Hall effect current sensor market size is set to grow at a CAGR of 9.35%, Increasing application of sensors to avoid the inconsistency in the strength of magnetic fields to drive growth - Technavio

NEW YORK, March 13, 2023 /PRNewswire/ -- According to Technavio, the global hall effect current sensor market size is estimated to grow by USD 746.59 million from 2022 to 2027. The market is estimated to grow at a CAGR of  9.35% during the forecast period. Moreover, the growth momentum will accelerate. The increasing application of sensors to avoid the inconsistency in the strength of magnetic fields is notably driving the market growth, although factors such as increasing chainsaw kickbacks accidents may impede the market growth. For more insights on the historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Global Hall Effect Current Sensor Market – Market Dynamics
Key factor driving market growth

• The increasing application of sensors to avoid the inconsistency in the strength of magnetic fields is notably driving market growth.
• Magnetic hall effect sensors are widely used in the automotive sector, especially in applications such as parking systems, security systems, and air brake systems.
• Hall effect current sensors are mainly used in the automotive sector, accounting for about 50% of the demand. The growing demand for the integration of safety features into automobiles has created an opportunity for smaller and more compact hall effect current sensors.
• They are used in a variety of safety applications such as steering angle sensing, electronic stability control (ESC) systems, and force and torque sensing.
• Advancements in hall effect current sensors combined with the growth of hybrid and electric vehicles will fuel the market growth during the forecast period. 

Major challenges hindering the market growth

• The increasing number of chainsaw kickback accidents is a major challenge impeding market growth.
• The front face of the hall effect sensor normally detects the south pole. This means that the North Pole is visible on the other side of the sensor.
• Moreover, the proximity of hall effect current sensors to strong external magnetic fields can produce conflicting results.
• An individual sensor in a device containing hall effect current sensors senses a magnetic field and produces an output signal.
• The sensor fails to detect a magnetic field if a magnet is inadvertently placed incorrectly on the rotor. 
• Therefore, these discrepancies in magnetic field strength induced by hall effect current sensors are expected to hamper the market growth during the forecast period.  

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Global Hall Effect Current Sensor Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (open loop current sensors and close loop current sensors), and technology (BiCMOS and CMOS). 

• The open loop current sensors segment will account for a significant share of the market growth during the forecast period. In an open-loop hall effect current sensor, a conductor runs inside a magnetic core where current is measured. In this way, the current generates a magnetic field inside the core. Moreover, the hall sensor mounted in the air gap of the core measures this field. Such factors will drive the growth of the segment during the forecast period.

Geography Overview
By geography, the global hall effect current sensor market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global hall effect current sensor market.

• APAC is estimated to contribute 36% to the growth of the global market during the forecast period. North America is another region offering significant growth opportunities to vendors.US automakers use hall effect current sensors to ensure passenger safety. Increasing use of hall effect current sensors in data processing peripherals is also expected to spur market growth. Such factors will increase the market growth during the forecast period.

Insights on the market contribution of various segments, including country and region wise, historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Global Hall Effect Current Sensor Market – Leading trends influencing the market 

• Improved size and cost-effectiveness of hall effect current sensors is an emerging trend in the market growth.
• The increased use of semiconductor manufacturing processes has facilitated the inexpensive manufacture of hall effect current sensors.
• This has enabled the production of millions of sensors for high-cost applications such as industrial engines, mid-range automobiles, and low-cost consumer electronics.
• The high performance and low implementation and maintenance costs of hall effect current sensors will boost the market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period (2023 to 2027)- Request a sample report!

What are the key data covered in this Hall Effect Current Sensor Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the hall effect current sensor market between 2023 and 2027
• Precise estimation of the hall effect current sensor market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the hall effect current sensor market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of hall effect current sensor market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio