Market Growth Driven by Rising Demand for Battery Management Systems in Electric Vehicles, Grid Modernization Efforts, Renewable Energy Infrastructure Expansion, and Advancements in Sensor Technologies
REDDING, Calif., May 19, 2025 -- According to a new market research report titled "Current and Voltage Sensor Market by Product Type (Current Sensors, Voltage Sensors, Integrated Sensor ICs, Plug-and-Play Modules), Technology, End User, and Geography - Global Forecast to 2032", the current and voltage sensor market is projected to reach $8.4 billion by 2032, up from an estimated $5.1 billion in 2025, growing at a CAGR of 9.2% during the forecast period. The growth of this market is mainly driven by rising demand for battery management systems in electric vehicles and consumer electronics, accelerated efforts to modernize power grids, and the global expansion of renewable energy infrastructure.
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Key Market Drivers and Trends
The current and voltage sensor market is experiencing significant growth due to the increasing adoption of miniaturized components and advanced technologies such as Hall effect and Rogowski coil sensors. The market is also benefiting from the growing need for contactless measurement solutions and the rise of smart and IoT-enabled sensors that integrate seamlessly with digital systems, particularly in industrial automation, automotive, and energy management sectors.
Latest trends in the current and voltage sensor market include rising demand for greater precision and reliability in power monitoring applications, causing traditional sensor designs to evolve. The integration of these sensors with digital systems is becoming increasingly important for seamless operations across various industries.
Growth Opportunities
The market presents substantial growth opportunities in the advancement of wide bandgap semiconductor integration, which is substantially boosting performance in power electronics. The rise of energy harvesting technologies is also driving demand for highly accurate power monitoring solutions. Furthermore, the growing need for bidirectional power flow monitoring in grid-connected systems is creating strong demand for advanced sensors, positioning them as essential enablers in smart grid evolution and renewable energy integration.
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Market Challenges
Despite strong growth prospects, the current and voltage sensor market faces challenges including high precision-to-cost ratio, particularly in cost-sensitive segments. Electromagnetic interference continues to pose performance risks, especially in compact electronic systems, while the need for temperature drift compensation adds design and calibration complexity. Global supply chain disruptions have further highlighted vulnerabilities, particularly in the sourcing of raw materials, impacting both production timelines and cost stability. Additionally, limitations in bandwidth and response time are constraining scalability and adoption in next-generation power electronics.
Segment Insights
The global current and voltage sensor market is segmented by product type (Current Sensors, Voltage Sensors, Integrated Sensor ICs, Plug-and-Play Modules), technology (Hall Effect, Rogowski Coil, Optical Sensing, Magneto-Resistive, Shunt + ADC, Smart/IoT Sensors), end user (Automotive & Transportation, Industrial Manufacturing, Energy & Power Utilities, Consumer Electronics, Telecommunications, Healthcare, Aerospace & Defense, Building Automation), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Market by Product Type
Current sensors are projected to command the largest share of the current and voltage sensor market in 2025, primarily driven by their widespread use in motor control, power monitoring, and battery management systems. However, integrated sensor ICs are expected to be the fastest-growing segment through 2032, as demand surges for compact, multifunctional solutions that consolidate sensing, signal processing, and communication into a single chip.
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Market by Technology
Hall effect technology is expected to hold the largest share of the global current and voltage sensor market in 2025, owing to its non-invasive sensing capabilities, robust performance in challenging environments, and wide operational range. Meanwhile, smart/IoT sensors are poised for the highest growth rate over the forecast period, driven by accelerating digital transformation, the proliferation of Industrial IoT ecosystems, and rising demand for real-time, remote-enabled power monitoring.
Market by End User
The Automotive & Transportation sector is expected to account for the largest share of the global current and voltage sensor market in 2025, mainly driven by the rapid shift toward vehicle electrification, rising electronic integration in traditional vehicles, and increasingly stringent battery management requirements. On the other hand, the Energy & Power Utilities segment is expected to witness the highest growth rate through 2032, fueled by large-scale grid modernization efforts, the growing penetration of renewable energy, and heightened focus on power quality and energy efficiency.
Geographic Market Insights
In 2025, North America is expected to hold the largest share of the global current and voltage sensor market, followed closely by Europe. This leadership is underpinned by the region's advanced manufacturing ecosystem, substantial investments in grid modernization, accelerating electric vehicle adoption, and the strong presence of key industry players.
However, the Asia-Pacific region, particularly China, South Korea, and India, is expected to experience the highest growth rate over the forecast period. This momentum is mainly driven by large-scale investments in renewable energy infrastructure, the rapid expansion of EV production, widespread industrial automation, and the region's global leadership in consumer electronics manufacturing.
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Competitive Landscape
The global current and voltage sensor market is marked by intense competition and continuous innovation, driven by a mix of established semiconductor and electronics giants, niche sensor technology specialists, and emerging players targeting application-specific demands.
Market dynamics are increasingly influenced by key trends such as the digitalization of analog sensor platforms, advancements in high-precision sensing, and the adoption of cutting-edge materials and manufacturing processes. Leading companies are prioritizing improvements in temperature stability across broad operating conditions and enhancing electromagnetic compatibility to align with the performance requirements of increasingly sensitive and complex electronic systems.
Key players operating in the global current and voltage sensor market include LEM International, Allegro Microsystems, Texas Instruments, TDK Corporation, ABB Ltd., Infineon Technologies, Honeywell International, Tamura Corporation, STMicroelectronics, Analog Devices, Eaton Corporation, Siemens AG, Sensitec GmbH, VACUUMSCHMELZE, CR Magnetics, Kohshin Electric Corporation, Melexis Technologies NV, and Pulse Electronics Corporation, among others.
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