Hall-Effect Current Sensor Market

Hall-Effect Current Sensor Market Snapshot (2022 to 2032)

Global hall-effect current sensor market demand is anticipated to be valued at USD 1128.0 million in 2022, forecast to grow at a CAGR of 9.4% to be valued at USD 2765.0 million from 2022 to 2032. Growth is attributed to the increasing demand in end-use industries such as industrial automation, automotive, and consumer electronics. From 2016 to 2021 a CAGR of 7.4% was registered for the hall-effect current sensor market.

Report Attribute	Details
Projected Growth Rate (2022 to 2032)	9.4% CAGR
Expected Market Value (2022)	USD 1128.0 Million
Anticipated Forecast Value (2032)	USD 2765.0 Million

Hall-effect current sensor derives their applications in solar inverters, solar panel tracking, motor current sensing, robots, machinery, conveyor belts, escalators, moving cranes, consumer electronics devices, and automotive. The growing need for current measurement raises the demand for hall-effect current sensors.

The hall-effect current sensor is a magnetic sensor that can sense current in any device and works on the hall-effect principle, which states that if a current-carrying conductor is placed near a magnetic field, a voltage will be generated which will be directly proportional to the product of the current and magnetic field.

What are Some Prominent Drivers Spearheading Hall-Effect Current Sensor Market Growth?

The increased 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. 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 low cost 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.

The 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. Increasing application of loop hall-effect current sensors in industrial automation, broadcast equipment, power monitoring, robotics, and battery systems, thus driving the hall-effect current sensors market.

What are the Challenges Faced by the Hall-Effect Current Sensor Industry?

Inconsistencies in the strength of magnetic fields caused by the hall-effect current sensors are expected to affect the market in a negative manner during the forecast period if a magnet is accidentally placed wrong on the rotor, then the sensor is unable to detect a magnetic field, as the front of the sensor is facing the North Pole of the magnet.

The hall-effect sensor is not capable of measuring a current flow at a distance greater than 10 cm this factor also impedes the growth of the hall-effect current sensor market. In the hall effect sensor, open collector output is limited to about 20mA or less and It requires a separate magnet for its operation this is also one of the restraining factors.

Why is North America Emerging as an Opportunistic Hall-Effect Current Sensor Market?

North America was the fastest growing market for the hall-effect current sensor market and the trend is expected to continue into the forecast period owing to the increased adoption of hall-effect current sensors in automotive industries in the region. Also, the continuously growing electronics industry and growing use of advanced and smart electronic devices such as smartphones; boost s the growth of the hall-effect current sensor market in North America.

North America accounts for a total 29.8% share in the global hall-effect current sensor market. For Instance - Allegro MicroSystems, announced two new full-bridge gate drivers for automotive and industrial applications. Available with direct control (A89505) and pulse-width modulation (A89506) options, these devices up-integrate critical features to make system design easier, replacing mechanical relays with solid-state drivers to improve performance and reliability.

How is Europe Contributing to the Growth of the Hall Effect Current Sensor Market?

According to Future Market Insights, Europe accounts for a 23.9% share of the total global hall-effect current sensor market. The increasing scope of applications of intelligent hall-effect current sensors in the industrial sector is also one of the prominent reasons for the overall growth of the hall-effect current sensor market.

The growing technological advancement in hall-effect sensor technology, increasing demand for intelligent hall-effect sensors, and increasing use of programmable and fully integrated current sensors are the major factors that are propelling the market growth of the hall-effect current sensor market in Europe.

For instance in June 2022 - Melexis expands its portfolio of 3D magnetic position sensing solutions with the introduction of the MLX9042x series. These sensors are intended for cost-conscious automotive customers who need to measure absolute position accurately and safely in harsh and noisy environments over an extended temperature range.

Will the Asia Pacific emerge as an Attractive Hall Effect Current Sensor Market?

As per the analysis, Asia-Pacific is projected to be the most lucrative market during the forecast period. The expansion of the regional market can be attributed to the increasing demand in the automotive, consumer electronics, medical, and industrial automation industries.

The increasing need for power management, government-supporting industrial automation and automotive sector, and growth of the industrial sector in countries such as China, India, South Korea, and Japan Asia Pacific dominates the hall-effect current sensor market in the forecasting period.

Start-up Scenario

Rongtech Electricals, Right Motion, Pavan Industries, Jiangsu Acrel Electrical Manufacturing Co.ltd, Wibo Electronics Co. Ltd, and Coilcore are some of the start-up companies operating in the hall-effect current sensor market.

• Rongtech Industry (Shanghai) Inc. has originated in Shanghai, China, serving unmatched quality Open Loop Current Sensor, Close Loop Current Sensors, Fred Diode Modules, Rectifier Transformers, Hall Current Sensors, Single Phase Bridge Rectifier, Hall current sensors, Hall voltage sensors, IGBT modules, Mosfets, FRD diodes, Thrytors Metaled film capacitors, and high voltage ceramic capacitors.

Market Competition

Some of the key participants present in the global hall-effect current sensor market include ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., Allegro MicroSystems LLC., Asahi Kasei Microdevice Corporation, Infineon Technologies AG, Melexis NV, LEM Holding SA, TDK Corporation and Kohshin Electric Corporation among others.

Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., and Allegro MicroSystems LLC. account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.

• In February 2021- Allegro Microsystems, Inc. introduced the A17700, an automotive-grade interface IC for resistive bridge pressure sensors featuring top-of-the-line signal conditioning algorithms. The A17700 delivers premium performance and increased system efficiency with flexible interface options - all in a small form factor.
• In June 2020, Allegro MicroSystems, LLC introduced an advanced hall-effect current sensor with an accurate 400 kHz Current Sensor IC with a 5 kV isolation rating. Enabling more efficient power conversion in higher frequency switching applications, the ACS37002 has 400kHz sensing bandwidth up to 180 A with low offset and better than 1% typical total accuracy over the full -40°C to 150°C auto temperature range.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 9.4% from 2022 to 2032
Expected Market Value (2022)	USD 1128.0 Million
Anticipated Forecast Value (2032)	USD 2765.0 Million
Base Year for Estimation	2021
Historical Data	2016 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million, and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Technology, Industry, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Japan; Middle East and Africa
Key Countries Profiled	United States of America, Canada, Mexico, Brazil, Germany, Italy, United Kingdom, Spain, France, Russia, Poland, China, India, ASEAN, Australia &New Zealand, Japan, GCC Countries, South Africa, Northern Africa
Key Companies Profiled	ABB Ltd; Honeywell International, Inc.; STMicroelectronics N.V.; Allegro MicroSystems LLC.; Asahi Kasei Microdevice Corporation; Infineon Technologies AG; Melexis NV; LEM Holding SA; TDK Corporation; Kohshin Electric Corporation
Customization	Available Upon Request

Key Segments Profiled in the Hall-Effect Current Sensor Industry Survey

By Technology:

• BiCMOS
• CMOS
• High Power Dissipation
• Low Input Density
• High Current Drive

By Industry:

• Industrial Automation
• Automotive
• Consumer Electronics
• Telecommunication
• Utilities
• Medical
• Railways
• Aerospace & Defense

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• Japan
• Middle East and Africa

Frequently Asked Questions

What is the anticipated growth of the hall-effect current sensor market until 2032?

FMI projects the global hall-effect current sensor market to expand at a 9.4% value CAGR by 2032

Which region is forecast to be the most lucrative for hall-effect current sensor market growth?

North America is expected to be the most opportunistic with a 29.8% share of the total hall-effect current sensor market

Which are some prominent hall-effect current sensor market manufacturers?

ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., and Allegro MicroSystems LLC. are some prominent hall-effect current sensor manufacturers.