SAN FRANCISCO, July 1, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Hall-Effect Current Sensors – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: April 2021
Executive Engagements: 1218
Companies: 50 – Players covered include ABB Ltd.; Allegro MicroSystems LLC.; American Aerospace Controls Inc.; Asahi Kasei Microdevices Corporation; Electrohms Private Limited; Honeywell International Inc.; Infineon Technologies AG; Kohshin Electric Corporation; Lem Holding SA; Magnesensor Technology; Melexis NV; Pulse Electronics Corporation; STMicroelectronics N.V.; TDK Corporation; Vacuumschmelze GmbH & Co. KG and Others.
Coverage: All major geographies and key segments
Segments: Type (Open-Loop, Closed-Loop); Technology (BiCMOS, CMOS); End-Use (Industrial Automation, Automotive, Consumer Electronics, Telecommunications, Utilities, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Rest of World.
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Global Hall-Effect Current Sensors Market to Reach $1.3 Billion by 2026
Hall-effect current sensors are transducers that change their voltage output following exposure to a magnetic field, enabling non-contact detection and measurement of DC or AC. Hall-effect current sensors are suitable for current sensing, detection, positioning and proximity sensing. These devices find use in numerous applications, from solar inverters, motor current sensing and robots to machinery, automotive and consumer electronics. Growth in the global market is set to be driven by increasing requirement to measure current in various industrial applications related to robotics, solar inverters and motor current sensing. These devices are commonly used in static converters, servo motor drives, DC motors, UPS devices, power supplies and batteries. The market expansion is stimulated by rising adoption of integrated and programmable current sensors as a result of technological advances along with consistent growth of the consumer electronics and automotive industries. Hall-effect current sensors are widely employed in automotive applications to control current, protect devices from over-current and power management. The market is slated to receive a notable boost from rising adoption of hybrid and electric vehicles in the future.
Amid the COVID-19 crisis, the global market for Hall-Effect Current Sensors estimated at US$901 Million in the year 2020, is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 6.7% over the analysis period. Open-Loop, one of the segments analyzed in the report, is projected to record 6.5% CAGR and reach US$735.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Closed-Loop segment is readjusted to a revised 7% CAGR for the next 7-year period. The open-loop current sensor find increasing use in automotive applications to control current, protect devices from over-current, and support power management applications like converter control, control of motor drive, over-current protection and battery management. The demand for these sensors is also propelled by their desirable features such as power-efficiency, small footprint, desirable primary aperture, impulse current & AC/DC measurement, and superior electrical isolation among primary & secondary circuits. The high accuracy and faster response times have fueled the adoption of closed-loop current sensors in various applications such as aerospace & defense, medical and automotive. Future growth of the segment is expected to be favored by ongoing advancements in consumer electronics and automotive industries that are creating the requirement of high-end sensing solutions.
The U.S. Market is Estimated at $241 Million in 2021, While China is Forecast to Reach $148.2 Million by 2026
The Hall-Effect Current Sensors market in the U.S. is estimated at US$241 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$148.2 Million by the year 2026 trailing a CAGR of 8.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 6.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR. North America retains the dominant share in the market, stimulated by growing demand for current sensors in industrial applications coupled with the presence of leading players in the region. The market expansion is also facilitated by strong focus on R&D in the US and Canada to push accuracy of these devices, which is expected to further boost their adoption. In Asia-Pacific region, growth is attributed to increasing adoption of power management systems built on these sensors in countries such as India, China and South Korea. Growing focus on power management along with implementation of cloud technology and continuous expansion of the industrial sector is slated to present attractive growth opportunities. More
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SOURCE Global Industry Analysts, Inc.