Global Core Current Sensor Market Size Likely to Grow at a CAGR of 10.9% By 2035

Market Size and Growth

The size of the Core Current Sensor Market is expected to increase to USD 3.25 billion in 2026 and to USD 8.24 billion in 2035 with a CAGR of 10.9% between the years 2026 and 2035.

Core Current Sensor Market Revenue and Trends

The Core Current Sensor Market is an international market that deals with the development of innovative sensing technology that measures and monitors electric current in products including electric vehicles, renewable energy systems, industrial automation, and power electronics. The demand is in the growing need of exact current monitoring, the efficient power management system, and the increased safety in the electrical systems making the market grow. A further growing need for high-precision current sensors is through increased adoption of electric mobility, battery management systems and smart grid infrastructure. Besides this, the market is being facilitated by the increasing incorporation of the industrial internet of things, energy saving electronics, and sophisticated semiconductor technology. In May 2024, as an example, Infineon Technologies presented new current sensing solutions aimed at the automotive and industrial power market to increase the efficiency and the reliability of the systems. The core current sensor market is projected to grow in the long term by continuing the current development of power electronics and smart energy technology.

Which are the Factors which have a considerable Impact on the Core Current Sensor Market Development?

The Core Current Sensor Market establishment is growing due to the increase in the number of electric vehicles, renewable energy systems, and industrial power electronics current monitoring demands. They are used in battery management systems and in motor control and power conversion to improve energy efficiency and safe operation of systems. An example is that in May 2024, Infineon Technologies has stated new current sensing that will be employed to help in order to be more efficient and reliable in automotive and industrial power applications.

The rising utilization of smart power infrastructure, automation throughout the industries, and internet of things power monitors are the other key drivers to the development of the market. The technologies also help the industries have power monitoring in real-time, improving the efficiency of the system, and also ensuring that equipment protection is enhanced. In February 2024, Allegro MicroSystems declared it was launching a new family of combined current sensors, which are to be applied in circumstances where compactness and scale of electronic systems hold significance, such as motor control systems and power management systems.

Segment Insight

By Type

The Closed-loop core current sensor is one of the sections that is believed to be on the very same end as it is very precise, fast and very stable in executing its functions of electric current in other applications where the electric vehicle, automation in industry, and the renewable system of energy are the applications. They tend to be applied when fine control and electrical isolation are significant to the security or the system output. Meanwhile, open core current sensors are also gaining popularity due to their miniature size and low cost besides their capability of serving the consumer electronics and low-/medium-power systems. Infineon Technologies, as an example, has recently introduced new solutions of current sensing in May 2024 to achieve the enhanced performance and reliability of automotive and industrial power electronics.

By Technology

The market share of Hall-effect sensor technology is in a gigantic market in automotive electronics, motor drives, power supply systems, and battery management. The sensors are also selected due to their high reliability as well as low design cost among other low costs. Meanwhile, another application can be fluxgate and magnetoresistance sensors in systems with a significant demand for accuracy and low current noise, particularly in energy demands of renewable energy and in more advanced industrial systems. Now, extending its sensor technology to existing sensing uses in automotive and industrial uses, TDK Corporation has gone to the next step, September 2023.

By Output Type

The market is captured under the analog output segment, as the analog current sensors are present in the traditional power electronics, in the industrial control systems, and in motor drive implementations, as the analog current sensor is an easy-to-manufacture signal source and a constant signal output. However, as digital current sensors have been used more, it has remained to do the same thing with the transition of the industries to the smart monitoring systems, digital power control, and internet of things compatible electronics. Allegro MicroSystems announced new integrated current sensors in February 2024 which have improved digital output in motor control and power management systems.

By Application

The current sensors constitute a substantial segment of the market wherein a significant market is dictated by the battery management system and the motor control system, as they are required in the regulation of the electric flow of energy, making it more efficient and safe usage of electric motors and batteries. This is also becoming a requirement as the number of produced electric cars and energy storage systems is also growing. In addition to this, renewable energy systems and power supply monitoring applications are also increasing with the industries in the quest to identify ways of ensuring the energy efficiencies and the performance of the systems are improved. In March 2024 the LEM Group introduced high-resolution current sensors that were aimed at renewable energy converters and industrial power monitoring systems.

By End-Use Industry

The production of core current sensors by the automotive industry has been prolific with the increasing number of electric cars and hybrid cars as well as more advanced automotive electronics that require proper current sensing as one of their control mechanisms for a battery, powertrain, and even charging infrastructure. The other most prominent consumers are the energy and power industry and the industrial automation industry as they require current sensors that check the power supply distribution, renewable energy sources integration and the drive systems. In April 2024, Texas Instruments introduced new ICs that have a better sense of current to improve efficiency and safety in power consumption in automobiles and in industry.

Regional Insights

Asia Pacific will lead the Core Current Sensor Market because of the fast industrialization, high capacity of manufacturing electronics, and increased use of electric vehicles, renewable energy systems, and industrial automation technologies. Other countries, including China, Japan, South Korea and India, are significantly investing in semiconductor fabrication, EV manufacturing and smart power infrastructure that is growing the demand of high-resolution current sensing applications in power electronics and battery management. Indicatively, in March 2024, Infineon Technologies achieved an expansion of its power semiconductor and sensing solutions to the Asian Pacific to meet the rising domestic demand in power applications in the car and industrial sectors.

It is anticipated that Europe will experience high growth over the forecast period as it experiences more investments in electric mobility, integration of renewable energy, and new technologies in power electronics. The trend in the region towards energy efficiency, smart grids, and sustainable transportation is creating demand for the current sensing device of EV powertrain and energy storage systems. As an example, in September 2023, TDK Corporation has also presented new high-performance current sensor products, which are expected to serve the electric vehicle and renewable energy applications in the European market. Meanwhile, North America is a significant market because it has major semiconductor manufacturers and rising investment in EV technology and industrial automation, and Latin America and the Middle East & Africa are slowly developing as more people are adopting renewable energy systems and smart power infrastructure.

Report Scope

Recent Developments

• In July 2024, Melexis NV launched another generation of current sensing integrated circuits to be used in automotive and industrial power. The new solutions are high-precision current measurement, energy efficiency, and safety of electric vehicle powertrain and battery management systems. These inventions enable the increasing demand of the reliable current monitoring in advanced power electronics and enable Melexis NV to hold its place in the Core Current Sensor Market.

List of the prominent players in the Core Current Sensor Market:

• LEM Holding SA
• Infineon Technologies AG
• Allegro MicroSystems Inc.
• Texas Instruments Incorporated
• Honeywell International Inc.
• ABB Ltd.
• Tamura Corporation
• TDK Corporation
• Melexis NV
• Asahi Kasei Microdevices Corporation
• Pulse Electronics Corporation
• VACUUMSCHMELZE GmbH & Co. KG
• Others

The Core Current Sensor Market is segmented as follows:

By Type

• Closed-Loop Core Current Sensors
• Open-Loop Core Current Sensors

By Technology

• Hall-Effect Sensors
• Fluxgate Sensors
• Magnetoresistive Sensors

By Output Type

• Analog
• Digital

By Application

• Motor Control
• Battery Management Systems
• Power Supply Monitoring
• Renewable Energy Systems
• Electric Vehicles

By End-Use Industry

• Automotive
• Industrial Automation
• Energy & Power
• Consumer Electronics
• Telecommunications

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America