Current Probes Market Size, Share & Industry Analysis, By Type (AC/DC Current Probe, AC Current Probe, Others) , By Application (Industrial, Scientific, Others) And Regional Forecast, 2024-2032

Current probes are intended to provide a handy method of measuring current. Current probes use various techniques to detect the magnetic field around the current being estimated. These instruments come in different types, with some designed to measure only AC and others capable of measuring AC and DC current.

The growing use of battery-powered systems, increased focus on renewable energy, high adoption of Hall-effect current sensors, and growing demand in the consumer electronics sector are vital drivers driving this market's growth. The deployment of IoT and IIoT with current sensors and the increased production of hybrid and electric vehicles creates a high need for current probes. The growing investment in renewable resources and the fast use of electric cars propel the battery-powered system industry. The increase in the number of renewable energy projects worldwide is projected to fuel the expansion of the current probes market over the forecast period.

• A study by the European Patent Office and the International Energy Agency revealed that in 2005-18 patenting activity in batteries and other electricity storage technologies grew at an average annual rate of 14% worldwide. This rise propelled the battery-powered systems market.


• According to the International Energy Forum, the sale of electric vehicles augmented in 2020, rising to 3.24 million by almost 43%. All-electric cars accounted for 69% in 2020, 31% accounted for plug-in hybrids.

Current probes require appropriate and timely maintenance and replacement to minimize accuracy, drift, and sensitivity difficulties. Although the rising use of current probes in autonomous cars, telecommunications equipment, consumer electronics, and healthcare devices has increased shipments, sales growth has been stifled due to price erosion. This is due to fierce rivalry among an increasing number of manufacturers. Suppliers' profit margins are dwindling as their selling prices fall.

North America is one of the major marketplaces for current probes. The rising government initiatives toward the emission of greenhouse gases will positively influence the market over the coming years.

• The United States announced a complete carbon pollution-free electricity generation target to be achieved by 2035. The country has set a net-zero emission target to 2050.


• Germany had initially set a carbon neutrality target by 2050, but the Climate Protection Act of 2021 moved this target to 2045.

IMPACT OF COVID-19 ON THE CURRENT PROBES MARKET

The current probes market is expected to recover quickly from the impact of the COVID-19 pandemic due to the increasing growth of sustainable energy development and government efforts to achieve SDGs.

• The SDG Index shows that the European regions have the highest SDG score of achieving all 17 SDGs, with Finland having the highest score of 85.9, followed by Sweden and Denmark.

As the industrial landscape will recover coupled with the fast growth of the electric vehicle sector, the demand for current probes is bound to enhance massively in the forecast period.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in Current Probes


• Key Industry Trends


• Regulatory Landscape for Current Probes


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY TYPE

Current probes are intended to provide a handy method of measuring current. They can be either AC or AC/DC based on type. In any instance, they have a split-core shape that allows them to surround the current-carrying conductor without unsoldering it quickly. The AC/DC segment will dominate the market. It includes a hall effect sensor and a feedback winding inside a gap in the core. It provides an output current proportionate to the flux in the core when suitably biased. This output is amplified and drives the feedback winding to achieve zero change in the core. At this moment, the current flowing through the feedback winding is proportionate to the flux flowing through the current-carrying conductor.

REGIONAL ANALYSIS

North America, focusing on the government initiatives toward the emission of greenhouse gases, majorly CO₂, has propelled the adoption of renewable energy for electricity generation and energy conversion. This has created more demand for clean electricity, thus increasing the demand for current probes making the region a huge market. These probes deliver fast response time and high output.

Due to the growing usage of these probes in numerous sectors, the Asia-Pacific region is anticipated to expand at the fastest rate throughout the forecast period. Because of growing production and sales in nations such as China, Japan, and South Korea, APAC is one of the most significant areas for the industrial sector. The increasing use of current probes in the industrial sector is propelling the expansion of the market.

KEY PLAYERS COVERED

The report will include profiles of key players such as Yokogawa - Industrial Automation, TTI, Inc., Tektronix, Siglent Technologies CO., Ltd, Rohde and Schwarz, Radian Research, Inc., Radcal Corporation, Powertek Corporation, Pico Technology, Keysight Technologies, Iwatsu Electric, INGUN Group - Electrical/Electronic Manufacturing, and Hioki EE Corporation.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• On March 12, 2019, Hioki introduced the Current Probe CT6710 and CT6711. Both devices have three ranges (30 A, 5 A, and 0.5 A) for viewing waveforms representing currents as big as 30 A or as tiny as few hundred microamperes.


• Yokogawa announced a new series of high frequency, high voltage differential oscilloscope probes on November 26, 2020, combining established characteristics of its current probes with new possibilities. The new range reduces the number of probes from six to three, making it easier for development engineers to evaluate high-performance systems.