Hall-Effect Current Sensor Market Growth Outlook with Industry Review by 2024
Hall-Effect Current Sensor Market size is anticipated to grow steadily over the forecast timeline. The growing demand can be attributed to the advantages offered such as extremely low power consumption and the property of these devices to reduce the current consumption from milliamps to microamps. The ongoing technological developments are the major factors fueling the hall-effect current sensor market. For instance, in September 2017, Silicon Labs unveiled the Si72xx products, which enhance the sensitivity and power efficiency and are designed to resist harsh industrial environments.
Increasing demand for fully integrated and programmable sensors is anticipated to drive the hall-effect current sensor market growth. Owing to their applications in current sensing, speed detection, positioning, and proximity switching, they play a key role in several industries. Galvanic isolation-based devices are used for both DC and AC measurements and feature zero-voltage loss. These benefits play a significant role in driving the hall-effect current sensor market.
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Various expansion strategies, such as product developments, business expansions, and collaborations undertaken by major industry players, are expected to propel the industry growth over the forecast time span. For instance, SEC Electronics, Inc. announced a new hall-effect current sensor, specifically for industrial and automotive sectors, in 5 V supply applications. However, growing research and development activities in the industry and its usage in the automotive sector, such as hybrid electric vehicles, provide significant opportunities to the hall-effect current sensor market.
The high manufacturing cost of these sensors is expected to hinder the hall-effect current sensor market growth. Factors such as lower measuring and detection accuracy as compared to that of fluxgate magnetometers or magneto-resistance based devices are the other challenges that pose threat to the industry demand.
The hall-effect current sensor market is segmented into open-loop and closed loop. The closed-loop devices are projected to grow at a high rate owing to their applications in critical industries such as aerospace, defense, automotive, and medical. Features such as higher accuracy and faster response time have led to an increase in the adoption. Open loop systems are prone to temperature drift & saturation and are less immune to electrical noise as compared to closed-loop sensors.
By end-use, the hall-effect current sensor market is classified as automotive, industrial automation, consumer electronics, medical, utilities, aerospace & defense, telecommunication, and railways. Due to various applications of the devices in the automotive industry, such as current measurement for overcurrent protection, control of motor drives, battery management, and converter control, they are significant in the automotive industry. Increasing number of automotive industries in emerging economies, such as China and India, contribute to the hall-effect sensor market growth. The rising demand for eco-friendly hybrid vehicles in the automotive sector also contributes towards the growth. Moreover, they are utilized in consumer electronics applications, such as in digital cameras, household appliances, and electronic instruments.
The hall-effect current sensor market is classified into CMOS and BiCMOS technology. The BiCMOS technology reduces the density of the integrated circuit and enhances the operations by improving the speed. It also features low input density, high current drive per unit, and high-power dissipation as compared to CMOS. It led to an increased demand for BiCMOS technology based products in various industries such as automotive and consumer electronics.
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The Asia Pacific hall-effect current sensor market is projected to dominate the industry over the forecast timespan. This growth can be attributed to the increasing need for power management in growing economies including Japan, South Korea, India, and China. The expanding cloud connectivity systems have led to the increasing adoption of Industrial Internet of Things (IIoT) based devices in this region. The rise in the number of consumer electronics and automotive industries in Asia Pacific is propelling the industry growth.
Companies operating in the hall-effect current sensor market are American Aerospace Controls, ABB Ltd., Magnesensor Technology, Sanken Electric Company Ltd., Honeywell International, Inc., Vacuumschmelze GmbH & Co., KG, Pulse Electronics Corporation, Infineon Technologies AG, Kohshin Electric Corporation, Asahi Kasei Microdevices Corporation, HARTING Technology Group, Melexis NV, and Electrohms Private Limited. The growing competition among these players to introduce new products with advanced technologies is providing impetus to the hall-effect current sensor market.