The automotive, healthcare, industrial, and energy sectors, and the consumer electronics industry, among others, are the major end users of current sensors.

The current sensor market is expected to reach USD 3.6 billion by 2024 from USD 2.4 billion by 2019, at a CAGR of 8.34% during the forecast period. The growth of this market is mainly attributed to the increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors. Moreover, the growth of automotive electronic control systems and new vehicle technologies, and large-scale commercialization of IoT and IIoT are among the other factors fueling the growth of this market.

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Automotive industry to hold largest share of current sensor market by 2019

The automotive industry accounted for the largest share of the current sensor market in 2018. The growth of the market for the automotive segment is attributed to the high volume of current sensors being used in automotive vehicles worldwide. Further, this growth is also ascribed to the increasing number of electric vehicles and hybrid vehicles (EV and HEV). The growth of the electric vehicle industry is driven by the increasing adoption of hybrid and electric cars in China, Germany, the US, and other countries. China was the largest market for electric cars in 2018, with 380 thousand electric cars registered. The US is the second-largest market for electric cars with 190 thousand units registered.

Closed loop to hold larger share and witness significant CAGR in market during forecast period

The closed-loop segment accounted for a larger share of the current sensor market in 2018. This growth is attributed to the advantages of this type over open-loop type; these include high accuracy and linearity, low gain drift, wide bandwidth, and fast response time. Owing to this, closed-loop current sensors have major demand from the industrial and automation sectors. Closed-loop current sensors are used in industries such as aerospace & defense, automotive, medical, railway, automotive, and consumer electronics, where accuracy and response time are the major requirements. These sensors are generally used in motor drive controllers, photovoltaic systems, generator/alternator monitoring and controlling system, robotics, UPS and telecommunication power supplies, welding power supplies, and frequency and voltage inverters.

APAC to hold largest share of current sensor market by 2019

A few key players operating in the current sensor market are Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Infineon Technologies (Germany), and Honeywell (US).

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