Current sensors are designed to read determine the type of current that is alternate current (AC) or direct current (DC). These are used for voltage and current monitoring, logging or proof-of-operation applications. These sensors are primarily determines the type of current in transmission cable and then converts it to analog or digital signals. Current sensors work on two current levels that are AC and DC. The current sensing process through DC involves measuring the voltage drop, which is associated with the current passing through passive electrical components.
While the AC Current sensor is a simple external current sensor used for the measurement of the magnetic field surrounding the conductor takes place through which the AC current passes. These are the two most basic principles on which the current sensors. The industrial current sensors market is expected to expand at a higher growth rate in the forecast period owing to the increasing usage of current sensors in industrial automation and technological advancements of different technologies in market. However, high cost of development is some factors which hindering the growth of the market. Efforts are being taken by many companies to upgrade their research and development activities to introduce innovations in this field. Furthermore, rising adoption of IIoT (Industrial Internet of Things) is key market trend which creates ample opportunities for manufacturers to sustain in this market.
The global industrial current sensors market is segmented on the basis of type, technology, application, and region. By type, the market has been segmented into closed loop and open loop sensors. Closed loop current sensors use feedback control to provide output proportional to measured current, while open loop current sensors provide output voltage proportional to measured current without using feedback control. On the basis of technology, the market is segmented into BICMOS and CMOS. Bipolar complementary metal–oxide–semiconductor (BiCMOS) technology devices exhibit superior conductance and low noise. These attributes allow bipolar circuits to apply low noise amplification over large bandwidths. However, CMOS circuits provides the advantage of high speed and low power consumption compared to BiCMOS. On the basis of application, the market is segmented into automotive, consumer electronics and industrial automation. The industrial segment witnesses a rising need for current measurement, which has created a demand for industrial current sensors. Industrial automation is expected to hold a major share of the global industrial current sensor market. There are different departments in automation industry where current sensors are utilized such as solar inverters, machinery, conveyor belts, robots, motor current sensing, solar panel tracking, moving cranes, and even in smart metering.
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In the region wise study, the global industrial current sensors market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe which comprises Germany, France, the Netherland, Italy and United Kingdom captured significant market share followed by North America and Asia Pacific in 2016. Asia Pacific showed the fastest growth rate during the forecast period due to the emerging economies. China represents huge potential for the industrial current sensors with the low cost of raw materials and huge production in the country. The U.S. and Germany are expected to be the second largest market after China.
The global industrial current sensors market is highly fragmented with number of companies operating in the segment. Leading players are currently focusing on providing cost competitive products to the customers. Some of the key players engaged in industrial current sensors market include various manufacturers such as Honeywell International Inc., Infineon Technologies, Eaton Corporation PLC, Allegro MicroSystems, LLC, Kohshin Electric Corporation, Stmicroelectronics N.V., Vacuumschmelze Gmbh & Co, Shenzhen Socan Technology, Electrohms, TDK Corporation, Texas Instruments, Pulse Electronics Corporation, API Technologies, Tamura Corporation of America, Melexis, Silicon Laboratories, Inc. and others.