Magnetic Sensors Market Size, Share, Industry, Forecast and outlook (2024-2031)

Magnetic Sensors Market is segmented By Product (Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors, Fluxgate Sensors, Others), By Range (Microgauss, Microgauss–10 Gauss,10 Gauss), By Application (Speed-Sensing, Detection/NDT, Position Sensing, Navigation and Electronic Compass, Flow Rate Sensing, Others), By End-User (Transportation, Consumer Electronics, Healthcare, Aerospace and Defense, Industrial, BFSI), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Magnetic Sensors Market Overview

Magnetic sensors market is projected to reach at a CAGR of 5.7% over the forecast period 2024-2031. 

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). 

Magnetic Sensors Market Summary

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Magnetic Sensors Market Growth and Trends

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 Impact on Magnetic Sensors 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:

1. In September 2021, Honeywell qualified for its newest 3-Axis Space Magnetometer for small satellites. The magnetometer meets the emerging new space segment needs, where many satellites operate in a lower orbit than larger satellites.
2. In November 2021, TDK Corporation expanded its Micronas direct-angle Hall-effect sensor portfolio with the launch of HAR 3927. The product uses proprietary 3D HAL pixel-cell technology and handles the need for ISO 26262-compliant development.
3. In January 2022, Allegro MicroSystems, Inc. announced the launch of the new A33230 3D sine/cosine Hall-effect position sensor IC. The A33230 is the world's smallest 3D sine/cosine sensor, providing system designers with a cost-effective solution for automotive and industrial applications with a short time to market.

Magnetic Sensors Market Segmentation Analysis

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.

1. Transportation: Magnetic sensors have become more popular in the automotive industry as demand for safety and navigation functions has increased. The sensors detect vehicle components' position, including pedals, valves, gear shifters and steering.
2. Consumer Electronics: Magnetic sensors can be found in various consumer electronics products. Exercise equipment, household appliances, digital cameras, smartphones, toys, electronic instruments and other gadgets and equipment use Hall Effect sensors. Without direct contact between the sensor and the target, magnetic sensors can determine speed, speed and direction, alignment, proximity and rotational position.
3. Healthcare: Analog Hall Effect Sensors and Hall Effect Switches are used in various medical applications to monitor parts' relative components in complex medical equipment. Magnetic sensors are also extensively employed in medical testing equipment to track moving components' speed, measure magnetic fields in and near MRI scanners and limit safety switches.
4. Aerospace and Defense: Magnetic sensors are predominately used in magnetometers in various aerospace and defense applications. The basic application range includes fan control, solenoid, antenna, test equipment, engine control and switches. VR speed and Hall effect sensors are utilized for these types of applications.
5. Industrial: Magnetic sensors are used in various industrial applications for contactless current sensing, linear and angular position and rotation sensing. Some major industries that use magnetic sensors are food and beverage, oil and gas, robotics and automation and others.
6. BFSI: Banknotes processing and handling equipment and ATMs are some of the common utilizers of magnetic sensors in the BFSI sector. 
7. Others: Magnetic sensors are employed in various unconventional energy generation and transmission applications. In oil fields, nuclear and other power facilities and solar and wind energy applications, analog Hall effect sensors can monitor energy flow and other magnetic sensors can detect the location or speed of moving components.

Magnetic Sensors Market Geographical Share

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. 

Magnetic Sensors Market Companies and Competitive Landscape

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.