Current Clamps Market Size, Share & Industry Analysis, By Type (DC Current Clamps, AC Current Clamps, AC/DC Current Clamps, Others), By Application (Automotive, Consumer Electronics, Telecom & Networking, Healthcare, Industrial, Energy, Others) And Regional Forecast, 2024-2032

A current clamp is an electrical device with jaws that can open to clamp electrical conductors. Current clamps allow users to measure current without interrupting the circuit. This allows the current in the conductor to be measured without having to make physical contact with it or disconnect it to insert the probe.

Due to the expansion of portable electronic devices, automobiles, and uninterruptible power supply markets, usage of battery-powered systems is increasing. Increased focus on renewable energy, investment in resources, and the rapid spread of electric vehicles drive the market's growth. Battery-powered systems can be applied to solar and wind energy systems. Therefore, it is expected that during the forecast period, the increase in the number of global renewable energy projects will promote the growth of the current clamps market.

• According to the National Health Authority of India, India boasts 1.18 billion mobile users, out of which 700 million users access the internet, and almost 600 million users use smartphones. In 2021, it was observed that there was a rise of around 25 million smartphone users in every quarter.

Modern current clamps are increasingly used in autonomous vehicles, telecommunications equipment, consumer electronics, and healthcare equipment that have increased their shipments. Still, sales growth has been significantly hindered by price erosion. This is partly due to fierce competition between more and more clamp manufacturers. Although the decrease in average selling price (ASP) is beneficial to consumers, it has caused the profit margins of suppliers to shrink. As a result, the enormous pressure on prices has led to a drop in the ASP, making it difficult for revenue growth in today's highly competitive market.

North America is one of the major marketplaces. The consumer conscience and government efforts to reduce the carbon footprint have enhanced renewable energy investments, further propelling the development of the market.

• In January 2022, the White House of the U.S. announced that an offshore wind lease sale for New York Bight was being held by the Department of the Interior, which is anticipated to generate up to 7 gigawatts (GW) of clean energy.


• In 2020, the United States recorded 4.6 billion metric tons (bmt) of CO2 emitted in 2020, an 11% reduction from 2019.

IMPACT OF COVID-19 ON CURRENT CLAMPS MARKET

The current clamps market is expected to take a significant amount of time before recovering from the COVID-19 pandemic due to lower investments in the energy transmission and distribution sector globally. However, the growth of renewable energy projects in the period, leading to electric grid infrastructure development, is anticipated to enhance demand.

• In 2020, the BP Statistical Survey of World Energy announced the massive decline of primary energy consumption by 4.5%.

As the industrial landscape is slowly growing due to the easing of COVID-19 restrictions, and enhancing power distribution and transmission investments, current clamps demand is anticipated to rise fairly.

KEY INSIGHTS

The report will cover the following key insights:

• Recent advancements in current clamps


• Key industry trends


• The regulatory landscape for current clamps


• Key industry developments (Mergers, acquisitions, and partnerships)


• Impact of COVID-19 on the market

ANALYSIS BY APPLICATION

According to the application, the current clamps market is divided into automotive, consumer electronics, telecom & networking, healthcare, industrial, energy, and others.

The automotive sector represents the highest market share and will continue to dominate the forecast period. Due to the large number of current sensors used in electric vehicles and electric vehicles, users in the automotive industry are expected to continue to represent the most significant current clamp market. Advancing EV / HEV requires increasing electrification of the power system, which will drive demand for the current clamps. According to the global EV Outlook by the International Energy Agency, in 2020, over 10 million electric cars were registered globally.

REGIONAL ANALYSIS

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Due to the increased use of current clamps devices in the automotive, building automation, energy, and manufacturing industries, the market in the Asia Pacific region is expected to grow at the highest rate during the forecast period. Due to the increase in the manufacturing and sale of passenger vehicles in many countries such as China, Japan, and South Korea, the Asia Pacific region is one of the critical regions in the automotive industry. The automotive industry is increasingly adopting current clamps for electric vehicles and hybrid vehicles, which has promoted the market's growth in the Asia Pacific region. According to the Society of Manufacturers of Electric Vehicles, sales of electric two-wheelers rose by 132% in 2021.

KEY PLAYERS COVERED

The report will include key players such as DEWESoft, Hioki EE Corporation, KoCoS, Mors Smitt, PCE Instruments, Pico Technology, PROMAX Electronics LTD, Tektronix, and ZES ZIMMER Electronic Systems GmbH.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• In 2021, Fluke introduced the only clamp meter that can accurately and safely perform non-contact voltage measurements without test leads. The new 377 FC and 378 FC Non-Contact Voltage TrueRMS AC / DC Clamp Meters can simultaneously measure voltage and current without touching the live wire.


• In 2020, Hioki announced the launch of the CM4002 and CM4003 AC Leakage Current Clamp Meters, which simplify leakage current investigation and provide high-precision, high-reliability leakage current measurement capabilities. The newly upgraded Clampon Leak HiTester 3283 instrument can measure AC leakage current to load current parameters.