Global Magnetic Sensor Market is valued at USD 5.20 Billion in 2021 and is expected to reach USD 9.04 Billion by 2028 with a CAGR of 8.24% over the forecast period.
Global Magnetic Sensor Market Size, Trends, Competitive, Historical Forecast Analysis to 2022-2028, Its increasing adoption in automotive industry, rising demand in healthcare industry and development of 3D magnetic sensor are major factors anticipated to drive the growth of Global Magnetic Sensors Market.
A magnetic sensor typically refers to a sensor those changes over the magnitude and varieties of a magnetic field into electric signs. Magnetic sensors that convert undetectable magnetic fields into electric signs and into apparent impacts have for quite some time been the subject of exploration. It began many years prior with sensors utilizing the electromagnetic induction impact and these efforts were reached out to uses of the magnetoresistance impact, galvanomagnetic impact, Josephson Effect and other actual peculiarities. There are various kinds of magnetic sensors. The major types of magnetic sensor are 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR). Magnetic sensors have been developed by companies like crocus, to have high sensitivity, low power consumption and having particular design functions based on the application. These include high-temperature process and high-frequency operation. This permits the customer to have a consistent and strong magnetic sensor for best performance. There are various industries in which magnetic sensors are mainly useful like power distribution units (PDU’s), energy and water appliances, robotics and factory automation, and green energy. These are mainly applicable in the magnetic sensor for navigation, android, industrial and scientific dimension applications.
The Covid-19 pandemic has shown a negative impact on the growth of the global magnetic sensor market owing to the decline in the demand of end-use products. However, the growing trend of work-from-home has expanded the take-up of tablets, laptops, and cell phones, which are profoundly coordinated with magnetic sensor. This will add valuable opportunities for magnetic sensor producers during the pandemic.
The global magnetic sensor market is segmented into basis of technology, application, end-users and region & country level. Based upon technology, the global magnetic sensor market is divided into hall effect sensors, magneto resistive sensors, squid sensors, fluxgate sensors, others. On the basis of application, the market is classified into speed sensing, flow rate sensing, detection/NDT, position sensing, navigation and electronic compass. Based upon end-user, the global magnetic sensor market of magnetic sensor is classified into automotive, consumer electronics, industrial, healthcare and others.
One of the major factors driving the growth of global magnetic sensor market is increasing adoption of magnetic sensors in automobile industry. Magnetic sensors like Hall Effect switches and linear angle sensors are utilized in accelerometers that are prepared in vehicles in the automobile business to give advantages like security and eco-friendliness. Likewise, attractive sensor contributes altogether toward vehicle electrification. This thusly helps the development of the market for powertrain and assistant motors and autonomous vehicles, which produces the requirement for magnetic sensors. For instance; in 2020, back-biased GMR transmission speed and direction sensor launched by Allegro Microsystems, LLC introduced ATS19580, the sensor helped to reduce system size, complication, and costs, thus helped to fuel the market growth.
In addition, rising demand of magnetic sensor in healthcare industry is also fostering the growth of the global magnetic sensor market. Magnetic sensors such as Hall Effect Switches and Analog Hall Effect Sensors are utilized in a wide assortment of medical applications for observing the overall components of parts in complex clinical equipment. Magnetic sensors are also normally utilized for tracking speed of moving parts in clinical testing equipment, for estimating magnetic fields in and close to MRI machines, and as breaking point switches or security switches. For example; in April 2020, TDK Corporation ventured with Genetesis, a US-based magnetocardiography (MCG) innovation organization and a world forerunner in painless biomagnetic imaging arrangements, to develop progressed clinical imaging solutions for cardiovascular diagnostics.
Furthermore, The increasing usage of magnetic sensor for position sensing applications in the consumer electronics also drives the global magnetic sensor market growth. Different customer electronic gadgets like wearable hardware, cell phones, gaming consoles, and augmented reality and virtual reality (AR/VR) gadgets are incorporated with attractive position sensors. For example; ultra-small package latch-type Hall IC named as AK8781 launched by Asahi Kasei Corporation which may be used in small DC brushless motors. Moreover, technological advancements in the field of magnetic sensors, such as the implementation of artificial intelligence and increasing R&D investments are further fueling market growth.
However, high cost of installation and high pressure of pricing may hamper the growth of the global magnetic sensors market. In spite of that, research and developments to improve manufacturing practices for adoption of TMR technology can provide various opportunities for the further growth of the global magnetic sensors market.
North America is expected to dominate the global magnetic sensor market due growing automotive industry, increasing technological advancements and presence of key players in this region. For instance; consistent with international trade administration, in 2018, United States has light vehicle sales reached 17.2 million units, the fourth straight year during which sales reached or surpassed 17 million units. Overall, the U.S. is the world’s second-largest marketplace for vehicle sales and production as magnetic sensors are widely utilized in automotive sector. The North America has highest number of key players which drives the magnetic sensors market. For example; in May 2021, Allegro MicroSystems, Inc. launched the new magnetic sensing IC in view of 'Vertical Hall-impact' innovation. The new sensor gives little impression and 3D position sensing capacities for automobile & industrial sectors. Moreover, increasing demand of sensing devices and components in devices is further driving market growth as a device equipped with a magnetic sensor which detects a magnetic flux round the electronic device.
Asia-Pacific region is expected to be the fastest growing market due to increasing demand for consumer electronics and growing demand for magnetic sensors in cars and consumer electronics in this region. The emerging economy like India has developed most automotive industry. For example; according to the India Brand Equity Foundation (IBEF); the Indian automobile export raised at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units in April 2020 to June 2020. Thus, increasing automobile industry in turn supplements the growth of global magnetic sensor market in this region.
On May 20th, 2021; Allegro Microsystems, Inc. announced the release of the A31315 sensor the newest member of the 3DMAG family of rotary and linear magnetic-position sensor ICs for automotive and industrial applications. The new 3DMAG sensors combined allegro’s proven planar and vertical Hall-effect technologies to measure magnetic-field components along three axes (X, Y, and Z), enabling true 3D-sensing capabilities with a wide magnetic dynamic range without saturation. A constant improvement in advanced driver-assistance systems (ADAS) and autonomous driving systems presents new performance and functional security challenges for integrators. The A31315 sensor addresses these challenges by delivering the measurement accuracy and performance necessary to meet the stringent requirements of safety-critical automotive applications including steering, braking, transmission, and throttle systems.
On May 25th, 2018; Infineon Technologies launched quick simple TMR-based point sensors committed to automotive applications. This makes the organization the world's first sensor maker to offer magnetic sensors in view of every one of the four magnetic advances: HALL, AMR, GMR, and TMR. Infineon will introduce the novel XENSIV TLE5501 point sensor family at the Sensor Test 2018 reasonable. The TMR innovation offers a high detecting responsiveness that accompanies a high result voltage acknowledging yield signs of up to 0.37 V/V for all XENSIV TLE5501 items. Not at all like different innovations, can a TMR-based sensor be associated straightforwardly to the microcontroller with no further enhancement, hence saving expenses for the client.
The regions covered in global magnetic sensor market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global magnetic sensor is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 5.20 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 9.04 Billion|
|Tables, Charts & Figures:||175|
|Magnetic Sensor Companies||Baumer Ltd., Elmos Semiconductor AG, NXP Semiconductors, Infineon Technologies AG, Analog Devices, Honeywell International Inc., Allegro Microsystems, Inc., Magnetic AMS AG, ST Microelectronics, Texas Instruments Inc., NVE Corporation, Sensoronix, Inc., Asahi Kasei Microsystems, Others|
|Segments Covered||By Technology, By Application, By End-Users|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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