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The global hall effect current sensor market size is estimated to grow by USD 746.59 million between 2022 and 2027 accelerating at a CAGR of 9.35%. The growth of the market depends on several factors, including inconsistency in the strength of magnetic fields, rising demand for e-compasses, and increasing use in the medical field.
This report extensively covers market segmentation by type (open loop current sensors and close loop current sensors), technology (BiCMOS and CMOS), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The inconsistency in the strength of magnetic fields is notably driving the market growth.
A massive number of sensors are required in modern-day cars. Hall effect current sensors offer several advantages, such as allowing contactless and wear-free measurements of mechanical quantities like the angle of rotation and angular speed. The body and powertrain components in vehicles have the highest potential for the use of a hall effect current sensor. In the vehicle body (cabin), there are over 35 application areas for sensors, mainly hall effect magnetic sensors, along with low-cost micro switches, reed switches, and potentiometers. In addition, the growing integration of GPS in vehicles for navigation purposes will see a surge in demand for e-compasses, which, in turn, will create a high demand for hall effect current sensors.
Hall effect current sensors are mainly used in the automotive sector, and they account for about 50% of the demand. The growing demand for the integration of safety functions in automobiles has created opportunities for smaller and more compact hall effect current sensors. They are being used in different safety applications, such as steering angle sensing, electronic stability control (ESC) systems, force and torque sensing, and others. Therefore, such advances in hall effect current sensors coupled with the growth of hybrid and electric vehicles will escalate the growth in the market during the forecast period.
Improved size and cost-effectiveness of hall effect current sensors is an emerging trend in the market growth.
The rising use of the semiconductor manufacturing process has facilitated the fabrication of hall effect current sensors cost-efficiently. It has enabled the manufacturing of millions of sensors for high-cost applications, such as industrial motors, the mid-level automotive segment, and the low-cost consumer electronic segment. The high-performance and low implementation and maintenance costs of hall effect current sensors, in comparison with other competitive technologies, such as reed switches or micro switches, will result in greater demand for these sensors.
Further, the integration of advanced technology into hall effect current sensors will ensure a reduction in the size of the magnetic field sensing system. The smaller the size of the hall effect current sensor, the higher the suitability in more applications. For instance, magnetic field cameras contain numerous sensors in several lines and columns that help in recording magnetic data. If high resolution is to be achieved, the sensors must be as small as possible so that they fit in close proximity to one another and do not interfere with one another. Their small and compact size also allows hall effect current sensors to be placed closer to low-magnetic field sources, thus enhancing their output signals. Therefore, the abovementioned factors will boost the market growth during the forecast period.
The increasing chainsaws kickbacks accidents is a major challenge impeding the market growth.
Typically, the front side of a hall effect sensor senses a south pole. This means that the north pole will be visible on the sensor's opposite side. The tool's sensors are distributed in several locations. The hall effect current sensors' proximity to external, powerful magnetic fields could result in inconsistent findings.
Every single sensor in devices with integrated hall effect current sensors detects a magnetic field to produce an output signal. The sensor is unable to detect a magnetic field if a magnet is inadvertently put incorrectly on the rotor because the front of the sensor is facing the magnet's north pole (or the back side of the sensor is facing the magnet's south pole). Thus, these inconsistencies in the strength of magnetic fields caused by the hall effect current sensor are expected to hinder the market growth during the forecast period.
The market share growth by the open-loop current sensors segment will be significant during the forecast period. In an open loop hall effect current sensor, the conductor inside the magnetic core through which the current is to be measured flows. The magnetic field inside the core is produced in this manner by the current. A hall effect sensor installed in the core air gap measures this field.
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The open loop current sensors segment was valued at USD 741.22 million in 2017 and continued to grow until 2021. The hall sensor produces a voltage that is inversely proportional to the input current and the core magnetic field. Typically, a signal conditioning circuitry processes the tall device's output signal. The signal conditioning circuitry may consist of a straightforward amplifier stage or a more complex circuit that is intended to remove hall device drift error. Low current, open loop hall effect sensors with no core are being produced more frequently as a more affordable option for these applications. This development is predicted to support the growth of the market. Thus, such factors will drive the growth of the open-loop current sensor segment during the forecast period.
Bipolar and CMOS transistors are combined in a single integrated circuit using the BiCMOS technology. BiCMOS can create very-large-scale integration (VLSI) circuits with speed-power-density performance that was previously unachievable with either technology alone because it gives the advantages of both Bipolar and CMOS. BiCMOS technology, which combines a bipolar junction transistor and a complementary metal-oxide semiconductor, is presently used to produce hall effect current sensors. Compared to traditional or CMOS technology, BiCMOS delivers a high current drive per unit, a low input density, a high power dissipation, and low noise. Thus, owing to such advantages of BiCMOS technology, the BiCMOS segment is driving market growth.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is primarily dominated by the US. Automotive manufacturers in the US have been using hall effect current sensors to ensure the safety of passengers. The escalating use of hall effect current sensors in data processing peripherals is also expected to fuel the growth of the market. Another major factor fueling the growth of the market in the region is the growing market for medical devices. The US is the largest market for medical devices, and it is expected to continue to lead the global medical devices market during the forecast period. The increasing aging population in the US and rising healthcare spending by the US government are also the key factors that will drive the demand for hall effect current sensors in North America.
Furthermore, some manufacturing companies are planning to move their facilities back to the US and other North American countries. This will drive the growth of the regional market during the forecast period. Governments of countries such as Mexico, Cuba, and Jamaica are promising subsidies and incentives to encourage manufacturers to settle in the region. The demand for hall effect current sensors in the industrial sector is also increasing due to the presence of large industrial manufacturing houses. Thus, owing to such factors the segment is expected to grow during the forecast period.
COVID-19 had an adverse impact on the market in North America. However, the resumption of smartphone manufacturing plants following the initiation of mass COVID-19 vaccination programs helped the regional market recover in 2021. The US government announced a stimulus package of USD 2 trillion to different industries to help them recover from the impact of the pandemic. Such factors are expected to drive the growth of the regional market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACEINNA Inc. - The company operates under one segment. The company under this segment focuses on developing inertial measurement units and current sensing technologies. The key offerings of the company include hall effect current sensors.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Key Hall Effect Current Sensor Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hall Effect Current Sensor Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hall Effect Current Sensor Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.35% |
Market growth 2023-2027 |
USD 746.59 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.68 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ACEINNA Inc., Allegro MicroSystems Inc., Asahi Kasei Microdevices Corp., Broadcom Inc., Infineon Technologies AG, Kohshin Electric Corp., LEM Holding SA, Measurlogic Inc., Melexis NV, Neilsen Kuljian Inc., STMicroelectronics NV, Tamura Corp., TDK Corp., Texas Instruments Inc., VACUUMSCHMELZE GmbH and Co. KG, Yageo Corp., and Honeywell International Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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