Current Sensor Industry Growth on the Verge of Expansion: Top Firms Propel Advancements in Electric Vehicles and Industrial Uses
Global Current Sensor Industry Growth Driven by Electric Vehicles (EV), Renewable Energy Systems, and Industrial Automation The market, worth around 2.77 billion dollars in 2023, is expected to grow to $5.35 billion by 2030, at a compound annual growth rate (CAGR) of 9.87%. The press release reveals the five fastest-growing companies in this booming space, recent M&A activity, important market news, and new funding activity.
Market Share and Growth Top Five Companies
Honeywell International Inc.
Honeywell is a world leader in designing current sensors for industrial and automotive applications. In the domains of energy management, EVs and power systems, their Hall-effect-based sensors are used extensively. They focus in improving accuracy, reliability, and performance and spend heavily on R&D to incorporate sensors into Internet of Things (IoT) applications.
Allegro MicroSystems
Allegro MicroSystems is a leader in innovative Hall-effect current sensors and its products feature high precision, low power consumption, and ruggedness in harsh environments. They build the automation behind manufacturing processes and optimize product capabilities behind the rising demand in EVs and renewable energy systems.
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Infineon Technologies
Infineon is a global semiconductor manufacturer that provides current sensors using both Hall-effect and shunt-based sensing technologies. Their sensors are key components in automotive, industrial and power management applications, designed for high efficiency and accuracy. Infineon devotes significant resources to research and development to develop sensor technologies required in the new markets.
Texas Instruments
Texas Instruments (TI) offers several current sensing options like Hall-effect and shunt-based sensors. Accumulated high-performance and reliability, TI's products are instrumental for power management and industrial applications. They specialize in sensor performance optimization for next-gen EVs, renewable energy applications, and battery management systems.
Asahi Kasei Corporation
Asahi Kasei is a leading provider of Hall-effect and magnetic current sensors through its subsidiary Asahi Kasei Microdevices (AKM). They find numerous applications in EVs, hybrid vehicles, industrial motor control, and power supply applications, enhancing energy efficiency and safety. The company invests a lot in research and development to improve sensor performance; miniaturization, sensitivity and power saving are their top priorities.
Recent Merger and Acquisition Activity
Allegro MicroSystems Acquires Crocus Technology
On Oct. 31, 2023, Allegro MicroSystems, a semiconductor company, acquired Crocus Technology for 420 million dollars in cash. Established in 2004, Crocus designs integrated magnetic field sensors for automotive, industrial, and other applications. We are looking forward to utilizing Ceyear's TMR technology in order to accelerate our growth and expand our product portfolio through further innovation in TMR sensing technology.
TDK Corporation in Cooperation with LEM International SA
In October 2023, TDK Corporation and LEM International SA announced that they have formed a partnership under which the two companies will jointly develop next-generation integrated current sensors based on TMR technology. TDK will develop tailored TMR dies to be included in LEM products. The goal of this collaboration is to develop sensors that are faster, more accurate and a reduce noise in applications such as automotive electrification, renewable energy and industrial applications.
MARKET: Recent Developments
Honeywell’s advanced Hall-effect sensors
Honeywell Debuts New High-Precision Hall-Effect-Based Current Sensors for EV Applications Its powertrains use these sensors to determine how best to manage the energy being used, which demonstrates their dedication to aiding the automotive industry's transition to electrification.
Allegro MicroSystems’ Renewable Energy Sensors
Allegro introduces new high-performance current sensors for renewable energy applications to help improve system efficiency in solar inverters and battery storage systems. This comes on the back off the drive for sustainable energy around the world.
Industrial Motor Control Sensors from Infineon
The sensors are suitable for applications including industrial motor control, renewable energy storage systems, and motor control algorithms. These sensors help improve performance in manufacturing and industrial automation.
New Funding and Investments
Research and Development Investment of Asahi Kasei
Asahi Kasei's R&D expenses amounted to about $0.71 billion in 2023. Ongoing investment is being made in next-generation power electronics and battery management system-supporting sensor portfolios, signaling a push to maintain its place at the commercial forefront of today's sensor market.
Well, with the rapid advancement in the sensor industry, large companies are investing heavily in technological solutions, acquisitions, and collaborations. With growing global demand for effective and dependable current sensing technology in electric vehicles, renewable energy applications and other areas, these initiatives are positioned to satisfy the need.
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