Hall-effect Sensors Market
Hall-effect Sensors Market (Type: Axial Hall Sensors, Transverse Hall Sensors, and Cryogenic Hall Sensors, Application: Vane Operated Position Sensors, Digital Current Sensors, Linear Current Sensors, Mechanically Operated Solid State Switches, Gear Tooth Sensors, and Others; and End-use Industry: Automotive, Consumer Electronics, Industrial Automation, Telecommunication, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
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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.
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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.
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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 2020, 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.
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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 2020, 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.
The global hall-effect sensors market is anticipated to expand at a CAGR of ~7% during the forecast period. The market is primarily driven by growing emphasis on industrial automation, rising demand from the automotive sector, increasing adoption of sensors in smart electronics, and technological advancements. The dwindling prices of sensor technology coupled with advancements in contactless hall-effect sensors are anticipated to provide considerable push to the hall-effect sensors market during the forecast period post the COVID-19 pandemic.
Hall-effect Sensors Market: Overview
- According to Transparency Market Research’s latest research report on the global hall-effect sensors market for the historical period 2018–2019 and the forecast period 2020–2030, usage of hall-effect sensors in automotive and telecommunication sectors and increasing application of hall-effect sensors in consumer electronics are factors expected to boost the global hall-effect sensors market during the forecast period
- In terms of revenue, the global hall-effect sensors market is estimated to exceed value of US$ 2.9 Bn by 2030, expanding at a CAGR of ~7% throughout the forecast period
Usage of Hall-effect Sensors in Automotive and Telecommunication Sectors: A Key Driver
- Currently, hall-effect sensors are widely used in the automotive industry. They are used to control displacements and rotations of various parts of the vehicle, vibrations of the engine, the ignition system, etc. These sensors are popular in automotive sensors, since they are used to control the ignition system of the vehicle.
- Hall-effect sensors are commonly used to time the speed of wheels and shafts, such as for internal combustion engine ignition timing, tachometers, and anti-lock braking systems. They are used in brushless DC electric motors to detect the position of the permanent magnet.
- A number of automotive and telecommunication electronic devices has started incorporating electronic compasses as part of navigational equipment for the purpose of identifying real-time location of the device itself, leading to the usage of hall-effect sensors in automotive and telecommunication sectors
Increasing Applications of Hall-effect Sensors in Consumer Electronics Sector
- The global electronics industry, which comprises manufacturers of mobile phones and other electronic devices, is growing significantly, as the demand for high-end electronic devices is on the rise. Emergence of new technologies, such as artificial intelligence (AI) and voice recognition is further boosting the demand for electronic devices worldwide.
- As hall-effect sensors can detect magnetic fields through non-ferrous components, magnetic sensors and targets can be embedded inside of appliances and detect targets that are on the opposite side of external and internal features. These applications of hall-effect sensors in consumer electronic products are significant for market growth.
- On the other hand, government efforts to boost the electronics sector is also projected to have a positive impact on the global hall-effect sensors market during the forecast period
Hall-effect Sensors Market: Competition Landscape
- Detailed profiles of providers of hall-effect sensors have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global hall-effect sensors market are
- Allegro MicroSystems
- Asahi Kasei Microdevice Corporation
- Honeywell International Inc.
- Infineon Technologies AG
- Kohshin Electric Corporation
- LEM Holding SA
- Melexis NV
- TDK Corporation
Hall-effect Sensors Market: Key Developments
- Key providers of hall-effect sensors, such as Royal IHC, ABB, Allegro MicroSystems, LLC, Infineon Technologies AG, and Melexis NV are focusing on the construction of cost-effective hall-effect sensors to attract more customers. Some other key developments in the global hall-effect sensors market are highlighted below:
- In June 2020, Melexis announced the MLX90395 Triaxis Magnetometer Node, an automotive-grade (AEC-Q100) monolithic sensor that uses the hall-effect to provide contactless sensing in three dimensions. The dual-die version of the MLX90395 provides redundancy for demanding scenarios, such as gear lever position sensing in automotive applications.
- In June 2020, Allegro MicroSystems, LLC introduced an Accurate 400 kHz Current Sensor IC with 5 kV isolation rating advanced hall-effect sensors. 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.
- In the global hall-effect sensors market report, we have discussed individual strategies, followed by company profiles of providers of hall-effect sensor systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global hall-effect sensors market.
Hall-effect Sensors Market – Scope of the Report
A new study on the global hall-effect sensors market is published by Transparency Market Research (TMR). It presents detailed information of key market dynamics, including drivers, trends, and challenges for the global hall-effect sensors market as well as its structure. TMR’s study offers valuable information on the global hall-effect sensors market in order to illustrate how the global market is expected to expand during the forecast period i.e. 2020–2030
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global hall-effect sensors market.
An extensive analysis of business strategies adopted by leading market players has also been featured in TMR’s study on the global hall-effect sensors market. This can help readers understand key factors responsible for the growth of the global hall-effect sensors market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global hall-effect sensors market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Global Hall-effect Sensors Market
- What would be the Y-o-Y growth trend of the global hall-effect sensors market between 2020 and 2030?
- What is the influence of changing trends in technology on the global hall-effect sensors market?
- he Would North America continue to be the most dominant regional market for providers of hall-effect sensors over the next few years?
- Which factors would hinder the global hall-effect sensors market during the forecast period?
- Which are leading companies operating in the global hall-effect sensors market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the global hall-effect sensors market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during the production of the report on the global hall-effect sensors market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who have contributed to the production of TMR’s study on the global hall-effect sensors market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global hall-effect sensors market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global hall-effect sensors market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global hall-effect sensors market more reliable and accurate.
Hall-effect Sensors Market – Segmentation
TMR’s study on the global hall-effect sensors market divides the market based on type, application, end-use industry, and region. Changing market trends and other crucial market dynamics associated with the segments of the global hall-effect sensors market have been discussed in detail in TMR’s study.