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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%. Market expansion hinges on multiple factors, notably fluctuations in magnetic field potency, escalating e-compass demand, and expanding applications in healthcare. However, challenges persist, including a surge in chainsaw kickback incidents, sensor performance susceptibility to temperature variations, and the substantial manufacturing expenses coupled with heightened requests for low-cost Hall effect sensors. These obstacles underscore the necessity for innovative solutions to mitigate chainsaw accidents and address temperature-related sensor functionality issues. Moreover, streamlining manufacturing processes to reduce costs without compromising quality is imperative to meet the growing demand for Hall effect sensors. Overcoming these challenges will not only foster market growth but also ensure the safe and efficient utilization of e-compasses across diverse sectors, including healthcare and beyond.
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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.
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.
The market is pivotal in various sectors such as the automobile industry, industrial automation, and consumer electronics, driven by the demand for energy-saving solutions and the rapid expansion of the electric vehicle market. These sensors are integral in tight regulatory environments, facilitating power monitoring and precise measurement of direct and alternating currents in target circuits. With their non-contact detection capability and high-frequency operation, Hall effect current sensors play a crucial role in power amplification and wireless communications, catering to military applications and the burgeoning 5G networks. Market reports provide insights into segmentation, geographical coverage, and forecasts, aided by in-depth expert analysis, enabling stakeholders to navigate market scenarios and capitalize on emerging opportunities. 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. These 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 use. 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.
They 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, force and torque sensing, and others. Therefore, such advances, 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 is an emerging trend in the market.
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, 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 will ensure a reduction in the size of the magnetic field sensing system. The smaller the size, 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 them 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 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. Their proximity to external, powerful magnetic fields could result in inconsistent findings.
Every single sensor in devices with integrated 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 them are expected to hinder the market growth during the forecast period.
Companies 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 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 companies, 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.
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 Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is driven by the growing demand for energy-saving solutions across various sectors such as the automobile industry, renewable energy sources, and industrial automation. These sensors offer non-contact detection of direct and alternating currents, utilizing the Hall element, a magnet-electric converting element. With applications in power monitoring and wireless communications, they find extensive use in consumer electronics, electric vehicles, and military applications, including 5G networks and mobile phones. Market reports provide in-depth expert analysis, covering market scenarios, geographical coverage, and company-wise production capacity. Factors influencing market dynamics include power loss, component segmentation, and supply chain efficiency, making it imperative for companies to address issues like bias voltage variations and circuit performance to meet growing demand effectively.
Moreover, the market plays a crucial role in the burgeoning electric vehicle market, where tight regulations necessitate precise monitoring of electrical currents. These sensors facilitate accurate measurement of direct currents in target circuits, enabling effective power amplification. They form an integral component segment, especially in high-frequency power amplifiers, contributing to the overall market value. Their application extends to various network layouts, where distributors and partners play key roles in distribution and deployment. Price trend analysis and deficit analysis are essential for understanding market dynamics in this collective industry. As they measure electrical current and flow in active circuits, they mitigate cross-coupling and parasitic effects, optimizing layouts and die size while minimizing costs and packaging requirements.
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 forecasting, 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 market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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