Advancements in Sensor Technology and Rise of Industry 4.0 to Drive Market
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.
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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.
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.
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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.