The market for hall-effect current sensors market is anticipated to reach US$ 1128.0 million in 2022 and increase to US$ 2765.0 million between 2022 and 2032 at a CAGR of 9.4%. Consumer electronics, the automotive industry, and industrial automation are examples of end-use industries where demand is growing.
From 2016 to 2021, the market for hall-effect current sensors grew by 7.4%. The Hall-effect current sensor is used in a variety of items, including solar inverters, tracking solar panels, conveyor belts, escalators, moving cranes, consumer electronics, and cars. The increased demand for current measurement has increased the demand for Hall-effect current sensors.
The hall-effect current sensor uses the hall-effect principle and is a magnetic sensor that can detect current in any device.
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Global Hall-Effect Current Sensor Market: Market Dynamics
Rising use of fully programmable current sensors due to the continuous technological advancements and the developmental strategies implemented such as contracts and agreements, product developments, partnerships, and expansions implemented by competitive players are the primary factors driving the growth of the market.
Also, Hall Effect sensors offer various benefits such as high-speed operations, broad operating temperature range, ease of use, cost-effectiveness, and robust & reliable performance with logic-compatible input and output. These are some necessary features are required for the advanced electronics that we use today.
Also, the Hall-Effect Current Sensor is a critical component in almost every industry. Like in automotive industry, the Hall-Effect Current Sensor is used for applications such as current control, protection of devices from overcurrent, and power management including control of motor drives, converter control, overcurrent protection, and battery management. Also, the rising demand for electric vehicles is expected to drive the market in near future.
However, low-cost Hall-Effect Current Sensors with poor performance can thwart the growth of the Hall-Effect Current Sensor market.
Market Competition
Some of the key participants present in the global hall-effect current sensor market include ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., Allegro MicroSystems LLC., Asahi Kasei Microdevice Corporation, Infineon Technologies AG, Melexis NV, LEM Holding SA, TDK Corporation and Kohshin Electric Corporation among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., and Allegro MicroSystems LLC. account for considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
Global Hall-Effect Current Sensor Market: Regional Outlook
Regionally, the global Hall-Effect Current Sensor market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
The APAC region is expected to be the fastest-growing region for the Hall Effect current sensors market. The major reason is the increasing adoption of Hall Effect current sensors in automotive industries. While North America, an early adopter of the technology exhibited significant growth, the trend is expected to continue over the forecast period.
In the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) to increase accuracy and thus is expected to boost market growth.
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Key Segments Profiled in the Hall-Effect Current Sensor Industry Survey
Hall-Effect Current Sensor Market by Technology:
- BiCMOS
- CMOS
- High Power Dissipation
- Low Input Density
- High Current Drive
Hall-Effect Current Sensor Market by Industry:
- Industrial Automation
- Automotive
- Consumer Electronics
- Telecommunication
- Utilities
- Medical
- Railways
- Aerospace & Defense
Hall-Effect Current Sensor Market by Region:
- North America Hall-Effect Current Sensor Market
- Latin America Hall-Effect Current Sensor Market
- Western Europe Hall-Effect Current Sensor Market
- Eastern Europe Hall-Effect Current Sensor Market
- Asia Pacific Hall-Effect Current Sensor Market
- Japan Hall-Effect Current Sensor Market
- Middle East and Africa Hall-Effect Current Sensor Market
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