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Magnetic Sensor Market to cross $9 Bn by 2032
- Published Date: December 5, 2022
Magnetic Sensor Market size is predicted to exceed USD 9 billion by 2032, according to the latest research report by Global Market Insights Inc.
Robotics and automation are rapidly emerging as prominent trends in the manufacturing sector to increase overall operational efficiency and performance. These technologies are also used to lower labor costs while improving productivity, leading to better profit margins. Magnetic sensors are often used in industrial robots, autonomous guided vehicles (AGVs), material handling robots, and robotic grippers for position, speed, and angle sensing applications. The growing use of such systems in global manufacturing operations will thus drive product adoption by 2032.
The sales of smart home devices have picked up significant pace in recent years, with the demand for energy-efficient and high-performing appliances growing steadily. The magnetic sensor market statistics suggests that this factor will spur the product installation in a variety of consumer electronic gadgets, including wireless security systems, smart door locks, and service robots.
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TMR sensors gain traction in industrial sector due to high output
The magnetic sensor market revenues from TMR sensors is anticipated to be worth USD 250 million by 2032. Some of the major benefits of tunnel magnetoresistance (TMR) sensors in industrial applications include high output, great accuracy, low temperature drift, and minimal deterioration due to aging. In addition, the output of these sensors is 500 times higher than that of their hall element counterparts and they also consume less power, making them ideal for use in industrial operations.
Focus on equipment maintenance to drive product use in detection/NDT applications
Industry size from the detection/NDT applications is expected to record more than 5% CAGR during 2023 to 2032. Power generation companies are increasing their dependence on Non-Destructive Testing (NDT) methods to identify structural deficiencies or potential weaknesses in their machines. This can help mitigate the occurrence of excessive downtime or loss of power generation capabilities. NDT inspection is also used for equipment requiring regular maintenance, such as oil rigs, pipelines, bridges, and trains as well as high-speed amusement park rides. The method is also used to ensure the efficiency and durability of the equipment while providing security, which may further encourage the necessity of magnetic sensors.
Browse key industry insights spread across 490 pages with 913 market data tables and 49 figures & charts from the report, “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, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Penetration of smart home devices to boost magnetic sensor consumption in North America
The North America magnetic sensor market surpassed valuation of USD 1 billion in 2022. Early acceptance of new technologies is a prevalent trend among consumers in the region. According to the Consumer Technology Association, in January 2021, close to 89% (227 million) of households across the U.S. owned some form of smart home technology. The growth in the production of smart home appliances and IoT-connected solutions across the globe will thus create a high demand for magnetic sensors, in turn contributing to regional market development.
Product innovation strategies by key players to bolster industry outlook
The key players operating in the magnetic sensor industry include Honeywell International, Inc., Melexis, Diodes Incorporated, Infineon Technologies AG, ams AG, Asahi Kasei Microdevices Corporation, and NXP Semiconductors, among many others. These companies are exploring various strategies to address the high requirement for magnetic sensors and other components, including the delivery of improved versions of their product offerings, as per the business needs.
In March 2021, Paragraf introduced a new range of graphene-based hall-effect magnetic sensors, suitable for low-field environments and ambient temperatures. The sensors have been developed for batteries that will be used in the EV sector, enabling the firm to establish a strong presence in the magnetic sensor market.
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