PUNE, India -- According to the new market research report "Hall Effect Current Sensor Market by Technology (BICMOS, CMOS), Type (Open-Loop, Closed-Loop), Application (Automotive, Consumer Electronics, Industrial Automation), and Geography (North America, Europe, Asia-Pacific) - Global Forecast to 2020", published by MarketsandMarkets, the Hall Effect Current Sensor Market is expected to grow from USD 737.2 Million in 2015 to USD 1.10 Billion by 2020, at a CAGR of 8.5% from 2015 to 2020.
Hall Effect current sensors have specific applications in various industry verticals including automotive, consumer electronics, homeland security, healthcare, and defense. The factors driving the Hall Effect current sensor market are development of new technology such as BiCMOS technology, easy installation process of sensors, and use of galvanic isolation principle which ensures the safety of users.
The consumer electronics application segment is expected to grow at the highest CAGR from 2015 to 2020:
Due to improved sensitivity, Hall Effect current sensors are used in a variety of applications, such as automotive, consumer electronics, industrial automation, telecommunication, building automation, aerospace & defense, medical, and railways. There is a rise in the demand of consumer electronic devices such as mobile phones, media players, smart TVs, home theater 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.
By 2020, the market share of the closed-loop current sensor segment is expected to grow very rapidly:
Currently, the open-loop Hall Effect current sensors segment holds the largest share of the overall hall effect current sensor market and is estimated to register highest market size till 2020. This segment is driven by its features such as cost effectiveness, low power consumption, and less space requirement. The closed-loop current sensor segment is expected to witness high adoption in the coming years because of its high level of accuracy, fast performance, high linearity, and low temperature drifts.
Asia-Pacific is estimated to hold the largest share and grow at the highest CAGR during the forecast period:
In 2014, Asia-Pacific accounted for the largest share of the overall Hall Effect current sensor market and is also expected to grow at the highest CAGR between 2015 and 2020, followed by North America.
The established players are opting for strategic collaborations and research and development activities for the advancements in the sensors technology as well as their potential applications.
Major players in the hall effect current sensor market are LEM Holding SA (Switzerland), ABB Ltd. (Switzerland), Honeywell Sensing & Controls (U.S.), and Tamura Corporation (Japan), Asahi Kasei Microdevices Corporation (Japan), Allegro Microsystems, LLC (U.S.), Infineon Technologies AG (Germany), Melexis NV (Belgium), Micronas Semiconductor Holding AG (Switzerland), and TDK Corporation (Japan).
This report describes the market trends, drivers, and challenges with respect to the Hall Effect current sensor market and forecasts the market till 2020. This global report provides a detailed view of the market across the four geographies, namely, the North America, Europe, Asia-Pacific, and Rest of the World which includes Middle East and Africa.
Browse 53 market data Tables and 35 Figures spread through 86 Pages and in-depth TOC on "Hall Effect Current Sensor Market" at http://www.marketsandmarkets.com/Market-Reports/hall-effect-current-sensor-market-201606539.html?utm_source=Prnewswire&utm_medium=Referral&utm_campaign=PaidPR
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