Hall Effect Sensor Market Competitive Landscape, Growth Factors, Revenue Analysis to 2027 – IndustryARC
Hall Effect Sensor Market size is forecast to reach US$ 2.1 billion by 2027, growing at a CAGR of 8.6% from 2022 to 2027
HYDERABAD, TELANGANA, INDIA, September 20, 2022 /EINPresswire.com/ — The Hall Effect Sensor Market size is forecast to reach US$ 2.1 billion by 2027, growing at a CAGR of 8.6% from 2022 to 2027. Hall effect sensors use ‘Hall Effect’ principle to convert magnetically encoded information into electrical signals. The principle of Hall effect sensors depends on the electron mobility. These devices have a range of applications, with Hall effect sensors often used in automotive systems to sense position, distance and speed. They are commonly used in automotive control systems like proximity sensing, speed detection, anti lock braking systems and others, electronics, and measurement devices. The factors such as rise in industrial automation, growing application of hall effect sensor in robotics, increasing use of programmable and fully integrated current sensors and transducers and wide temperature stability in extreme environments in wide range of industry verticals are helping in the growth of this market. However, the factors such as high cost of raw materials for hall effect sensors and technical issues like inconsistent.
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Key Takeaways:
This IndustryARC report on Hall Effect Sensor Market highlights the following areas –
1. The open loop sensor segment is predicted to grow at a faster rate than closed loop sensor overthe forecast period of 2002-2027 in the Hall Effect 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.
2. The industrial segment held the largest share in Hall Effect Sensor Market by application, in 2021. This is attributed toadvent of industrial automation and
need of accurate production lines for safety and efficiency.
3. Asia-Pacific (APAC) market held the largest market share of 35%, in 2021. This is due to growing research in Hall Effect sensor technologies, rise in
industrial automation and robotics and government policies to boost the semiconductor sensor industry.
4. The increasing smart grids and robotics in industries, growing use of electric vehicles and smart automotive systems and growing research in Hall Effect sensors for improved performance are the contributing factors in the growth of Hall Effect Sensor Market.
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Segmental Analysis :
1. The Hall Effect 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 CAGR of 9.8%, over the forecast period 2022-2027.
2. The Hall Effect Sensor Market by end user has been segmented into industrial equipments, automotive, consumer electronics, telecommunication, healthcare, aerospace & defense, manufacturing, others.
3. The Hall Effect 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 Sensor Market share with 35% of total market size.
Competitive Landscape :
The top 5 players in the Hall Effect Sensor Industry are –
1. ABB Ltd
2. Allegro MicroSystems LLC
3. TE Connectivity Ltd
4. Bartington Instruments Ltd
5. Honeywell International Inc.
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