Magnetic Sensor Market is expected to expand at a CAGR of 4.8% during the forecast period 2021-2028
The global magnetic sensor market is expected to expand at a CAGR of 4.8% during the forecast period. The global magnetic sensor market was valued at US$ 1,906.1 Mn in 2018, and is projected to increase significantly to reach US$ 3,053.5 Mn by 2028, due to an increase in the demand for magnetic sensors for multiple applications in automotive and IoT.
Future Market Insights (FMI) recently published a report titled ‘Magnetic Sensor Market – Global Industry Analysis 2013-2017 and Forecast 2018-2028’. A magnetic sensor is a small-scale micro electrochemical system (MEMS) device for detecting and measuring magnetic fields. This sensor acts as a transducer which varies its output voltage in reaction to a magnetic field. These type of sensors are used for proximity switching, speed detection, positioning, and current sensing applications. Moreover, these sensors also detect changes and disturbances in a magnetic field, like flux, strength, and direction. This report includes magnetic sensors which are based on Hall Effect, AMR (Anisotropic Magneto-Resistive), GMR (Giant Magneto-Resistance), and TMR (Tunnel Magneto-Resistance) technologies.
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The global magnetic sensor market is categorized by technology, application, and region. By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). The Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017. Moreover, technological advancements in vehicle technology, increasing electrifications, and the growing demand for smart products are some of the major factors which are fuelling the growth of the global magnetic sensor market.
On the basis of application, the global magnetic sensor market is segmented by industrial, automotive, consumer electronics, and others. The automotive sub-segment accounted for a relative higher CAGR of 5.3% because of an increase in the demand for connected vehicles and advanced driving assistance.
Among the regions, North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
The rapid growth in the demand for smart devices in emerging economies such as India, China, and Japan is attracting several magnetic sensor manufacturers. Smart device and consumer electronic device manufacturers can create abundant opportunities for the development of advanced magnetic sensors. Furthermore, with the growth of industrial automation systems, collaboration with electronic device manufacturers can generate potential opportunities for magnetic sensor manufacturers to provide magnetic sensors with advanced features which have high sensitivity and reliability.
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Key Segments Covered
- Hall Effect
- Consumer Electronics
Some of the popular vendors in the magnetic sensor market are Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors, STMicroelectronics, TE Connectivity, Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., and Diodes Incorporated.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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