Hall Effect Switches & Latches detect the presence of a magnetic field and respond by changing their output state. Hall Effect Switches are typically used for on/off control based on magnetic field presence, while Hall Effect Latches not only detect but also "latch" or hold their output state until reset. Generally, basic Hall Effect switches can be quite affordable. However, more advanced or specialized versions with features like high sensitivity, integrated protection circuits, or custom packaging can be more expensive. When purchasing these devices, determine the specific requirements of your application, including the desired sensitivity, operating voltage, output type (digital or analog), and environmental conditions (such as temperature range and exposure to moisture or chemicals). Additionally, check the compatibility of the switch or latch with your existing circuitry and interface requirements.