Magnetic sensors market is projected to reach at a CAGR of 5.7% over the forecast period 2023-2030.
A magnetic sensor is a device that detects disruptions and changes in a magnetic field's strength, direction and flux. Detection sensors may work on various properties such as light, pressure and temperature.' Magnetic sensors are used in control technology to detect contactless and wear-free locations. They're particularly useful in applications where inductive sensors have reached their limits. The sensors are compact, have wide sensing ranges and measure short distances ranging from a few millimeters to centimeters. Magnetic sensors are extremely durable and have a long operating life. Because they don't have any moving parts, they're wear-free, contactless and omnipolar (can detect both north and south poles).
Metrics |
Details |
Market CAGR |
5.7% |
Segments Covered |
By Product, By Range, By Application, By End-User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
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The increasing adoption of magnetic sensors in consumer electronics is a major driver for the global market:
Magnetic position sensors are used in various consumer electronic gadgets, including wearable electronics, cellphones, gaming consoles and Augmented Reality and Virtual Reality (AR/VR) devices. The sensors are used in gimbal systems, camera modules and GPS (Global Positioning Systems) to measure angular and linear position about a fixed point. There has been a surge in Internet penetration in terms of live content for direction, necessitating magnetic sensors in recent years. Most smartphone users rely on navigation services to get to their desired locations. The growing adoption of magnetic sensors in consumer electronics is a major driver for the global market.
Fiercely competitive pricing is expected to restrain the global magnetic sensors market:
Over the forecast period, aggressive competitive pricing is expected to prevent the growth of the global market. Several firms focus their R&D efforts on developing cost-effective solutions for existing magnetic sensing technologies such as position, speed and angle sensors made with MEMS and 3D sensing technology. Rapid innovation in new portable, consumer and IoT applications results from aggressive R&D activities, putting pricing pressure on high-volume applications. The manufacturers are under pressure to lower the potential price of magnetic sensors. The price drop represses revenue growth in the highly competitive magnetic sensor market and affects suppliers' profit margins.
Increasing investments in new technologies for magnetic sensors are expected to generate new opportunities for the global market:
Magnetic sensors are efficient, highly precise, reliable, durable and simple to construct. To improve their domain expertise and boost their market position, magnetic sensor manufacturers actively invest in magnetic sensing technologies, such as 3D sensing, tunnel magnetoresistance (TMR) and giant magnetoresistance (GMR). Companies are diversifying their magnetic sensor product portfolios by releasing novel solutions to meet the needs of various end markets.
Long lead times for new developing new products is expected to present challenges for the global market:
With the growing proliferation of new technologies, the demand for tailored magnetic sensor solutions has increased considerably. The research and development of new magnetic sensors require long lead times, which presents major challenges to the growth of the global market.
COVID-19 pandemic's outbreak and dissemination substantially impacted the magnetic sensor value chain participants. Due to international trade obstacles established by various regulatory agencies and governments worldwide, industry participants saw a significant supply-chain disruption of raw materials and components in early 2020. Furthermore, supply chain interruptions caused by the COVID-19 outbreak have significantly impacted the worldwide manufacturing sector. The epidemic has substantially affected magnetic sensor end-users, notably the automotive industry. Reduced global demand for magnetic sensors has resulted in a drop in automotive production. The pandemic is not expected to impact the long-term growth of the global magnetic sensors market and
Recent Developments in the Industry:
The scope of the report covers segmentation based on product type, range, application, end-user and region. The global magnetic sensors market is segmented by product type into hall effect sensors, magnetoresistive sensors, squid sensors, fluxgate sensors and others. The global magnetic sensors market is segmented by range into <1 microgauss (low-field sensors), 1 microgauss–10 gauss (earth field sensors) and >10 gauss (bias magnetic sensors). The global Magnetic sensors market is segmented by application into speed-sensing, detection, position sensing, navigation and electronic compass, flow rate sensing and others. The global Magnetic sensors market is segmented by end-user into transportation, consumer electronics, healthcare, aerospace and defense, industrial, BFSI and others. The global Magnetic sensors market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
According to the DataM Intelligence market research report, the global Magnetic sensors market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
The wide range of high-technology industries in U.S. is one of the major reasons for the massive demand for magnetic sensors within North America. The growth of automotive, aerospace, defense, healthcare and logistics industries is projected to drive the North American magnetic sensors market over the forecast period.
Europe is a developed, high-income region with many high-technology industries such as automotive, chemicals, industrial equipment and robots, aerospace and defense. Despite the shift of manufacturing to Asia-Pacific, Europe still retains significant industrial capacity. The growth of these industries will be a major driving factor for the European magnetic sensors market.
Asia-Pacific is a rapidly industrializing region that is experiencing high economic growth. It has led to a high concentration of manufacturing industries across various sectors such as manufacturing, chemicals, automotive, aerospace and electronics. Asia-Pacific is also a leading producer of industrial automation devices and control instrumentation. The demand for magnetic sensors is also increasing due to the region's maturing national defense industries. Due to growing demand from key strategic industries, the Asia-Pacific magnetic sensors market will likely increase significantly in the coming years.
The global magnetic sensors market is fiercely competitive, with multiple international and local competitors. The companies employ novel product launches, capacity utilization, technology innovation, new product creation and market expansion tactics to maintain their market position.
Some key companies contributing to the global Magnetic sensors market growth include Infineon Technologies AG, Asahi Kasei Corporation, Allegro Microsystems, TDK Corporation, Melexis, TE Connectivity, Honeywell International Inc., NVE Corporation, NXP Semiconductors and Kohshin Electric Corporation, among others.
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