According to the latest report by IMARC Group “Magnetic Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global magnetic sensors market report reached a value of US$ 3.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.7 Billion by 2027, exhibiting a CAGR of 7.87% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Magnetic sensors, also known as magnetic field sensors, detect the magnitude of magnetism and geomagnetism generated by a magnet or current. They are commonly used for measuring and detecting distance, size, direction, width, speed, rotation and contactless current sensing, and linear and angular position. They enable wear-free measurement of mechanical quantities, such as the angle of rotation and speed. They assist in consuming less power, operating in high temperatures, enhancing durability, and delivering reliable performance.
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Magnetic Sensors Market Trends:
The increasing sales of automatic, luxury, hybrid and electric vehicles (H/EVs) represent one of the major factors positively influencing the demand for magnetic sensors around the world. These sensors are used for identifying the gap between two vehicles and controlling the speed accordingly and detecting linear position, pedal position, and electric power steering. In addition, there is a rise in the demand for smart electronic products, such as smartphones, laptops, coffee makers, grillers, toasters, and computers, on account of rapid urbanization and the inflating purchasing power of individuals.
This, in confluence with the thriving electronics industry, is contributing to the market growth. Moreover, the emerging trend of smart home devices due to the rising penetration of high-speed internet connectivity and the growing focus on minimizing energy consumption of household appliances is catalyzing the demand for magnetic sensors worldwide. Apart from this, it is employed in medical equipment to diagnose and treat chronic conditions. It is also used to detect and track relative positions between hospital beds, sensitive equipment, and other applications and facilities wherein a position, gap, alignment, and orientation need to be measured without contact. This, in confluence with the rising prevalence of chronic diseases and significant improvements in the healthcare infrastructure, is augmenting the market growth.
Furthermore, magnetic sensors are utilized in the flight control system, environmental control system, braking system, fuel, and starting system of aircraft, which assists in measuring rotational and linear motion, non-contact switching applications, and highly dynamic current measurement. This, in confluence with the burgeoning aerospace industry, is creating a positive outlook for the market. Additionally, it is employed in the military field to detect vehicles or other events in monitored areas. This, in confluence with the increasing number of cross-border terrorist activities, drug trafficking, cybercrime, and illegal trespassing incidences, is driving the need for magnetic sensors in the defense sector. Besides this, key players are extensively investing in research and development (RD) activities to introduce advanced magnetic sensors with features like large working distances and precise angular position measurement, which is projected to strengthen the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technology:
Hall Effect Sensor
Magnetoresistive Sensor
Squid Sensor
Fluxgate Sensor
Others
Breakup by Application:
Speed Sensing
Detection
Position Sensing
Navigation
Others
Breakup by End Use:
Aerospace and Defense
Automotive
Consumer Electronics
Healthcare
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape:
Amphenol Corporation
Analog Devices Inc.
Asahi Kasei Microdevices Corporation (Asahi Kasei Corporation)
Honeywell International Inc.
Infineon Technologies AG
NXP semiconductors N.V.
Schneider Electric
ST Microelectronics
TDK Corporation
TE Connectivity
Texas Instruments Incorporated.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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