Current Sensing Resistors Market Size, Share, Growth and Industry Analysis by Type (Metal Plate Shunt, Film Resistor, And, Others), By Application (Automotive, Industrial, Telecommunication, Consumer Electronic, And, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Current Sensing Resistors Market REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

global current sensing resistors market size was USD 738.03 million in 2022 and market is projected to touch 1458.2 Million by 2031, exhibiting a CAGR of 7.86% during the forecast period.

A current sensing resistor is a type of resistor that is designed for the purpose of measuring the flow of electric current within a particular circuit. It is also very useful in monitoring and regulating the current levels in electronic circuits. The resistor is placed in series with the circuit and the voltage drop across the resistor is measured to determine the current flowing through it. Current sensing resistors are available in a variety of sizes and resistance values. Therefore, they can be used for different applications.

There is a growing demand for high-precision as well as low-resistance current sensing resistors.  Surface mount technology (SMT) is a new technology that has been introduced in the market. This is considered as the latest trend in the market.

Due to environmental concerns, increasing adoption of renewable energy sources is taking place. Need for safety in electric and hybrid vehicles has also grown. These act as the factors driving the current sensing resistors market growth.

COVID-19 Impact: Downfall of Automotive Industry During Pandemic Decreased Market Share

The pandemic of COVID-19 became the major reason for disruption in the normal life of people. All the countries had to face an economic crisis along with a major health emergency. This gave a very big blow to the operation of most of the industries across the world. The supply chain disruption caused by the pandemic has resulted in shortages of raw materials. This in turn has caused production delays and additional costs.

 Current sensing resistors are a very crucial part of the automotive industry. Reduction in demand for automotives reduced the market growth as well. Demand for these resistors reduced even from end-industry users. All of these factors resulted in the downfall of the market during the period of pandemic.

LATEST TRENDS

"Growing Demand for High Precision Current Sensing Resistors to Increase Market Growth"

Several trends that are contributing in the growth and development of the market have become prevalent recently. The rising demand for high-precision as well as low-resistance current sensing resistors has had a positive impact on the market. These resistors are being adopted in a wide range of applications, including electric vehicles and renewable energy systems.

Surface mount technology (SMT) is a new development in the market. It is technique of producing these resistors. This technology allows for the production of smaller and more efficient components. There has been shift towards the use of non-inductive resistors because such resistors help to reduce inductance and increase accuracy. All of these are considered to be the latest trend in the market.

Current Sensing Resistors Market SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Types:

The market can be divided on the basis of type into the following segments:

Metal plate shunt, film resistor, and, others. The metal plate shunt segment is anticipated to dominate the market during the forecast period.

• By Applications:

Based on application, the market share is bifurcated into the following segments:

Automotive, industrial, telecommunication, consumer electronic, and, others. The Automotive segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Increasing Need for Accuracy in Current Measurement to Amplify Market Growth"

An important factor that has helped in fueling the market growth is the rising demand for electronic devices. Besides this, two other factors are considered to propel the market growth. Those include the increasing adoption of renewable energy sources, and majorly the requirement for precision and accuracy in current measurement.

Normal vehicles give rise to pollution. Therefore, many people have changed their preference towards electric vehicles. These resistors are an important component of the electric vehicles.  Manufacturers are making use of non-inductive resistors in order to reduce inductance. New materials and technologies, such as thin film and metal strip resistors, have been introduced into the market. This is expected to boost the growth and development of the market.  These factors are contributing in the rapid growth of the market.

"Increasing Need for Safety in Automotive Sector to Impede Market Growth"

Recently there have been several accidents in the automotive sector. This has increased the need for safety in automotive sector. The need for protection and security is high particularly in electric and hybrid vehicles. This has resulted in increased demand for high-precision current sensing resistors that provide reliable and accurate measurement of current. This will create many lucrative growth opportunities for the market.

The initiatives taken up by government authorities has made it mandatory to increase the energy efficiency of all the sectors. The need for energy efficiency and power management in various applications, such as data centers, and, telecommunications will have a positive impact on the market. Smaller and more compact current sensing resistors, have been introduced to improve the convenience of transporting these resistors. All the above-mentioned factors will increase the current sensing resistors market share.

RESTRAINING FACTOR

"Availability of Alternative Sensing Technology to Bring Down Market Share"

There are certain factors that can hinder the market development. High availability of alternative current sensing technologies in the market will decrease the opportunity for current sensing resistors.  Hall effect sensors and shunt resistors have the capability of providing similar or even better accuracy at a much lower cost.

wireless current sensing solutions are becoming popular day by day. Use of wireless solutions will eliminate the need for physical resistors. Geopolitical discrepancies, and fluctuation of raw material prices can have a negative impact on the market growth.

Current Sensing Resistors Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"Asia Pacific to Dominate Market During Forecast Period"

Asia Pacific is the largest market share holder during forecast period. Both in terms of production and demand APAC has gained an upper hand. The main reason for the development of market in region include presence of some the top industry players in this region. Exceptional growth of automotive industry has also contributed in the growth of the market.

Rising sales electronic devices and electric vehicles, coupled with the growth of the renewable energy sector, is also driving the demand for current sensing resistors in the region. Regulations imposed by the government will further support the use of current sensing resistors in this region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Chilisin - (Taiwan)
• Samsung Electro-Mechanics - (South Korea)
• Cyntec (Susumu) - (Taiwan)
• TT Electronics - (U.K.)
• Isabell - (South Korea)
• Walter Electronic - (Taiwan)
• ROHM - (Japan)
• Yageo - (Taiwan)
• Caddock - (U.S.)
• Bourns - (U.S.)
• Viking - (Taiwan)
• TA-I - (Taiwan)
• KOA Speer – (U.S.)
• Walsin Technology - (Taiwan)
• Panasonic - (Japan)
• VISHAY - (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.