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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), COVID19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI2994
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Magnetic Sensor Market size surpassed USD 4 billion in 2022 and is predicted to record 5% CAGR from 2023 to 2032. The rising demand for wide speed range sensing technologies in the aerospace & defense sector will support industry growth.
 

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The surge in the adoption of navigation & electronic compass systems in the transportation & logistics sectors is another factor strengthening the magnetic sensor market potential. These devices are connected via satellite navigation systems to track logistics & transportation assets in real time. These technologies are also used extensively in route guidance and vehicle asset information, further promoting product consumption.
 

However, issues associated with the reliability of magnetic sensors in high-temperature environments are likely to restrain the industry progress. Hall-effect magnetic sensors, for example, can limit the current flow measurement within a radius of 10 cm. Inconsistency in detecting the current flow due to constant intervention from the external magnetic field will further cause a negative impact on the industry forecast in the short run.
 

GMR magnetic sensors to play a vital role in automotive applications

Magnetic sensor market from GMR technology is expected to witness 5% growth during 2023 to 2032. The increasing use of innovative technologies, including anti-braking systems (ABS) and anti-locking systems in several high-end automobiles will drive the deployment of giant magneto-resistive sensors. There are many advantages associated with these sensors, such as low production cost, highly precise measurements, increased flexibility, robustness, and low electricity consumption, which will further fuel product demand.
 

 

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Navigation & electronic compass systems gain traction for positioning & tracking in aerospace sector

The magnetic sensor market share from the navigation & electronic compass systems is predicted to cross USD 1 billion by 2032. These sensors are used in a variety of devices to precisely monitor the local position and orientation of important objects, such as the helmet of the pilot, and can also be used for underwater or indoor navigation. Many companies are launching cutting-edge navigation systems to give customers access to a wide range of aerospace, military, and underwater operations.
 

 

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Expansion of global automotive sector to bolster installation of magnetic sensor

The automotive segment size is anticipated to attain more than 5% gains through 2032. Magnetic sensors are integrated into various ADAS components, such as Adaptive Cruise Control (ACC), forward collision warning, Automated Emergency Braking (AEB), lane departure warning systems, and Electronic Stability Control (ESC), among others. Automotive tech components require magnetic sensors to measure multiple parameters, including position sensing, angle of rotation, and speed sensing in vehicles, thereby accelerating product fixing.
 

Penetration of electric vehicles in Europe will promote deployment of magnetic sensors

Europe magnetic sensor market is projected to observe 5% growth between 2023 and 2032. The production volume and sales of electric vehicles (EVs) are increasing steadily across the region. For instance, according to a report published by The International Council on Clean Transportation (ICCT) in June 2022, the total sales of EVs in Europe were estimated to reach 2.3 million, representing a 66% rise from the previous year.
 

EVs are often equipped with an advanced driver assistance system (ADAS) and are being used extensively as part of its efforts to achieve its climate and energy objectives. As a result, the usage of critical technologies such as magnetic sensors is expected to rise considerably in industry.
 

Partnerships, acquisitions, and mergers by major organizations to augment business scenario

The top manufacturers operating in the magnetic sensor market include Honeywell International, Inc., Melexis, Infineon Technologies AG, Asahi Kasei Microdevices Corporation, ams AG, Diodes Incorporated, and NXP Semiconductors, among others. These companies are entering strategic alliances with major OEMs to address the high demand and deliver improved product offerings, which are in line with the manufacturing requirements.
 

Effect of COVID-19 outbreak on industry trends

The onset of the COVID-19 pandemic in 2020 had a severe effect on some of the major industrial sectors which were forced to shut down their operations for a temporary period. This may have negatively impacted the demand for magnetic sensors across the world since these products play a key role in many industrial applications. The crisis also caused significant supply chain disruptions in its initial phases, further slowing the production and sales of magnetic sensors.
 

This market research report on magnetic sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

Market, By Technology

  • Hall-effect
  • AMR
  • GMR
  • TMR
  • Others

Market, By Applications

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

Market, By End-use

  • Aerospace
  • Automotive
  • Consumer electronics
  • Industrial
  • Others

The above information is provided on a regional and country basis for the following:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • U.K
  • France
  • Italy
  • Spain
  • Poland
  • Switzerland

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Thailand
  • Taiwan

Latin America

  • Brazil
  • Mexico

MEA

  • Saudi Arabia
  • South Africa

 

Authors: Preeti Wadhwani, Aayush Jain

Frequently Asked Questions (FAQ) :

The market size of magnetic sensor exceeded USD 4 billion in 2022 and is predicted to record 5% CAGR during 2023 to 2032, given the rising demand for speed-sensing technology in defense and aerospace applications.
GMR magnetic sensor industry is expected to observe 5% growth from 2023 to 2032, owing to the increasing use of innovative technologies, including anti-braking systems (ABS) and anti-locking systems, in high-end automobiles.
European industry size is anticipated to observe 5% through 2032 due to the growing production volume and sales of electric vehicles (EVs) across the region.
The top players operating in the magnetic sensor business scenario include Honeywell International, Inc., Melexis, Infineon Technologies AG, Asahi Kasei Microdevices Corporation, ams AG, Diodes Incorporated, and NXP Semiconductors, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 26
  • Tables & Figures: 962
  • Countries covered: 19
  • Pages: 490
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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