Global Hall Effect Current Sensor Market size was valued at US$ 906.7 Mn in 2019 and is expected to reach US$ 1775.07 Mn by 2027 to exhibit a CAGR of 8.76 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global hall-effect current sensor market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global hall-effect current sensor market.
Hall Effect current sensors are used to measure DC current, AC current, and even pulsed current waveforms. The rising need for current measurement rises the demand for Hall-Effect Current Sensors. Hall-Effect Current Sensor grows its applications in solar inverters, solar panel tracking, motor current sensing, robots, machinery, conveyor belts, escalators, moving cranes, consumer electronics devices and automotive.
The factors behind the growth of the global hall-effect current sensor market are the continuous technological developments, rising use of fully integrated and programmable current sensors, the advantage of galvanic isolation-based Hall-Effect current sensors, and increasing demand for intelligent Hall-Effect current sensors.
Demand for low-cost hall-effect current sensors and Irregularity in the strength of magnetic fields have hampered the growth of the hall-effect current sensor market. The demand for low-cost hall-effect current sensors is the major challenges to the growth of the hall-effect current sensor market.
Several opportunities are generating in the hall-effect current sensor market owing to a growing need for energy measurement due to urbanization and industrialization and potential applications in eco-friendly electric and hybrid vehicles.
The BiCMOS technology decreases the density of the integrated circuit and enhances the operations by improving the speed. BiCMOS technology low input density, high current drive per unit, and high-power dissipation as compared to CMOS. These features increased demand for
BiCMOS technology-based products in many industries such as automotive and consumer electronics owing to its features BiCMOS technology is expected to grow at highest rate during the forecast period.
the closed-loop current sensor is anticipated to grow at a higher rate during the forecast period owing to their faster response time and higher accuracy have led to an increase in the adoption of closed-loop current sensors.
Also, the demand for closed-loop current sensors would remain to grow due to their applications in critical industries such as medical, automotive, and aerospace & defense. This would lead to more innovations in the Hall-Effect current sensor market. Open loop systems are prone to temperature drift & saturation and are less protected to electrical noise as compared to closed-loop sensors.
Also, the open-loop current sensor is expected to grow at high speed in the upcoming years owing to open-loop current sensor applications in the automotive industry for current control, protection of devices from overcurrent, and power managing applications. Furthermore, the demand for open-loop current sensors has enlarged due to its features including compact size, low power consumption, impulse current measurement, large primary aperture, and high level of electric isolation between primary and secondary circuits.
Industrial automation industry is projected to hold the largest share of the market during the forecast period owing to the increasing need for current measurement has produced a demand for hall-effect current sensors. In industries, current sensors are used in a various system such as in solar inverters, solar panel tracking, motor current sensing, robots, machinery, conveyor belts, escalators, moving cranes, and even in smart metering. Owing to these applications, the industrial automation industry is estimated to hold the largest share of the global Hall-Effect current sensor market.
The Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing need for power management and rising applications in the automotive, industrial automation, and consumer electronics industries and the hall-effect current sensor market in developing economies such as China, India, South Korea, and Japan is anticipated to grow at the highest rate. China, Japan, and South Korea are the main countries driving the growth of the hall-effect current sensor market in APAC. Also, the governments of these countries are encouraging investments from foreign players mostly in the industrial automation, automotive, and consumer electronics industries.
Scope of the Global Hall-Effect Current Sensor Market
Global Hall-Effect Current Sensor Market, by Type
• Open-Loop Current Sensor
• Closed-Loop Current Sensor
Global Hall-Effect Current Sensor Market, by Technology
Global Hall-Effect Current Sensor Market, by Output
Global Hall-Effect Current Sensor Market, by Industry
• Industrial Automation
• Consumer Electronics
• Aerospace & Defense
Global Hall-Effect Current Sensor Market, by Region
• North America
• Middle East & Africa
• South America
Key Players operating in the Global Hall-Effect Current Sensor Market
• ABB Ltd
• Allegro MicroSystems, LLC.
• Asahi Kasei Microdevices Corporation
• Infineon Technologies AG
• Honeywell International Inc.
• Stmicroelectronics N.V.
• LEM Holding SA
• KOHSHIN ELECTRIC CORPORATION
• Melexis NV
• TDK Corporation