Current sensor market for energy sector to grow at highest CAGR during forecast period

According to the new market research report "Current Sensor Market by Type (1) (Closed Loop and Open Loop), Type (2) (Isolated and Non-Isolated Current Sensors), End User (Automotive, Healthcare, Energy, Consumer Electronics, Industrial, and Others), and Geography - Global Forecast to 2024", the current sensor market is expected to grow from USD 2.4 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 8.34% from 2019 to 2024. The growth of this market can be attributed to the high demand for current sensors from various industries such as energy, automotive, industrial, especially from APAC and North America.

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Building automation, smart homes, solar power, wind power, and HVAC systems are the major current measurement applications in the energy sector. Also, there is a growing shift toward generating electricity from renewable energy sources. As a result, current sensor providers are expected to have high growth opportunity owing to their application-specific properties, such as high accuracy, sensitivity, and stability, and faster response time.

APAC to account for largest share of current sensor market during forecast period

APAC is expected to account for the largest share of the current sensor market during the forecast period. The market in this region is also expected to witness significant growth during 2019–2024. The population growth and rapid urbanization in developing economies, such as China and Japan, have prompted the speedy development in the region, which will boost the demand for current sensor from verticals such as energy, automotive, telecom and networking, industrial, and healthcare.

Key Market Players

Key players in the current sensor market include Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Siliocn Labs (US), LEM International (Switzerland), Sensitec (Germany), Koshin Electrin (Japan). Asahi Kasei Microdevices (Japan) is a leader in the current sensing industry. The company has shown consistent growth in the market by demonstrating capability to serve new markets, and its product launches and promotional activities have boosted its revenue growth.

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