The current and voltage sensor market is expected to grow at a compound annual growth rate of 9.74% over the forecast period to reach a market size of US$3.468 billion in 2027, from US$1.809 billion in 2020.
Current and voltage sensors are used for current and voltage monitoring. While current sensors are used to pick up the amount of current running through a wire, voltage sensors are used for determining and monitoring the voltage supply and then converting it into a signal. Current and voltage sensors are highly used in the automotive, manufacturing, electronics, telecommunication, and power sectors.
Rapid Industrialization powered by a high scale of investment in manufacturing, automotive, and other sectors is the major driving factor behind the growth of the voltage and current sensor market. Also, the growth of the economies, which is positively related to the disposable income of people, is expected to boost the demand for electronic gadgets in the coming years. This is expected to directly affect the current and voltage sensor market positively. North America and Europe hold a major market share of this industry, while Asia-Pacific is expected to witness substantial growth due to favorable market conditions.
Although the current market trends hold a great perspective for the current and voltage market but restraints like the need for timely maintenance have developed a need to introduce variations and product differentiation. The lack of this factor can hamper the market growth to some bit.
The rising industrial investment in the economies around the globe powered by the high scale adoption of IoT, automation, technical advancement, Artificial Intelligence, Cloud-based Software, etc., is expected to contribute significantly to the current and voltage sensor market growth.
One of the prime examples of that is the increasing robot density around the globe. Robot density is measured as the proportion of the total number of operational robots in industries relative to the number of industrial workers and is used to track the automation adoption in a region. According to the International Federation of Robotics, average robot density in the manufacturing industry hit a new global record of 126 units per 10,000 employees. With the rising technological advancement, these statistics hold a positive future for the voltage and current sensor market due to its wide-scale adoption in robot manufacturing and handling.
Another significant contributor to this is the rising adoption of renewable technology and its growing application. Power generating machines like solar panels use current sensors throughout grid-tied systems to optimize the power extraction and check for any fault for safety purposes. In December 2021, the installed renewable energy capacity, including hydropower, crossed the 150 GW milestone in India, as informed by the Ministry of New and Renewable Energy (MNRE). The surging environmental concerns are expected to boost the demand for renewable energy, which can provide market growth to the current and voltage sensor market.
The economic development around the nations has positively impacted the disposable income of the people. This has significantly contributed to the change in living standards and increased consumption spending by the people, which has attributed to a rise in the adoption of electronic gadgets.
The prime example of this is the increasing purchase of life necessities like laptops, smartphones, etc. Infrastructural development and high internet penetration are considered to be the major contributors to this. According to World Bank Data, as of 2019, 56.727% of the world population uses the internet.
Besides that, the increasing adoption of hybrid and electric vehicles is also a significant highlight for this market. Current and voltage sensors integrated with the advanced automotive system are highly used in hybrid and electric vehicle battery management and control systems to optimize vehicle performance. With the spreading environmental concerns and increasing regulations on low fuel emission vehicles, the demand for EVs is expected to rise significantly in the coming years, which is expected to boost the current and voltage sensor market as well.
Although the current and voltage sensor market does not carry any notable restraints, the timely need for maintenance and keeping a regular check is expected to create obstacles that usually give rise to problems related to accuracy and safety. Addressing this problem requires the introduction of some innovation and development in the market, which can also help the companies to capture the customized needs of the customers.
Impact of COVID-19 Pandemic on the Current and Voltage Sensor Market:
With the outburst of the COVID pandemic across the globe, the primary motive of the institutions shifted towards handling and curbing the pandemic, for which governments across the nations announced lockdown, curfew, social distancing, etc. Industries and operations were asked to temporarily shut down, which hampered their growth to a large extent. Due to the negative growth in automotive, manufacturing, and other industrial segments, the current and voltage sensors market experienced a hit due to low demand and supply of the product. This affected the market growth severely.
|Market size value in 2020||US$1.809 billion|
|Market size value in 2027||US$3.468 billion|
|Growth Rate||CAGR of 9.74% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Current Type, Industry Vertical, Current Sensing Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Eaton Corporation PLC, ABB Ltd., Honeywell International Inc., Infineon Technologies AG, LEM Group, Texas Instruments Incorporated, TDK Corporation, Tamura Corporation, Pulse Electronics Corporation, Allegro MicroSystems Inc., Sensitec GmbH, Analog Devices Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the current and voltage sensor market size by 2027?
A1. The current and voltage sensor market is expected to reach a total market size of US$3.468 billion in 2027.
Q2. What are the growth prospects for the current and voltage sensor market?
A2. The global current and voltage sensor market is expected to grow at a CAGR of 9.74% during the forecast period.
Q3. What is the size of the global current and voltage sensor market?
A3. Current And Voltage Sensor Market was valued at US$1.809 billion in 2020.
Q4. Which region holds the maximum market share of the current and voltage sensor market?
A4. North America and Europe hold a major share of the current and voltage sensor market.
Q5. What factors are anticipated to drive the current and voltage sensor market growth?
A5. Rapid Industrialization powered by a high scale of investment in manufacturing, automotive, and other sectors is the major driving factor behind the growth of the current and voltage sensor market.
Eaton Corporation PLC
Honeywell International Inc.
Infineon Technologies AG
Texas Instruments Incorporated
Pulse Electronics Corporation
Allegro MicroSystems Inc.
Analog Devices Inc.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.