Ever since the discovery of ‘Hall-effect’ nearly a hundred years ago, the principle has been increasingly being used for a plethora of industrial and commercial applications. Over the past two to three decades, a number of practical applications of hall-effect sensors has emerged in a range of industries, including automotive, telecommunication, and consumer electronics. At present, the adoption of hall-effect sensors continues to grow in a broad spectrum of consumer and industrial products such as machining tools, computers, medical equipment, sewing machines, etc. Technological advancements coupled with the advent of the industrial automation trend are some of the key factors expected to shape the growth of the global hall-effect sensors market during the forecast period.
Axial hall sensors, cryogenic hall sensors, and transverse hall sensors are among the most extensively used hall-effect sensors worldwide. The onset of Industry 4.0, the booming automotive sector, especially in the Asia Pacific region, and the dwindling prices of raw materials and sensor technology have provided a solid support to the overall growth of the hall-effect sensors market during the assessment period. As per current trends, the automotive sector, along with the consumer electronics segment, is likely to provide lucrative opportunities to the players operating in the current hall-effect sensors market landscape. Moreover, leading market players are increasingly investing resources toward the development of new products, expanding their presence in other regional markets, and curating impactful digital marketing strategies to increase sales.
At the back of these factors, the global hall-effect sensors market is anticipated to cross market value of ~US$ 2.9 Bn by the end of 2030.
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High Demand from Automotive Sector to Bolster Market Growth
While the applications of hall-effect sensors continue to expand at an impressive pace, the automotive sector is likely to provide a considerable boost to the overall growth of the hall-effect sensors market. The growing demand for hall-effect sensors to develop automotive fuel level indicators is likely to provide a massive boost to the overall market for hall-effect sensors during the forecast period. In addition, hall-effect sensors are increasingly being used to time and assess the speed of various rotating components, such as shafts and wheels– another factor that is expected to boost the overall growth of the global hall-effect sensors market during the assessment period. Hall-effect sensors are also deployed in different Tachometers that are primarily used to measure various parameters, including speed of the vehicle and rotation per minute (RPM). Technological advancements coupled with increasing interest in hall-effect sensors within the automotive sector are projected to bolster the overall growth of the global hall-effect sensors market.
Growing Adoption in Consumer Electronics and Appliances to Propel Market Growth
While the demand from the automotive sector is expected to provide a considerable boost to the overall growth of the global hall-effect sensors market, the demand from consumer appliances and goods sectors is projected to open up new avenues for players operating in the current hall-effect sensors market landscape. In the current scenario, hall-effect sensors are increasingly being used in various product designs. While digital unipolar sensors enable washing machines to maintain the overall balance during the wash cycle, analog sensors play the role of available sensors for power supplies, motor control indicators, and shut-offs on power tools– factors that are likely to boost the adoption of hall-effect sensors during the forecast period.
A unique research methodology has been utilized by TMR to conduct comprehensive research on the global hall-effect sensors market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
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Secondary research sources referred to by analysts during the production of the report on the global hall-effect sensors market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who have contributed to the production of TMR’s study on the global hall-effect sensors market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global hall-effect sensors market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global hall-effect sensors market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global hall-effect sensors market more reliable and accurate.
