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Hall-effect Current Sensors Market Expand At An Impressive CAGR Of 7% During The Forecast Period

06-08-2022 12:12 PM CET | IT, New Media & Software

Press release from: Transparency Market Research

The considerable boom of the industrial sector around the world, particularly in developing regions of the world, including Asia Pacific and the Middle East & Africa has played a key role in increasing the demand for current sensors in recent years. The increasing adoption of current sensors in industrial machinery is likely to influence the overall growth trajectory of the global hall-effect current sensors market during the forecast period. The growing demand for high efficiency and improved system performances across the consumer electronics space are primary factors expected to propel the adoption of hall-effect current sensors in the upcoming decade.

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Due to rapid advancements in software-defined architectures, topologies, and entry of new materials, players involved in the current hall-effect current sensors market are increasingly focusing on innovations and product diversification to cater to the evolving industrial requirements. The demand for hall-effect devices continues to grow at a rapid pace worldwide due to which, the overall prospects of the global hall-effect current sensors market provide a positive outlook. Moreover, low costs of hall-effect current sensors in comparison with other alternatives is another major factor likely to increase the demand for hall-effect current sensors during the assessment period.

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Market players are anticipated to focus on launching new products, invest in research and development, and continue to tap into the looming opportunities across various end-use industries such as consumer electronics, automotive, telecommunication, industrial automation, etc. At the back of these factors, the global hall-effect current sensors market is expected to surpass US$ 1.8 Bn mark by the end of 2030.

Notable Progress in Hall-effect Sensors to Bolster Market Growth

The demand for hall-effect current sensors, particularly for use in applications wherein galvanic isolation is required, has witnessed a considerable growth in recent years. Low current, open loop hall-effect sensors that are coreless are increasingly being manufactured as a cost-effective solution for such applications- a factor that is expected to bolster the growth of the global hall-effect current sensors market during the forecast period. The noteworthy progress in the hall sensing technology has played an imperative role in boosting the hall-effect current sensors market in recent years. Although closed loop hall-effect current sensors are increasingly being used for the production of consumer electronics, the adoption across the automotive sector continues to remain sluggish. Moreover, commendable progress made by hall-effect magnetic field sensors has paved the way for direct differential sensing of current generated magnetic fields. This factor is expected to augment the adoption of hall-effect current sensors during the assessment period.

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Open loop hall-effect current sensors are increasingly being used in an array of applications, including industrial automation, broadcast equipment, power monitoring, robotics, and battery systems, thus driving the hall-effect current sensors market.

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Market Players Focus on Expanding Product Portfolio to Gain Advantage

Sensing the growing demand for hall-effect current sensors from various industrial sectors, current players involved in the global hall-effect current sensors market landscape are increasingly focusing on expanding their market share and presence by launching new products and product portfolio. For instance, in July 2020, Texas Instruments announced the launch of zero-drift hall-effect current sensor that offers high accuracy and lowest drift while simultaneously providing efficient 3-kVrms isolation. Furthermore, in June 2020, Melexis announced the launch of the automotive-grade 3D hall-effect current sensor that is specifically developed for automotive and industrial applications.

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About Transparency Market Research

Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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