Hall Effect Current Sensor Market Growth, Emerging Trends, Analysis and Forecasts 2023

The Hall-Effect Current Sensor Market is expected to grow from USD 906.7 Million in 2017 to USD 1,473.7 Million by 2023, at a CAGR of 8.4% between 2017 and 2023. The growth of this market is fueled by the increasing demand for intelligent Hall-Effect sensors, ongoing technological advancements in Hall-Effect current sensors, and growing use of fully integrated and programmable current sensors. Moreover, the advantages of galvanic isolation-based Hall-Effect current sensors and developments in the Hall-Effect current sensor ecosystem through organic and inorganic growth strategies, such as product developments, expansions, partnerships, distribution contracts and agreements, and acquisitions, further drive the growth of this market.

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Between open-loop and closed loop current sensors, the market for closed-loop current sensor is expected to grow at a higher CAGR between 2017 and 2023. The faster response time and higher accuracy have led to a rise in the adoption of closed-loop current sensors. Moreover, the demand for closed-loop current sensors would continue to grow due to their applications in critical industries such as medical, automotive, and aerospace & defense.  This would lead to further innovations in the Hall-Effect current sensor market.

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The Hall-Effect current sensor market for BiCMOS technology is expected to grow at a high CAGR between 2017 and 2023 driven by the growing adoption of BiCMOS technology over CMOS technology as it improves the speed of operations and reduces the density of the integrated circuit. Among various industries, industrial automation held the largest share of the overall Hall-Effect current sensor market in 2016. This is attributed to the growing applications of control systems and automation equipment in the industries, which creates a need for current measurement for various applications such as AC-DC converter, overcurrent fault detection, and battery monitoring.

Asia Pacific (APAC) is expected to hold the largest share of the Hall-Effect current sensor market during the forecast period. The Hall-Effect current sensor market in emerging economies such as China, India, South Korea, and Japan is expected to grow at the highest rate with the rising need for power management in these countries.

The key restraining factor for the growth of the Hall-Effect current sensor market is the demand for low-cost Hall-Effect current sensors. The consumers of Hall-Effect current sensors are the key players in the industries such as automotive, consumer electronics, medical, industrial automation, railways, and aerospace & defense. The major demand for Hall-Effect-based current sensors is from the automotive and consumer electronics industries. While both these industries are growing rapidly, they face a stiff price competition in the market. Therefore, the players in these industries demand low-cost Hall-Effect current sensors to bring down the price of the final product.

Key market players such as LEM Holding SA (Switzerland), Allegro MicroSystems LLC (USA), Honeywell International Inc. (US), TDK Corporation (Japan), KOHSHIN ELECTRIC CORPORATION (Japan), and ABB Ltd (Switzerland) focus on strategies such as product developments, expansions, distribution contracts and agreements, and acquisitions to enhance their product offerings and expand their business.

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