Hall-effect Current Sensors Market to Surpass US$ 1.8 Bn Mark by 2030; Growing Industrialization, Rising Adoption of Industrial Automation to Fuel Market Expansion, Says TMR
- Expanding demand for consumer electronics equipped with the latest technology will present considerable growth opportunities for the hall-effect current sensors market during the forecast period of 2020-2030
- Hall-effect current sensors are affordable as compared to other alternatives, which present a plethora of growth opportunities for the global market
Hall-Effect Current Sensors Market: Growth Summary
Extensive progress in terms of technology has been made across the hall-effect current sensors market. The expanding portfolio of applications related to hall-effect current sensors including broadcast equipment, industrial automation, robotics, battery systems, and power monitoring will have a profound impact on the growth trajectory of the global market. All these aspects will bring immense growth prospects for the hall-effect current sensors market during the forecast period of 2020-2030.
Some prominent end-users of hall-effect current sensors are industrial automation, telecommunication, consumer electronics, and automotive. The overwhelming demand for hall-effect current sensors where galvanic isolation is required is gaining considerable traction. Furthermore, the 'affordability' quotient will play a pivotal role in the overall development of the hall-effect current sensors market.
Hall-effect current sensors are utilized for measuring and detecting proximity, speed, and position. The benefits of hall-effect current sensors such as compact package size, single or dual power supply, higher sensitivity and accuracy, no insertion loss, etc. will serve as growth-generating factors.
Transparency Market Research (TMR) has conducted detailed research on various aspects related to the growth of the hall-effect current sensors market. The global market for hall-effect current sensors market is expected to expand at a CAGR of 7% during the forecast period of 2020-2030 according to the experts at TMR. The global hall-effect current sensors market is expected to cross US$ 1.8 Bn by 2030.
The influence of hall-effect current sensors in consumer electronics will fetch substantial growth opportunities. The rising disposable income and growing industrialization are encouraging the demand for consumer electronics to a great extent. This factor will positively influence the growth trajectory of the hall-effect current sensors market. Furthermore, manufacturers in the consumer electronics sector are investing consistently in R&D activities for discovering insights and introducing new features. This aspect is leading to an increase in the usage of sensors, eventually boosting the growth of the hall-effect current sensors market.
Encouragement and Support to Electronic Industry by Government Bodies through Various Schemes and Initiatives assures Promising Growth for Hall-Effect Current Sensors Market
The government bodies of numerous countries are promoting and encouraging industrialization in their respective areas, especially the electronics industry. The use of consumer electronics like smartphones has increased extensively over the years. According to Data Reportal, there were 5.11 Bn mobile subscribers in 2019, out of which 2.71 Bn are active smartphone connections. The Government of India recently extended the production-linked incentive scheme for large-scale electronics manufacturing with a focus on mobile phones by a year until 2025-26. Such developments bode well for the growth of the hall-effect current sensors market.
Open-Loop Hall-Effect Current Sensors to Present Array of Growth Opportunities as Demand for Industrial Automation Increases
The influence of industrial automation on the industries is expanding at an accelerated rate. Open-loop hall-effect current sensors are used extensively in industrial automation processes. These sensors help improve the overall efficiency quotient of the specific automation process. Thus, the growing demand for open-loop hall-effect current sensors will boost the growth prospects to a considerable extent.
Due to COVID-19, many industrialists are looking forward to industrial automation for preventing frequent contact and protect their employees from virus transmission. These factors have led to speedy adoption of industrial automation, eventually contributing to the growth of the hall-effect current sensors market.
Some well-entrenched players in the hall-effect current sensors market are Honeywell International Inc., Allegro MicroSystems, Kohshin Electric Corporation, STMicroelectronics, Asahi Kasei Microdevice Corporation, LEM Holding SA, and Broadcom.
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