Current Sensor Market Expected to Grow at 8.6% CAGR Through 2030: Industry Forecast
The current sensor market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2030 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing adoption in ev battery systems, expansion of renewable energy infrastructure, rising need for accurate bms measurement, growth in telecom power systems, increasing deployment in consumer devices. Major trends in the forecast period include adoption of AI-based current monitoring, growth of ev-oriented current sensing solutions, expansion of intelligent manufacturing diagnostics, integration of IoT-enabled power monitoring, advancement of secure digital sensing platforms.
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What Are the Critical Growth Contributors in the Current Sensor Market?
The increase in demand for electric vehicles is expected to boost the growth of the current sensor market going forward. An electric vehicle (EV) refers to a car that can run on energy from a battery and can be charged from an outside source. Current sensors are used in automobiles to control the motor drive, the direct current conversion control of the motor's regeneration current, and the detection of the charged and discharged currents of the batteries in electric and hybrid vehicles, all of which are crucial components of control. Hence, the increase in demand for electric vehicles is expected to boost the current sensor market. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increase in demand for electric vehicles is driving the growth of the current sensor market.
Which Are the Leading Segments in the Current Sensor Market?
The current sensor market covered in this report is segmented –
1) By Type: Closed Loop, Open Loop
2) By Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive
3) By Application: Motor Drive, Converter And Inverter, Battery Management, UPS And SMPS, Starter And Generators, Grid Infrastructure, Other Applications
4) By End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses
Subsegments:
1) By Closed Loop: Hall Effect Current Sensors, Fluxgate Current Sensors, Rogowski Coil Sensors
2) By Open Loop: Hall Effect Sensors, Shunt Resistors, Current Transformers (CTs)
What Are the Major Trends Impacting the Current Sensor Market?
Major companies operating in the current sensor market are innovating advanced technologies, such as coreless high-current sensors, to enhance accuracy, reduce size, and improve efficiency in power monitoring and control applications. Coreless high-current sensors are advanced current sensing devices that measure high electrical currents without the use of a magnetic core, which is typically found in traditional current sensors. For instance, in May 2024, LEM, a France-based design and manufacturer of measurement and control instruments, particularly for the aeronautics and space sectors, launched The LEM HTFS 600-S and HASS 1000. The LEM HTFS 600-S and HASS 1000-S are two prominent coreless high-current sensors designed for accurate measurement in industrial applications. The HTFS 600-S can measure currents up to 600 A, offering high linearity and fast response times, making it suitable for monitoring transient currents. Meanwhile, the HASS 1000-S supports measurements up to 1000 A, featuring a compact design that enhances its integration into systems like electric vehicles and renewable energy setups.
Who Are the Leading Companies in the Current Sensor Industry by Revenue?
Major companies operating in the current sensor market are Allegro MicroSystems LLC, Honeywell International Inc., Infineon Technologies AG, TDK Corporation, TAMURA Corporation, Texas Instruments Incorporated, Melexis N.V., LEM International SA, ACEINNA Inc., Omron Corporation, Asahi Kasei Microdevices Corporation, STMicroelectronics N.V., Pulse Electronics Corporation, Vishay Intertechnology Inc., Microchip Technology Incorporated, ROHM CO. LTD., ON Semiconductor Corporation, Triad Magnetics Inc., Current Sensors Inc., SCT Sensing Technologies Inc., Analog Devices Inc., VACUUMSCHMELZE GmbH & Co. KG, Grace Technologies Inc, Eaton Corporation Plc, NK Technologies Inc., Crocus Technology Inc.
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Which Regions Are Driving the Most Demand in the Current Sensor Market?
North America was the largest region in the current sensor market in 2025. Asia-Pacific is expected to be the fastest-growing region in the current sensor market report during the forecast period. The regions covered in the current sensor market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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