PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258839
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258839
According to Stratistics MRC, the Global Magnetic Sensor Market is accounted for $5.2 billion in 2022 and is expected to reach $9.1 billion by 2028 growing at a CAGR of 9.7% during the forecast period. The direction, flux, and strength of a magnetic field can be measured and monitored using magnetic sensors. In terms of contactless and wear-free measurements of several mechanical parameters, such as the angle of rotation and angular speed, these sensors offer an advantage. Due to their role in automating processes to improve efficiency and precision, sensors have become an essential component of the manufacturing process. Real-time data processing using a magnetic sensor alerts to speed-related issues. Moreover, they help in communication between the vehicle's suspension, braking, and other controls.
According to a report published by the International Council n Clean Transportation (ICCT), the total sales of EVs in Europe were estimated to reach 2.3 million, representing a 66% rise from the previous year.
Manufacturers are under pressure to invest in better navigation systems and offer connectivity to consumers as the demand for navigation on consumer electronics grows. Most smartphone users depend on navigational tools to find the destinations they need. A magnetic sensor is used by the integrated ecompass found in many electronic products to maintain direction. Thus, these factors are fuelling the growth of the market.
The issue of a lack of raw materials for the production of magnetic sensors is anticipated to worsen as the primary raw material suppliers. The world's need for magnetic sensors has declined as a result of the decline in car production. The manufacture of magnetic sensors has also decreased as a result of this. Hence, the shortage of raw material, decrease in demand for end-use products, and supply chain disruptions are acting as challenges for the manufacturers of magnetic sensors.
IoT is a technology for providing internet or internet-working for nearly all applications, including smartphones, printers, scanners, and automobile infotainment systems. To link all of these items to a single network, IoT uses electronic software and sensors. The device includes a number of sensors, including touch, magnetic, and proximity sensors. Escalating growth in IoT market and government initiatives are anticipated to drive the market growth.
Magnetic sensors can be used to boost automation in electronic equipment, but because they are more expensive. The addition of magnetic sensors enables more functionality and automates the devices, but it adds to the cost, thus it is avoided in cost-effective applications. Moreover, continual usage of sensors results in heating problems, which reduces the total life of electrical gadgets. Thus, these factors hamper the growth of the market.
Participants in the magnetic sensor value chain have been severely impacted by the onset and spread of COVID-19. One of the major factors driving the growth of the magnetic sensor market is the rising demand for smartphones on a global scale. However, as a result of lockdowns implemented by various governments to stem the spread of the pandemic, smartphone sales have declined dramatically globally, which has had an influence on the market's expansion. Because people have less disposable money, their purchasing power has decreased, which has slowed the market's overall expansion.
The tunneling magneto resistance segment is estimated to have a lucrative growth, due to its ability to offer high output and sensitivity. These sensors have a wide range of industrial applications, including bio-sensing. The technology is gaining popularity owing to AMR sensors are also anticipated to become popular owing to their inherent features such as greater magnetoresistance, lower price, and high flexibility.
The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the adoption of electric and hybrid cars in order to address growing concerns regarding environment pollution. These sensors form integral parts of devices. They are also embedded in gaming controllers and other smart products. Increased incorporation of magnetic sensors in consumer electronics is expected to positively impact market growth
Asia Pacific is projected to hold the largest market share during the forecast period owing to growth in the production and expansion of the automotive aftermarket. Growing demand for magnetic sensors in cars and consumer electronics is driving the growth of the market. Also, the increasing number of small and medium-sized enterprises and increasing investments by these companies in developing improved magnetic sensors for varied applications are driving the growth of market.
North America is projected to have the highest CAGR over the forecast period, owing to connected cars. Miniature magnetic sensors assist in imparting such capabilities, while keeping basic functionalities of the car intact. Sensing components for a variety of applications, including position sensing, flow rate detection, and speed sensing, are also gaining popularity in the region. Since smartphones use hall-effect sensors to support compass applications, the proliferation of smartphones is the key factor driving the growth of the market.
Some of the key players profiled in the Magnetic Sensor Market include: Honeywell International Inc., Texas Instruments, Analog Devices, NXP Semiconductors, Allegro Microsystems, Inc., Diodes Incorporated, Asahi Kasei Corporation, Melexis Corporation, STMicroelectronics, Inc., TE Connectivity Ltd, AMS AG, Alps Electric Co. Ltd, NVE Corporation, Infineon Technologies, Omron Corporation, TDK Corporation and Robert Bosch GmbH.
In November 2019, Allegro MicroSystems launched the ATS17051, one of the first gear tooth sensor ICs designed to provide incremental position for electric vehicle traction motors operating up to 30k RPM.
In June 2019, Infineon Technologies AG expanded its sensor portfolio by a new AMR-based angle sensor, which is aimed at providing high accuracy in low magnetic fields. The XENSIV TLE109A16 product line is designed to address the need for very precise, fast, and cost-efficient.
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