Magnetic Sensors Market size is set to surpass USD 4 billion by 2027, according to a new research report by Global Market Insights Inc.
The rising adoption of navigation & electronic compass systems in transportation & logistics sectors will fuel the market growth. These devices are linked via satellite navigation systems to provide real-time tracking of logistics & transportation assets. For route guidance and vehicle asset information, these technologies are frequently used in logistics applications. The sector is being boosted even further by the expanding trend of fleet management, smart mobility, and intelligent public transportation. Companies and research centers are developing new basic materials for magnetic sensors to perform in harsh situations.
One of the primary problems restricting the growth of the market is the issue of magnetic sensor sustainability in high-temperature environments. The Hall effect magnetic sensor limits current flow measurement within a radius of 10 cm. Inconsistent current flow detection due to external magnetic field intervention and price competition in the market are some of the factors that have resulted in the industry demand shift toward low-cost current sensors.
Rising acceptance of AMR-based magnetic sensor in smartphones will spur the market expansion
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AMR technology held 30% of the magnetic sensors market share in 2020 and is anticipated to witness 9% growth rate till 2027 led by the several high-end features offered by the Anisotropic Magneto Resistance (AMR) technology such as contactless sensing, fast response time, excellent reliability, and high switching frequency. It also provides accurate measurement with the help of magnetic stray fields, making it a suitable option for harsh environments. Also, the rising use of AMR sensors with 3D sensing capability is driving its demand in smartphones for proximity switching in hearing aids.
Browse key industry insights spread across 698 pages with 913 market data tables and 49 figures & charts from the report, “Magnetic Sensors 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), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing demand for wide speed range sensing in the aerospace sector will propel the magnetic sensors market progression
The speed sensing application captured 30% of revenue share in 2020 and is poised to expand at more than 8% CAGR through 2027 impelled by the rising demand for highly accurate, small size, reliable, simple design, wide speed range, and reverse polarity protected magnetic speed sensors in the aviation/aerospace sector. Hall effect magnetic sensors and VR speed are used for speed sensing for various applications in aerospace such as fan control, solenoid, and engine control, among others, stimulating the industry growth. Companies are strategizing to launch new products with advanced technology to hold a competitive edge in the market.
Rising demand for smart home devices will accelerate the growth of magnetic sensors in consumer electronic sector
The consumer electronic segment in the magnetic sensors market accounted for 15% of share in 2020 and is estimated to attain a CAGR of 7% during 2021 to 2027. The demand for sensing components such as location sensing, flow rate detection & sensing, and speed sensing is fostering the usage of magnetic sensors in various consumer electronics & other industrial applications, supporting the market value. Market revenue is driven by the rising demand for consumer smart home devices such as wireless security systems, service robots, smart door locks, and other home appliances.
Increasing demand for safety equipment in the automotive sector will create the growth opportunities for the North America region
North America magnetic sensors market is projected to grow at a CAGR of 8% by 2027 on account of the growing demand for safety equipment and rising vehicle electrification with high-quality sensors. In electric vehicles, magnetic sensors are used for position sensing, motion control, and crankshaft sensor for transmission systems, among others. Major players in the region such as Tesla, Ford, GMC and others are constantly adopting advanced sensors to meet the safety and electrification need for EVs.
Key companies operating in the market include, Honeywell International, Inc., Melexis, Infineon Technologies AG, ams AG, Asahi Kasei Microdevices Corporation, Diodes Incorporated, and NXP Semiconductors. The market leaders are continuously strategizing the collaborations & acquisitions for the expansion of their revenue share and growth opportunities.
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