Growing Adoption of Open-loop Hall-effect Sensors for Industrial Automation to Fuel Market Growth
The considerable boom of the industrial sector around the world, particularly in developing regions of the world, including Asia Pacific and the Middle East & Africa has played a key role in increasing the demand for current sensors in recent years. The increasing adoption of current sensors in industrial machinery is likely to influence the overall growth trajectory of the global hall-effect current sensors market during the forecast period. The growing demand for high efficiency and improved system performances across the consumer electronics space are primary factors expected to propel the adoption of hall-effect current sensors in the upcoming decade.
Due to rapid advancements in software-defined architectures, topologies, and entry of new materials, players involved in the current hall-effect current sensors market are increasingly focusing on innovations and product diversification to cater to the evolving industrial requirements. The demand for hall-effect devices continues to grow at a rapid pace worldwide due to which, the overall prospects of the global hall-effect current sensors market provide a positive outlook. Moreover, low costs of hall-effect current sensors in comparison with other alternatives is another major factor likely to increase the demand for hall-effect current sensors during the assessment period.
Market players are anticipated to focus on launching new products, invest in research and development, and continue to tap into the looming opportunities across various end-use industries such as consumer electronics, automotive, telecommunication, industrial automation, etc. At the back of these factors, the global hall-effect current sensors market is expected to surpass US$ 1.8 Bn mark by the end of 2030.
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Notable Progress in Hall-effect Sensors to Bolster Market Growth
The demand for hall-effect current sensors, particularly for use in applications wherein galvanic isolation is required, has witnessed a considerable growth in recent years. Low current, open loop hall-effect sensors that are coreless are increasingly being manufactured as a cost-effective solution for such applications– a factor that is expected to bolster the growth of the global hall-effect current sensors market during the forecast period. The noteworthy progress in the hall sensing technology has played an imperative role in boosting the hall-effect current sensors market in recent years. Although closed loop hall-effect current sensors are increasingly being used for the production of consumer electronics, the adoption across the automotive sector continues to remain sluggish. Moreover, commendable progress made by hall-effect magnetic field sensors has paved the way for direct differential sensing of current generated magnetic fields. This factor is expected to augment the adoption of hall-effect current sensors during the assessment period.
Open loop hall-effect current sensors are increasingly being used in an array of applications, including industrial automation, broadcast equipment, power monitoring, robotics, and battery systems, thus driving the hall-effect current sensors market.
Market Players Focus on Expanding Product Portfolio to Gain Advantage
Sensing the growing demand for hall-effect current sensors from various industrial sectors, current players involved in the global hall-effect current sensors market landscape are increasingly focusing on expanding their market share and presence by launching new products and product portfolio. For instance, in July 2024, Texas Instruments announced the launch of zero-drift hall-effect current sensor that offers high accuracy and lowest drift while simultaneously providing efficient 3-kVrms isolation. Furthermore, in June 2024, Melexis announced the launch of the automotive-grade 3D hall-effect current sensor that is specifically developed for automotive and industrial applications.
Market Players to Address Supply Chain Challenges amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is anticipated to have a moderate impact on the hall-effect current sensors market in 2024. The demand from the industrial sector witnessed a considerable decline particularly in the first two quarters of 2024 due to stringent lockdown measures imposed by governments, restrictions on cross-border trade of non-essential commodities, and shutdown of the industrial sector in several regions of the world. In addition, the disruption in the raw material supply chains mainly due to the industrial lockdown across China is a major factor that led to a considerable decline in the overall production of hall-effect current sensors worldwide. However, the market is showing signs of recovery in the last quarter of 2024, as the industrial sector around the world continues to tread the path of recovery.
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Hall-effect Current Sensors Market: Overview
- According to Transparency Market Research’s latest research report on the global hall-effect current sensors market for the historical period 2018–2019 and the forecast period 2024–2030, government efforts to boost the electronics industry and the telecommunication sector, and rise in use of technologically advanced consumer electronic devices are factors expected to boost the global hall-effect current sensors market during the forecast period
- In terms of revenue, the global hall-effect current sensors market is expected to cross a value of US$ 1.8 Bn by 2030, expanding at a CAGR of ~7% during the forecast period
Government Efforts to Boost Electronics Industry: A Key Driver
- Governments of various countries worldwide are taking efforts to propel the hall-effect current sensors industry, owing to significant opportunities in terms of job creation and revenue generation in the industry
- For instance, in February 2024, the Government of India proposed a scheme to drive the production of mobile phones and electronic devices as well as their semiconductor modules and electronic components across the country
- The move by the Government of India to encourage the electronics manufacturing industry in the country is projected to drive the demand for sensors. This, coupled with increasing number of technological advancements, is expected to support growth of the global hall-effect current sensors market.
