Magnetic Sensors Market worth over $3 Bn by 2026
Published Date: October 27, 2020 Authors: Preeti Wadhwani, Shubhangi Yadav
Magnetic Sensors Market size is set to surpass USD 3 billion by 2026, according to a new research report by Global Market Insights, Inc.
Magnetic sensors are experiencing a wide acceptance from the automotive sector for applications in various automotive control systems such as Electronic Stability Control (ESC), Anti-lock Braking Systems (ABS), and Adaptive Cruise Control (ACC). Rising requirements for driver safety, security, and comfort in vehicles are expected to increase the usage of these systems. Stringent government initiatives on mandating automotive safety systems to reduce road accidents and fatalities will increase the adoption of magnetic sensor.
Sustainability issues of magnetic sensor in high-temperature environments are one of the major factors hindering the magnetic sensors market growth. A magnetic sensor is made up of ferrite core, which gets demagnetized when operated in extreme environments. To overcome this, several companies and research institutes are focusing on developing magnetic sensors with new raw materials, which can sustain high temperatures. For instance, in August 2020, CORNELL University introduced a magnetic sensor with a graphene element. The new sensor can operate at a high-temperature range without losing its magnetic properties.
Rising adoption of Tunnel Magnetoresistance (TMR)-based magnetic sensor in IoT and connected solutions
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The TMR technology held over 3% of the magnetic sensors market share in 2019 and is anticipated to witness 5% growth rate till 2026 due to high-end features offered by the technology such as low-temperature drift, high output stability, and high accuracy in measurement & detection. The output generated by TMR sensors is approximately 20 times more accurate than AMR sensors and have six times higher precision than GMR sensors. These features increase their adoption in IoT and connected devices solutions.
According to the GSMA Mobile Economy report 2019, there were 12 billion global IoT connections in 2019, which will increase up to 24.6 billion connections by 2025. The growing IoT ecosystem along with increasing adoption of TMR technology for connected devices and IoT solutions will create high market growth opportunities. To cater to the high demand, market players are continuously involved in product development.
Surging demand for navigation & electronic compass in transportation and delivery services is driving the magnetic sensors market revenue
The navigation & electronic compass application accounted for 11% revenue share in 2019 and is projected to grow at 5.6% CAGR through 2026.Increasing implementation of navigation & electronic compass systems in transportation & delivery services industry will fuel the market growth. These devices are connected over satellite navigation systems to track logistics and transportation assets in real-time. These solutions are widely adopted in the logistics business for route navigation and vehicle asset information. The growing trend of fleet management, smart mobility, and intelligent public transportation is further boosting the market expansion.
Browse key industry insights spread across 636 pages with 890 market data tables and 36 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), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Proliferation of consumer electronics will accelerate the demand for magnetic sensor
The consumer electronics segment in the magnetic sensors market is predicted to expand at a CAGR of 6% during 2020-2026 led by high adoption of magnetic sensors in consumer electronic products such as cameras, gaming consoles, smartphones, wearable devices, VR/AR, among others. These devices require magnetic sensors for position sensing, speed sensing, and navigation applications. The growing internet usage and proliferation of 5G technology will increase the demand of new consumer electronics devices in the coming years.
Growing penetration of smart home devices in the U.S. is laying a significant impact on the North America market
The North America magnetic sensors market is estimated to attain 6% growth rate from 2020 to 2026on account of increasing adoption of smart home devices. According to the Consumer Technology Association’s January 2020 press release, about 70% of U.S. households have implemented smart home technology devices in their households. The proliferation of smart home devices, such as service robots, wireless security systems, and smart home appliances will increase the regional market demand.
The key players operating in the magnetic sensors market include Infineon Technologies AG, Honeywell International, Inc., Melexis, ams AG, Diodes Incorporated, Asahi Kasei Microdevices Corporation, and NXP Semiconductors N.V. These leaders are focusing on continuous research & development activities to provide technologically advanced products than their competitors in the market. For instance, in July 2020, Infineon Technologies AG launched 3D magnetic-sensor with a WLB-5 package for industrial & consumer applications. The new sensor offers high power efficiency and operates on 7nA current ratings.
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