Magnetic Sensor Market Size By Technology (Hall Effect, Anisotropic Magneto-Resistive (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR)), By Application (Speed Sensing, Position Sensing, Detection/Non-Destructive Testing (NDT), Navigation & Electronic Compass), By End-use (Aerospace, Automotive, Consumer Electronics, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI2994  |  Authors: Preeti Wadhwani, Shubhangi Yadav

Report Format: PDF   |   Pages: 683   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Magnetic Sensor Market size valuation was USD 2 billion in 2019 and is estimated to grow at around 6% CAGR between 2020 and 2026. The rising adoption of robots and automation in the manufacturing and process industries is expected to drive the market growth. Several manufacturing industries are focusing on integrating industrial robots, material handling robots, automated guided vehicles, and robotic grippers in production facilities to increase productivity and reduce human intervention.
 

Magnetic Sensor Market

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This automation equipment requires magnetic sensor for position, speed, and angle sensing applications. The proliferation of AI and IoT technologies in the manufacturing sector will further support the market revenue.
 

Magnetic sensor is witnessing a wide adoption in the aerospace sector driven by growing applications in navigation, positioning, and guidance systems for aircraft, Unmanned Aerial Vehicles (UAVs), and drones. These sensors can easily map the magnetic environment in space and have extensive adoption in electronic compass, magnetometer, gyroscope, tachometers, and attitude heading & reference systems. Several institutes and government bodies are focusing on developing advanced magnetic sensor for space applications.
 

The COVID-19 pandemic is restraining the demand for high-end consumer electronics and luxury vehicles by consumers across the globe owing to a decline in the purchasing power of the consumers. This is severely impacting the production capacity and adoption of magnetic sensor in the automotive and consumer electronics industry. Moreover, the pandemic has disrupted the overall supply chain of raw materials and components due to international trade barriers imposed by various countries including the U.S., China, and the UK, among others.
 

Sensor manufacturers in the market are therefore focusing on shifting their manufacturing facilities to other regions to streamline their supply chain operations. OEMs are also procuring magnetic sensor from local players, which will positively accelerate market growth opportunities for regional companies during the post-COVID-19 scenario.
 

Magnetic Sensor Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 2 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6% 2026 Value Projection: 3 Billion (USD)
Pages: 683 Tables, Charts & Figures: 926
Geographies covered (19): U.S., Canada, UK, Germany, France, Italy, Spain, Poland, Switzerland, China, Japan, South Korea, India, Taiwan, Thailand, Brazil, Mexico, South Africa, Saudi Arabia
Segments covered: Technology, Application, End-Use, Region
Companies covered (26): ABLIC Inc., Allegro Microsystems, LLC, Alps Alpine CO., Ltd., Amphenol Corporation, ams AG, Asahi Kasei Microdevices Corporation, Broadcom, Inc Coto Technology, Inc, Crocus Technology, Diodes Incorporated, Honeywell International, iC-Haus, Infineon Technologies AG, Littelfuse, Inc., Melexis, Memsic, Inc, Monolithic Power Systems, MultiDimension Technology Co., Ltd NVE Corporation, NXP Semiconductors N.V., Omron Corporation, RLS d.o.o, Sensata Technologies, Inc, Silicon Laboratories, Inc, Taiwan Semiconductor Co., Ltd, TT Electronics
Growth Drivers:
  • Increasing applications of magnetic sensors in the automotive sector
  • Growing consumer electronics industry in Asia Pacific
  • Declining prices of sensors
  • Growing adoption of TMR magnetic sensor technology
  • Implementation of tracking and navigation systems by transportation and delivery services
  • Deployment of magnetic sensors in space applications
  • Growing use of magnetic sensors in robotics and factory automation
  • Development of 3D magnetic sensor
Pitfalls & Challenges:
  • Effect of external factors on measurement accuracy
  • Sustainability issues in extreme environmental conditions.

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Technological advancement in hall-effect sensors will propel the industry growth

The Hall effect technology segment dominated more than 50% of the magnetic sensor market share in 2019 and is anticipated to showcase around 6.5% growth rate till 2026. Ongoing technological developments in Hall-based sensors such as coreless technology is projected to fuel the market demand. The development will help sensor manufacturers to reduce the sensor footprint, cost, and improve the sensor’s lifecycle.
 

The Hall effect magnetic sensor offers several high-end features such as contactless sensing with high accuracy, linearity, and wide frequency bandwidth. It also offers pre-programmability in angle sensing and can withstand high temperatures. These features increase its adoption in the industrial manufacturing sector for applications in motor drives, control systems, conveyor belts, and automation equipment.
 

Proliferation of consumer electronics and home appliances will boost magnetic position sensors demand

U.S. Magnetic Sensor Market Size

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The magnetic sensor market for position sensing application accounted for 33% revenue share in 2019 due to increasing adoption of position sensors for consumer electronic devices such as smartphones, tablets, and wearable electronic devices. Positions sensors measure the linear and angular position with respect to a fixed point and are used in Global Positioning Systems (GPS), object detection in cameras, and gimbal systems, among other applications. The emergence of AI and 5G technologies is poised to rise the adoption of new consumer electronic devices.
 

According to the Consumer Technology Association 2020 report, the consumer electronics & technology sector in the U.S. is predicted to surpass USD 422 billion with a year-on-year growth of 4% in 2020. The growth is impelled by increasing adoption of consumer electronics and home appliances in the coming years.
 

Magnetic position sensors are integrated into BLDC motors, fans, and other rotary equipment in refrigerators, washing machines, and HVAC systems for linear & angular position sensing applications. The proliferation of home appliances in developing nations will propel the market value.
 

Rising demand for electric vehicles in the automotive sector

Global Magnetic Sensor Market Share

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The automotive end-use in the magnetic sensor market is likely to achieve around 6.5% CAGR through 2026 on account of increasing vehicle electrification and growing consumer awareness toward vehicle safety systems. Automotive magnetic sensor is used for the measurement of various parameters, such as angular speed, angle of rotation, and position sensing, in vehicles.
 

Furthermore, technological developments in vehicular systems in the automotive market, such as ADAS & automated systems, connected technologies, ABS systems, and In-Vehicle Infotainment (IVI) systems, will fuel the adoption of magnetic sensor.
 

According to the Global EV Outlook 2020 report, the automotive sector witnessed sales of more than 2.1 million electric vehicles in 2019 with a year-on-year growth of 40% compared to the previous year. The increasing adoption of electric vehicles will augment the magnetic sensor demand.
 

Magnetic sensor has several applications in electric vehicles such as motion control in electric motors, steering wheel function for position sensing, and crankshaft sensor for transmission systems. Market players are continuously innovating sensor offerings to address the growing demand for electric vehicles.
 

Favorable government policies will significantly impact the industry demand

APAC Magnetic Sensor Market

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Asia Pacific magnetic sensor market is forecast to expand at a CAGR of above 7.6% till 2026 owing to supportive government initiatives for the development of the electronics and semiconductor sectors in the region. For instance, in September 2020, the Ministry of Economy, Trade and Industry (METI), Government of Japan, announced funding of approximately USD 224.5 million to relocate electronics and semiconductor manufacturing companies from China to other Asian countries. Through this initiative, the government aims to reduce dependency on a particular region and streamline supply chain activities.
 

Additionally, the Government of India has allowed 100% foreign direct investments in various sectors and focuses on the development of the electronics manufacturing sector. In February 2019, the Union Cabinet, Government of India passed a National Policy on Electronics (NPE) for the development of the electronics manufacturing sector in the country and aims to gain a turnover of USD 400 billion by 2025. Through this scheme, the government will offer funding and incentives to attract foreign manufacturers to the country. Such supportive government initiatives in the market for the development of electronics industries will provide opportunities to magnetic sensor players in the region.
 

Focus on new product launch to stay competitive in the market

The key participants operating in the magnetic sensor market are Infineon Technologies AG, Honeywell International Inc., Melexis, ams AG, Diodes Incorporated, and Asahi Kasei Microdevices Corporation, among others. Companies are focusing on developing application-specific magnetic sensors to cater to the high demand among competitors and deliver improved product offerings, according to various end-use applications.
 

This market research report on magnetic sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2026 for the following segments:

Market, By Technology

  • Hall Effect
  • Anisotropic Magneto-Resistive (AMR)
  • Giant Magnetoresistance (GMR)
  • Tunnel Magnetoresistance (TMR)
  • Others

Market, By Application

  • Speed sensing
  • Position sensing
  • Detection/NDT
  • Navigation & electronic compass
  • Others

Market, By End-use

  • Aerospace
  • Automotive
  • Consumer electronics
  • Industrial
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Italy
    • Germany
    • Spain
    • Poland
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • South Africa

 

Frequently Asked Questions (FAQ) :

Rising adoption of automation and robots throughout manufacturing as well as process industries may drive magnetic sensor industry, which will register a CAGR of over 6% through the forecast timeframe.
The aerospace sector would be a prominent growth avenue for the global magnetic sensor market owing to increasing application of the product in positioning, navigation, as well as guidance systems.
The hall effect segment dominated the magnetic sensor industry size in 2019, accounting for 50% market share. Attributing to ongoing technological advancements, the segment may record 6.5% CAGR.
The position sensing application segment held 33% market share in 2019 owing to the rising incorporation of position sensors in consumer electronic devices like tablets, smartphones, and wearable electronic devices.
The North America market will fare well through 2026, due to the rapid expansion of U.S. consumer electronics sector, which is anticipated to surpass a $422 billion valuation with a y-o-y growth of over 4% in 2020.

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 683
  • Tables: 890
  • Charts / Figures: 36
  • Companies covered: 26
  • Countries covered: 19

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