The Global Magnetic Sensors Market is expected to grow at a CAGR of 7.2% during the forecasting period (2022-2029).
Magnetic sensors are the sensors that are useful for the detection of the magnitude of magnetism and geomagnetism generated by a magnet or current. The magnetic sensors provide a complete magnetic field or vector components of the magnetic field. The magnetic sensors are useful for identifying the magnitude and direction of the magnetic field. The magnetic sensors are widely used in proximity switching, speed detection, positioning, and sensing applications. The magnetic sensors are comprised of the rotating sensor tip that measures both transverse and longitudinal magnetic fields around the objects.
The market is driven by the increasing demand for magnetic sensors in various industries such as automotive, industrial, robotics, military, healthcare, and consumer electronics. Magnetic sensors are widely used for the production of consumer electronics, electric and hybrid vehicles, and high-quality sensing devices. There is higher adoption of robotics for factory automation. The magnetic sensors provide the advantages such as the wear-free and contactless measurement of multiple mechanical quantities including angular speed and angle of rotation. The increasing penetration of the internet of things (IoT) shall stimulate the market forecast.
There is an increase in the launch of magnetic sensors. For instance, in November 2019, Allegro MicroSystems had launched the first magnetic gear tooth sensor IC designed for traction motors i.e., ATS17501. This product is the industry’s first gear tooth sensor IC designed to provide an incremental position for electric vehicle traction motors operating up to 30k RPM. The device addresses engineers’ most pressing traction motor challenges including vibration at start-up and running mode, high rotational speed, mechanical space constraints, high operating temperatures, and ISO 26262 safety requirements.
In June 2018, Infineon Technologies had launched its first magnetic sensors based on the TMR technology. The company would provide the first sensor manufacturer to provide the magnetic sensors based on all four magnetic technologies i.e., HALL, GMR, AMR, and TMR. New products are fast analogue TMR-based angle sensors for automotive applications. The usage of these sensors ranges from steering angle applications with the highest functional safety requirements to motors for wipers, pumps and actuators, and electric motors in general. These sensors can be used in industrial and consumer applications like robotics or gimbal. The TMR technology provides a high sensing sensitivity that comes with a high output voltage realizing output signals of up to 0.37 V/V for all XENSIV TLE5501 products. A TMR-based sensor unlike other technologies can be connected directly to the microcontroller without any further amplification, thus saving costs for customers.
The magnetic sensor market is segmented based on product type as the hall effect sensors, magnetoresistive sensors, squid sensors, fluxgate sensors, and others. The hall effect sensors segment accounts for the highest market share of XX% in 2019. There is a growing demand for magnetoresistive sensors in the automotive industry. There is increasing usage of the hall effect sensors for various applications such as proximity sensing, positioning, speed detection, and sensing applications. These devices are widely used to time the speed of wheels and shafts for internal combustion engine ignition timing, tachometers, and anti-lock braking systems. Hall effect sensors are easily available and are easy to implement. Hall effect sensors are compact in design. These sensors provide varied output options and operating voltages.
The magnetoresistive sensors segment is expected to grow at the highest CAGR over the forecasted period. There is growing adoption of magnetoresistive sensors in various industries such as automotive, consumer electronics, aerospace & defense, healthcare, and industrial. These sensors are useful for position sensing, navigation, rotation, flow rate sensing, and current sensing.
Further, the magnetic sensor market is also classified based on the range as <1 Microgauss (Low-Field Sensors), Microgauss–10 Gauss (Earth Field Sensors), and >10 Gauss (BIAS Magnetic Field Sensors). The >10 Gauss (BIAS Magnetic Field Sensors) segment accounts for the highest market share of XX% in 2019. BIAS magnetic field sensors can detect fields that are typically larger than the Earth's field. The >10 Gauss (BIAS Magnetic Field Sensors) include the hall effect sensors and giant magnetoresistive (GMR) sensors. There is increasing demand for hall effect sensors in various integrated devices. Giant magnetoresistive (GMR) sensors provide a large change in resistance. Giant magnetoresistive (GMR) sensors are used in industrial applications including data storage in hard disk drives applications and biomedical applications including the quantitative detection of cells tagged with magnetic beads. The introduction of microfabrication technology has led to novel ways of using giant magnetoresistive (GMR) sensors in stretchable electronics, superconducting spintronics, and smart grids.
By region, the magnetic sensor market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the magnetic sensor market due to the higher penetration of the magnetic sensors in navigation devices, presence detection, automotive industry, and medical areas. There is higher adoption of magnetic sensors in the anti-lock braking systems and engine control management systems. There is a presence of a large number of companies developing magnetic sensors. There is increasing research and development activities for the development of technologically advanced magnetic sensors. The high domestic income and purchasing power of the people shall boost the demand for magnetic sensors over the forecasted period.
Asia-Pacific is expected to grow at the highest CAGR during the forecasted period. There is increasing demand for magnetic sensors in smartphones as smartphones widely use hall-effect sensors to support compass applications. There is a presence of a large number of companies developing magnetic sensors. The drastic market growth is expected to observe in the countries such as China, Japan, South Korea, and India due to the high automotive and consumer electronics production in these countries. Several automotive players are using magnetic sensors for the development of hybrid and electric vehicles. Japan is the leading supplier of industrial robots and their components. There is growing usage of magnetic sensors for accurate detection of joint angles. Several public and private companies are raising the investment and funding for the development of magnetic sensors.
The magnetic sensor market is highly competitive with the presence of several international and local market players. Product diversification, technological advancement, revenue generation, and opportunities intensify the market competition. Amsasahi Kasei Microdevices Corporation, Allegro Microsystems, Infineon Technologies, Tdk Corporation, Honeywell, TE Connectivity, and Kohshin Electric are the leading market players with significant market share.
Companies are using novel product launches, capacity utilization, technology advancement, new product development, and market expansion strategies for holding their position in the market. For instance, in July 2020, Infineon Technologies AG had expanded its XENSIV 3D magnetic sensor family TLx493D. XENSIV 3D magnetic sensor is developed by using the 3D Hall generation from Infineon. It has a small WLB-5 package i.e., 1.13 mm x 0.93 mm x 0.59 mm. It comprised of its low current consumption of 7 nA in power-down mode. The new magnetic sensor is also suitable for use in applications including resistor-based or optical solutions.
In June 2019, Infineon Technologies AG had expanded its sensor portfolio with a new AMR-based angle sensor, which is aimed at providing high accuracy in low magnetic fields. The XENSIV TLE109A16 product line is designed to address the need for very precise, fast, and cost-efficient angle measurement at one of the high functional safety levels in automotive and industrial applications. The new products are designed for 180° angle measurement but are also applicable for 360° measurement in motors with an even number of pole pairs. They are suitable for a broad range of magnetic fields, starting at 10 mT reaching up to more than 500 mT.
In October 2019, Crocus Technology had launched the CT100, an advanced linear magnetic sensor. CT100 can measure the current from an induced magnetic field of a current-carrying conductor. It can perform across a wide temperature range with an extremely low linearity error, low hysteresis, and low noise, the new device can address many consumer, industrial, and automotive applications. It does not require flux guides or concentrators, chopping circuits, or set/reset pulses and operates over a wide magnetic field range. The MLU is integrated into the CT100 with a single full-bridge magnetic resistor network.
The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for the magnetic sensor market and their expansion across the globe. For instance, in January 2018, TDK Corporation had entered into the collaboration with the Asahi Kasei Microdevices Corporation (AKM) for the development of the highly accurate 3-axis magnetometer that combines an extremely sensitive tunnel magneto-resistive (TMR) element developed by TDK and an advanced electronic compass ASIC designed by AKM in a very small package. The new TMR magnetometer on a chip has miniature dimensions of 1.6 mm x 1.6 mm x 0.6 mm, features the industry’s lowest RMS noise of just 40 nT-rms, and a very low current consumption of only 40 µA at an output data rate of 100 Hz. With its high sensitivity of 10 nT/LSB, the magnetic sensor can detect minute changes in magnetic fields very precisely, enabling the highly accurate detection of both position and orientation with the help of the Earth’s magnetic field or a magnetic field generator.
**The global magnetic sensor market report will provide access to approximately 53 Market data tables, 44 figures, and 178 pages
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