PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304634
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304634
Magnetic Sensors Market size was valued at USD 3,300.5 Million in 2022, expanding at a CAGR of 8.8% from 2023 to 2030.
Magnetic Sensors market is expected to garner substantial growth over forecasted period. The use of magnetic sensors is being influenced by the rise in IIoT demand as well as global production of consumer electronics, electric and hybrid automobiles, and high-quality sensing devices. During the forecast period, this is anticipated to propel the expansion of magnetic sensors.
Due to the policies associated with Industry 4.0, there's an increase in the use of robotics for factory automation, which is fueling the demand for magnetic sensors for various safety applications worldwide. The demand for these sensors to be installed in the power distribution unit (PDU), which is an essential component in data centers, is being further increased by the development of the services sector in the nation and the rapid growth of data centre and cloud providers. Although the shipment of magnetic sensors has expanded due to their broad use in automated vehicles, consumer electronics, and healthcare equipment, price erosion has greatly slowed the rate of growth in these sales. The fierce competition among the growing number of sensor manufacturers contributes to some of this. Many businesses are focusing their R&D efforts on developing affordable alternatives to current magnetic sensing technologies.
Asia Pacific has a significant share of the global market. The expansion of the market in APAC is being driven by rising demand for magnetic sensors in automobiles and consumer electronics. The expansion of the market is also being driven by increase in the number of small and medium-sized firms (SMEs) and their investments in creating better magnetic sensors for a variety of applications. Additionally, the top 20 automotive-producing nations globally are China, Japan, India, and South Korea; as a result, this region offers tremendous growth potential for the magnetic sensor market.
The Magnetic Sensors market is fragmented into the type, range, product type and applications segments. Based on the type, the proton precession is projected to grow at the fastest rate (CAGR) during the forecast period. Based on the product type, the dual axis segment dominates the sensor market during the forecast period.
The Magnetic Sensors market is very competitive in nature with the presence of local & international players. Major players in the industry engage in strategic merger & acquisition, partnership, and new product launches to remain competent in the market. For example, In In January 2022, Allegro MicroSystems, Inc. introduced the A33230 3D sine/cosine hall-effect position sensor I.C.. It is the smallest 3D sine/cosine sensor available, providing system designers with a practical option for use in commercial and automotive settings. Additionally, in May 2021, a single and dual-die Triaxis position sensor for industrial automotive applications, the MLX90377 was introduced by Melexis NV. It incorporates an output stage driver, DSP, and ADC signal filtering and is based on the Triaxis Hall magnetic front-end.
The scope of this report covers the market by its major segments, which include as follows: