Shunt Resistor Market

The shunt resistor market size is expected to grow from USD 1.5 billion in 2023 to USD 2.0 billion by 2029, at a CAGR of 4.5% from 2024 to 2029. The shunt resistor market has grown significantly in the last few years due to the increased demand for accurate current measurement in a wide range of applications. Shunt resistors, also known as current sense resistors, are used to measure electrical current by creating a voltage drop proportional to the current passing through them. This function is vital in many industries, such as automotive, industrial, consumer electronics, and telecommunications. Electric vehicles (EV) and hybrid electric vehicles (HEV) have further boosted the growth in the market due to the increased need for efficient battery management and performance monitoring with regard to such technologies. Manufacturing process advancement and automation in every walk of life also fuel demand for shunt resistors. The growing awareness among industries for accurate current measurements for improvements in efficiency and safety is anticipated to continue growing and pushing innovation in the shunt resistor market.

Based on the current rating segment, the market of shunt resistors can be categorized into Below 100A, 100 to 400A, 400 to 750A, and 750 to 1000A. The shunt resistor segment of 100 to 400A is expected to grow due to its diversified applications in various high-demand industries. Electric vehicles and hybrid vehicles are picking up fast in the automobile sector. There is a rising demand for precision current sensing and battery management systems where these shunt resistors are used as an integral part of it. Moreover, the industrial automation that has picked up speed due to advancements in Industry 4.0 also requires accurate current monitoring for optimal performance of equipment and machinery, thereby enhancing the segment's appeal. In the wider electronics segment, increased movement toward energy-efficient devices and smart technologies has demanded reliable solutions for current measurement; hence, 100 to 400A shunt resistors are required because they have balanced performance along with cost-effectiveness. This growth is accelerated in the Asia-Pacific region due to the development of manufacturing hubs of automotive and consumer electronics, as well as increased investments in renewable energy projects and grid modernization, where accurate load monitoring is a prerequisite to cementing the segment's market dominance.

Based on the end-use industry segment, the market of shunt resistors can be categorized into automobile, aerospace & defence, telecom, consumer electronics & computing, and others. The automotive segment is currently a driving factor in the market as people are moving toward electric and hybrid electric cars for transportation. The proper sense of the current is necessary for battery management systems (BMS) and inverters, as well as for charging infrastructure in electric or hybrid cars. Hence, these application areas have a crucial necessity for shunt resistors. Governments across the world are imposing strict emission norms and providing subsidies and incentives for the deployment of EVs, which is increasing the demand for sophisticated current sensing components. Moreover, the increased R&D by automobile manufacturers to improve energy efficiency and increase the range of vehicles has resulted in the implementation of high-performance shunt resistors in the next-generation powertrain systems. Growing residential and commercial EV charging networks, apart from having the positive effects of increased use of shunt resistors for monitoring power flow and ensuring safety, support increasing demand for automotive that leads the market. In the pursuance of sustainable policy measures, and on the back of an environmentally friendly transport solution preference, the automotive segment remains the most important in the shunt resistor market, especially in Asia-Pacific, Europe, and North America, regions mainly witnessing speedier adoption of EV.

A few of the players operating in the shunt resistor market include TE Connectivity (Switzerland), Panasonic Corporation (Japan), ROHM Semiconductor (Japan), Yageo (Taiwan), and Murata (Japan), among others.