, South Korea and Japan.
- Continuous technological advancements, growing use of fully integrated programmable current sensors, and growing demand for intelligent Current Sensors are expected to drive the growth of the Inductive Current Sensor Market.
- Current Sensor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Inductive Current Sensor Market Segment Analysis – By Deployment
In Inductive Current Sensor Market, the Open-loop current sensor is expected to grow at the highest CAGR of 8.8% during the forecast period owing to its low cost, small size, lightweight and low power consumption. In addition, this type of current sensor measure DC, AC and complex current wave forms with galvanic isolation. Similarly Open-loop sensors are increasingly being used in an array of applications, including industrial automation, broadcast equipment, power monitoring, robotics, and battery systems, thus driving the Current Sensors market. Moreover, the demand for open-loop current sensors has increased due to its features including compact size, AC/DC and impulse current measurement, low power consumption, large primary aperture, and high level of electric isolation between primary and secondary circuits. Hence these kind of benefits are analysed to drive the Current Sensor industry outlook in the forecast period 2022-2027.
Inductive Current Sensor Market Segment Analysis – By End-User Industry
The Consumer Electronics sector in Current Sensors market is growing at the highest CAGR of 9.3% during the forecast period. There is a rise in the demand of consumer electronic devices such as mobile phones, smart TVs, home theatre systems, digital cameras, washing machines, wearable devices, and gaming devices that use current sensors. The increasing popularity of electronic compass and navigational equipment in consumer electronic devices will also lead to an increase in the consumption of hall sensors in the consumer electronics segment. Further, the global consumer electronics industry is continuously growing as a result of growing use of advanced and smart electronic devices such as smartphones and increasing standard of living worldwide. Furthermore, companies are investing significantly in R&D activities in consumer electronics devices with people using more number of electronic devices with highly advanced features. Hence these factors are analysed to drive the Inductive Current Sensor Market growth in the forecast period 2022-2027.
Inductive Current Sensor Market Segment Analysis – By Geography
APAC dominated the Inductive Current Sensor Market size in 2021 with a share of 32.8% due to the growing requirement of power management, government supporting industrial automation and growth of the industrial sector in countries such as China, India, South Korea and Japan. Governments of various countries in APAC are taking efforts to propel the Current Sensors industry, owing to significant opportunities in terms of job creation and revenue generation in the industry. For instance, in February 2020, the Government of India proposed a scheme to drive the production of mobile phones and electronic devices as well as their semiconductor modules and electronic components across the country. This Measure by the Government of India to encourage the electronics manufacturing industry in the country is projected to drive the demand for sensors. This, coupled with the increasing number of technological advancements, is expected to support growth of the global Current Sensors market.
Inductive Current Sensor Market Drivers
The growing demand for electric vehicles is analysed to drive the Inductive Current Sensor Market in the forecast period:
The demand for electric vehicles is growing significantly, owing to the plans and initiatives of governments of different countries such as India, China, Germany, the U.S, and others. Hall sensors are widely used in electric vehicles to control displacements and rotations of various parts of the vehicle, vibrations of the engine, the ignition system. In addition, several companies have been increasingly investing in R&D to develop advanced sensors. For instance, Allegro has introduced current sensor ICs allow design engineers to use Hall-effect-based current sensor ICs in new EV and HEV applications where increased energy efficiency or new operating features are required. Further major manufacturers such as General Motors, Toyota, and BMW plan to release the potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, a Chinese venture has committed to invest $17.5 billion in electric vehicles by 2025. As Current Sensor is used for several applications, hence the rising demand for electric vehicles globally drives the Inductive Current Sensor Market size in the forecast period 2022-2027.
Technological Advancements of Current Sensor is driving the growth of the market:
Continuous technological advancements, growing use of fully integrated programmable current sensors, and growing demand for intelligent Current Sensors are expected to drive the growth of the Inductive Current Sensor Market. Moreover, several companies have been developing advanced sensors to gain market traction. For instance, in July 2020, Texas Instruments launched zero-drift Current Sensor that offers high accuracy and lowest drift while simultaneously providing efficient 3-kVrms isolation. Similarly, in June 2020, Melexis launched its second-generation isolated integrated current sensors, MLX91220 and MLX91221. These sensors are built on the first generation of current sensors that integrate sensing elements and high precision signal conditioning with voltage isolation. In addition, these new generation current sensors can be accessed in miniature SOIC8 narrow body and SOIC16 wide-body packages, which are improved by boosting the bandwidth to 300 kHz. Further, in 2021, Allegro MicroSystems unveiled ACS37610, a new coreless Current Sensor. This sensor is aimed at demanding automotive and industrial systems, providing more precision and sensitivity, additional fault detection offerings, and customer programmability. Hence these kinds of advancements are analyzed to drive the Current Sensor share in the forecast period 2022-2027.
Inductive Current Sensor Market Challenges
Growing demand for low-cost Current Sensors is hampering the market growth
Automotive, consumer electronics, medical, industrial automation, railways, and aerospace & military are among the industries that use Current Sensors. The automotive and consumer electronics industries have shown a strong need for Hall-Effect-based current sensors. Both of these industries are quickly expanding, yet they confront fierce pricing rivalry in the market. As a result, players in these industries seek low-cost Current Sensors to keep the end product's price low. This low cost of the sensor will hamper the Inductive Current Sensor Market growth in the forecast period 2022-2027.
Current Sensor Industry Outlook
Product launches, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the Inductive Current Sensor Market. In 2021, the market of Current Sensor industry outlook has been fragmented by several companies. The Current Sensor top 10 companies include:
- Melexis N.V
- Allegro Microsystems, Inc.
- LEM International S.A.
- Honeywell International, Inc.
- TDK Corporation
- Texas Instruments, Inc.
- Asahi Kasei Microdevices Corporation
- Infineon Technologies AG
- Honeywell International Inc
- In June 2020, Allegro MicroSystems, LLC introduced an advanced Current Sensor with accurate 400 kHz Current Sensor IC with 5 kV isolation rating. Enabling more efficient power conversion in higher frequency switching applications, the ACS37002 has 400kHz sensing bandwidth up to 180 A with low offset and better than 1% typical total accuracy over the full -40°C to 150°C auto temperature range.
- In March 2020, Paragraf, the leader in graphene-based transformative electronic devices, announced a new graphene Hall Effect sensor ideally suited to battery applications, such as the electric vehicle (EV) sector.
- In March 2019, Allegro MicroSystems has launched its latest Hall effect current sensor IC, which delivers its highest speed and accuracy in >400A sensing applications to date. It is best suited for hybrid and electric vehicle inverter applications that need high accuracy sensing to 1000Amps or more, the ACS70310 offers diagnostic functions that can help improve functional safety and reliability.
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