Hall Effect Current Sensor Market- Industry Analysis, Market Size, Share, Trends, Growth And Forecast 2024-2030

Hall Effect Current Sensor Market Overview

The Hall Effect Current Sensor Market size is forecast to reach US$1.3 billion by 2030, growing at a CAGR of 8.1% from 2024 to 2030. The increase in demand for hall-effect current sensors manufactured using BiCMOS technology (a combination of bipolar junction transistor and complementary metal oxide semiconductor) owing to the various features offered by them over conventional CMOS technology such as high current drive per unit, low input density, and high-power dissipation accelerate the hall-effect current sensor market share. The rise in the usage of fully integrated and programmable current sensors and high demand for open loop hall effect current sensor and closed loop hall effect current sensor among consumers further influence the hall-effect current sensor market. Additionally, an increase in demand for intelligent hall-effect sensors, technological advancements in hall-effect current sensors, research and development, industrialization, growing application areas and expansion of end-user industries positively affect the hall-effect current sensor market. Furthermore, the rise in the need for energy measurement owing to urbanization and industrialization and potential applications in eco-friendly electric integrated with single integrated circuit device and hybrid vehicles extend profitable opportunities to the hall-effect current sensor industry in the forecast period. Additionally, advancements in Hall Effect Current Sensor technology, such as the development of high-temperature-resistant and low-power-consumption variants, are further fueling market growth. Moreover, the emergence of IoT and automation is amplifying the adoption of Hall Effect Current Sensors in smart devices and industrial machinery for precise control and monitoring. With continuous innovation and expanding applications, the Hall Effect Current Sensor market is poised for sustained expansion in the foreseeable future. However, the factors such as high cost of raw materials for Hall Effect Current Sensors and technical issues like inconsistent.

Market Snapshot :

Hall Effect Current Sensor Market Report Coverage

The report: “Hall Effect Current Sensor Industry Outlook – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Hall Effect Current Sensor industry.
By Type of Loop: Open-Loop Sensor, Closed-Loop Sensor
By Rotor: Magnetic rotor, Ferrous vane rotor
By Magnetic field: Unipolar, Bipolar, Omnipolar
By Technology: BiCMOS, CMOS
By Material: Gallium Arsenide (GaAs), Indium Arsenide (InAs), Indium Phosphide (InP), Indium Antimonide (InSb), Graphene
By Output: Analog (Linear), Digital (Switching)
By End-user: Industrial Equipment, Power & Energy, Oil, gas and petrochemical, Automotive, Consumer Electronics, Telecommunication, Healthcare, Aerospace & Defense, Manufacturing, Robotics, Others
By Geography: North America (U.S, Canada, Mexico), Europe (U.K, Germany, France, Italy, Spain, Rest of Europe), APAC (China, Japan, South Korea, India, Australia, New Zealand, Rest of APAC), South America (Brazil, Argentina, Rest of South America), RoW (Middle East, Africa)

Key Takeaways

• Asia-Pacific (APAC) market held the largest market share of 35%, in 2023. This is due to growing research in Hall Effect Current Sensor technologies, the rise in industrial automation and robotics, and government policies to boost the semiconductor sensor industry
• The open-loop sensor segment is predicted to grow at a faster rate than closed-loop sensor over the forecast period of 2024-2030, in the Hall Effect Current Sensor Market segmented by type of loop. This is owing to more precise results with simple design, cost-effective circuit, and easy to maintain and tune.
• The industrial segment held the largest share in Hall Effect Current Sensor Market by application, in 2023. This is attributed to advent of industrial automation and the need for accurate production lines for safety and efficiency.
• The increasing number of smart grids and robotics in industries, growing use of electric vehicles and smart automotive systems, and growing research in Hall Effect Current Sensors for improved performance are the contributing factors in the growth of the Hall Effect Current Sensor Market.

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Hall Effect Current Sensor Market Segment Analysis - By Type of Loop

The Hall Effect Current Sensor Market by type of loop has been segmented into open loop sensor and closed loop sensor. The open loop segment is predicted to grow at a faster rate with a CAGR of 9.8%, over the forecast period 2024-2030. This is owing to the growing application of open loop Hall Effect Current Sensors in industrial equipments, ease of implementation of the mechanism, and galvanic isolation effect. Open loop current sensors consist of a Hall sensor mounted in the air gap of a magnetic core. An open-loop Hall-effect sensor uses the Hall voltage directly to produce its output signal making it simpler to implement and exhibits a faster response time. These sensors help improve the overall efficiency and productivity of an automation process due to the galvanic isolation effect. It is a major factor in the selection of an open-loop Hall Effect Current Sensor mainly for current measurement applications. Thus, open loop hall sensors have several benefits in industrial applications which are mainly promoting the growth of this open loop hall sensor segment. For instance, in February 2023, LEM introduced a pioneering Open Loop Hall Current Sensor for Automotive EV Traction Inverters. Compact at 29mm x 21mm x 12mm and lightweight at 27g, this HSTDR sensor sets a new standard for precision and efficiency in measuring electrical parameters, reinforcing LEM's commitment to innovation and quality solutions. Thus, the growing use of open-loop Hall Effect Current Sensors with integrated systems and customized structures as per requirement is fuelling the growth of this market

Hall Effect Current Sensor Market Segment Analysis - By End User

The Consumer Electronics sector in Hall-effect Current Sensors market is growing at the highest CAGR of 9.5% during the forecast period 2024-2030. There is a rise in the demand of consumer electronic devices such as mobile phones, smart TVs, home theatre systems, digital cameras, washing machines, wearable devices, and gaming devices that use current sensors. The increasing popularity of electronic compass and navigational equipment in consumer electronic devices will also lead to an increase in the consumption of hall sensors in the consumer electronics segment. Further, the global consumer electronics industry is continuously growing as a result of growing use of advanced and smart electronic devices such as smartphones and increasing standard of living worldwide. Furthermore, companies are investing significantly in R&D activities in consumer electronics devices with people using more number of electronic devices with highly advanced features. Hence these factors are analysed to drive the Hall-effect Current Sensor market growth in the forecast period 2024-2030.

Hall Effect Current Sensor Market Segment Analysis - By Geography

The Hall Effect Current Sensor Market by geography is segmented into North America, Europe, Asia-Pacific (APAC), South America, and the rest of the world (RoW). Asia Pacific (APAC) held the largest Hall Effect Current Sensor Market share with 35% of the total market size. This is due to increasing government policies supporting industrial automation and growing research in new technological integration in Hall Effect Current Sensors such as 3D sensing or bipolar complementary metal-oxide-semiconductor (BiCMOS) technology in countries such as China, India, South Korea, and Japan. The recent developments of graphene-based Hall Effect Current Sensors, and programmable Hall Effect Current Sensors are also boosting the growth in Asian countries. 

Hall Effect Current Sensor Market Drivers

The growing demand for electric vehicles is analysed to drive the Hall-effect Current Sensor market in the forecast period: 

The demand for electric vehicles is growing significantly, owing to the plans and initiatives of governments of different countries such as India, China, Germany, the U.S, and others. Hall sensors are widely used in electric vehicles to control displacements and rotations of various parts of the vehicle, vibrations of the engine, the ignition system. In addition, several companies have been increasingly investing in R&D to develop advanced sensors. For instance, Allegro has introduced current sensor ICs allow design engineers to use Hall-effect-based current sensor ICs in new EV and HEV applications where increased energy efficiency or new operating features are required. Further major manufacturers such as General Motors, Toyota, and BMW plan to release the potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, a Chinese venture has committed to invest $17.5 billion in electric vehicles by 2025. As Hall-effect Current Sensor is used for several applications, hence the rising demand for electric vehicles globally drives the Hall-effect Current Sensor market size in the forecast period 2024-2030. The increasing research in bipolar complementary metal-oxide-semiconductor (BiCMOS) technology, intelligent Hall Effect Current Sensors, and three-dimensional sensors is boosting the Hall Effect Current Sensors market growth.

Advancements such as BiCMOS and 3D Sensors

There are growing advancements in the Hall Effect Current Sensor technologies such as BiCMOS, three-dimensional, and many others. BiCMOS offers a high current drive per unit, low input density, high power dissipation, and low noise compared to conventional or CMOS technology. A BiCMOS chopper stabilization circuit is utilized to reduce signal offset and to stabilize the output of the IC over its operating temperature range. with BiCMOS technology, features fast power-on time and low-noise operation. A family of Hall-effect sensors optimized for automotive and mechatronic applications that demand accuracy and flexibility combined with low cost. It includes a microcontroller, a temperature sensor, advanced on-chip compensation, and a digital interface. The latest automotive designs require smart sensors to deliver the high level of precision and robustness linked with the capability of local pre-processing of the measured data. In May 2022, Synaptics Inc. launched the FlexSense family of sensor processors that captures and intelligently handles input from up to four sensors in a tiny, ultra-low-power form factor that is up to 80% smaller than existing solutions. Integrating a mix of capacitive, inductive, Hall effect, and ambient sensing into a single processor with proprietary algorithms, the FlexSense family brings reliable, low-latency, and context-aware force, proximity, and touch sensing to Internet of Things (IoT) devices. Such innovations in the integration of Hall Effect Current Sensors with intelligent technologies is driving the growth of this market.

Hall Effect Current Sensor Market Challenges

The issue of uneven strength of magnetic fields in Hall Effect Current Sensors is restricting the growth of this market

Hall Effect Current Sensors produce an output voltage directly proportional to the strength of the magnetic field generated by the current supplied. It is connected to an analog to digital (A/D) converter, microprocessor, or microcontroller to maintain the voltage. Hall-Effect sensors work on the concept of magnetic field, which makes them more vulnerable to external magnetic fields, leading to inconsistent measurement of the current flow. These sensors are not suitable for measuring the flow of current if the distance between the generated magnetic field and the current-carrying conductor is beyond certain limits which is expected to hinder the market growth. In May 2022, Titan Enterprises Ltd, explains some of the reasons for sensor failures. High quality Hall Effect Current Sensors are typically used within Titan’s pulse precision flow measurement devices. The sensors operate between 4.0Vdc and 30Vdc, however, exceeding the maximum 30Vdc to the Hall Effect Current Sensor will damage the unit. A good quality regulated DC power supply is recommended for powering a pulse flow meter. Thus, due to the technical limitations and the need to maintain a certain distance and current flow restrict the growth of this market.

Hall Effect Current Sensor Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Hall Effect Current Sensor industry. The Hall Effect Current Sensor top 10 companies include 

1. ABB
2. Melexis N.V
3. Allegro Microsystems, Inc.
4. LEM International S.A.
5. Honeywell International, Inc.
6. TDK Corporation
7. Texas Instruments, Inc.
8. Asahi Kasei Microdevices Corporation
9. Infineon Technologies AG
10. Honeywell International Inc

Recent Developments:

• In September 2023, Melexis unveiled the groundbreaking MLX91230 DC Hall-effect current sensor, boasting unparalleled accuracy in open-loop technology. It sets a new standard as the most precise sensor of its kind, revolutionizing DC measurement.
• October 2023, TDK introduced HAL 3927, a cutting-edge Hall-effect sensor featuring ratiometric analog output and digital SENT protocol as per SAE J2716 rev. 4. Boasting superior angular measurement and ISO 26262 compliant development, it caters to safety-critical automotive and industrial needs, housed in a compact SOIC8 SMD package.

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