The Global Current Sensor Market is expected to grow from USD 2.3 billion in 2021 to USD 3.8 billion by 2026; it is expected to grow at a CAGR of 10.8% during 2021–2026. Key factors fueling this markets growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor for efficient industrial operations in the midst of COVID-19.
Key Players in the Current Sensor Market comprise companies operating at different stages of the value chain. These include 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), and Honeywell (US). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, agreements, joint ventures, partnerships, expansions, acquisitions, and collaborations to strengthen their position in the market.
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Top 2 Players in Current Sensor Market:
Asahi Kasei Microdevices (AKM) (Japan) provides a variety of advanced sensing devices based on compound semiconductor technology and sophisticated IC products featuring analog/digital mixed-signal technology integrated circuits (ICs). The company spends heavily on the development of new products and technologies to strengthen its portfolio. AKM continuously realigns its business strategies to meet the changing needs of its customers and proactively branches into new fields to expand its business. The company focuses on enhancing its ability to create new businesses by connecting its technologies, business models, and human resources internally as well as externally through joint R&D, business alliances, and mergers and acquisitions. It has a robust network of distributors and channels in more than 80 countries worldwide.
Infineon Technologies (Germany) is a leading provider of semiconductor and microelectronics solutions. It has been leading the magnetic sensor market as its product portfolio comprises a wide range of magnetic sensors based on Hall-effect, anisotropic magnetoresistive (AMR), giant magnetoresistive (GMR), and tunnel magnetoresistive (TMR) technologies. The company primarily focuses on organic growth strategies, including product launches and developments and expansions. In addition, it also focuses on inorganic growth strategies, such as acquisitions and partnerships, to increase its product offerings and penetrate into new application areas.
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