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. 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.
Request a sample to get extensive insights into the Hall-effect Sensors Market
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.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Market Players Focus on Product Launch and Partnerships to Gain Competitive Edge
In the current hall-effect sensors market landscape, market players are increasingly focusing on expanding their market share by launching new products and leveraging technical expertise of other competitors and forge strategic alliances to gain a competitive edge in the current market landscape. For instance, in June 2023, CERN Partner and Paragraf announced that both companies are entering a partnership to develop a new hall-effect sensor. While strategic partnerships are expected to grow in the upcoming years, product launch is likely to remain the most impactful growth strategy. In April 2019, TDK launched a novel 3D Hall Effect position sensor– a sensor that is increasingly gaining traction for autonomous driving applications.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Small Cell 5G Network Market
Demand to Remain Low amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic has played an imperative role in disrupting the growth of several core industrial sectors, including automotive, consumer electronics, and telecommunications. The demand from automotive and consumer electronics sectors is projected to decline in 2023, due to stringent lockdown, trade, and transportation restrictions. In the COVID-19 era, the demand for touchless hall-effect sensors is on the rise across various industries– a factor that is likely to direct the hall-effect sensors market toward the path of recovery during the COVID-19 pandemic.