Selbyville, Delaware, Aug. 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Magnetic Sensors Market by Technology (Hall Effect, Anisotropic Magneto-Resistive (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR)), Application (Speed Sensing, Position Sensing, Detection/ Non-Destructive Testing (NDT), Navigation & Electronic Compass), End-Use (Aerospace, Automotive, Consumer Electronics, Industrial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of liquid magnetic sensor will cross $4 billion by 2027.
Market growth is attributed to the rising penetration of Unmanned Aerial Vehicles (UAVs) and surveillance drones across developed economies including the U.S., China, the UK, and South Korea. According to the U.S. Federal Aviation Administration, the U.S. accounted for around 1.1 million operational drones as of March 2021. These drones are integrated with magnetic sensors to control flight speed and achieve uniformity of rotation in brushless DC motors & propellers. Adding to this, market participants are also engaged in the development of new detection & navigation systems for aircraft and Unmanned Arial Vehicles (UAVs), increasing the requirements for magnetic sensors.
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Tunnel Magnetoresistance (TMR) segment held 3% of the magnetic sensors market share in 2020 and will register 5% growth rate through 2027 led by the several high-end features offered by the technology, such as high accuracy, low-temperature drift & high output stability, for position and speed sensing applications. The output generated by TMR sensors is six times precise than GMR sensors and around 20 times more accurate than AMR sensors. These features increase their adoption in the automotive and consumer electronics market.
The navigation & electronic compass segment in the magnetic sensors market captured 10% revenue share in 2020 and is estimated to attain a CAGR of 6% till 2027 impelled by the increasing demand for navigation and electronic compass features in consumer electronics devices such as smartphones, tablets, and laptops, among others. These devices are highly integrated with magnetic sensors for navigation and electronic compass applications. According to the GSMA Intelligence Report 2021, China will lead the world in 5G technology with more than 828 million 5G connections by 2025. The new 5G connections will increase the penetration of new consumer electronic devices such as 5G smartphones, smartwatches, and tablets. The rising penetration of new 5G devices will boost the industry during the forecast timeline.
The industrial segment accounted for 20% of the magnetic sensors market share in 2020 and is projected to showcase 9% gains by 2027 driven by the increasing usage of magnetic sensors in industrial robots. In industrial robots, magnetic sensors have high applications for precision motor control, position sensing, proximity sensing, and navigation applications. These sensors are also integrated into Automated Guided Vehicles (AVGs) to measure position and displacement through magnetic position sensors.
Europe magnetic sensors market is poised to expand at over 6% growth rate during 2021 to 2027 owing to the presence of major automotive OEMs in the region including Daimler AG, Audi, BMW Group, PSA Group, etc., focusing on the development of advanced automotive safety systems such as self-driving cars and ADAS. In addition, the region is also witnessing high penetration of electric vehicles. According to the International Energy Agency, Europe accounted for 1.4 million new electric vehicle registration in 2020, which accounted for 46.6% of the total EV registration worldwide. Magnetic sensors are highly integrated into battery management systems and onboard chargers of the EVs, further adding opportunities to the regional growth.
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Some of the major players operating in the magnetic sensors market are Asahi Kasei Microdevices Corporation, TE Connectivity, Diodes Incorporated, ams AG, Melexis, Honeywell International Inc., and Infineon Technologies AG. Companies are emphasizing on continuous R&D and new product launches to achieve a competitive advantage over other market leaders
Some major findings of the magnetic sensors market report include:
- The proliferation of robotics and industrial automation across the manufacturing and processing industries will fuel the industry growth. These sensors are extensively integrated into automated assembly lines, conveyor systems, collaborative robots for position & speed sensing applications.
- The rising penetration of smart factories across developed economies including the U.S., China, South Korea, and Taiwan will further add growth opportunities in the magnetic sensors market
- The growing consumer electronics sector in Asia Pacific is expected to amplify the acceptance of magnetic sensors in the market. The region accounts for more than 60% of the world’s total electronics production and assembly capacity. The presence of major OSATs and consumer electronic OEMs in China, South Korea & Japan will also add opportunities in the market.
- Ongoing technological developments in Hall-based sensors, such as Coreless Hall-sensing and Circular Vertical Hall (CVH) technology, are stimulating the magnetic sensors market expansion.
- Several high-end features offered by Anisotropic Magneto-Resistive (AMR) sensors, such as contactless sensing, fast response time, excellent reliability, and high switching frequency, are predicted to support the market progression.
- Stringent government regulations on the mandatory inclusion of ADAS systems in upcoming vehicles will amplify the market value. ADAS systems, such as lane departure warning systems, forward collision warning, Adaptive Cruise Control (ACC), are extensively integrated with magnetic sensors, which are set to foster the market adoption.
- The COVID-19 pandemic has severely impacted the industry in early 2020 due to the shutdown of automotive and consumer electronics manufacturing plants worldwide. Industry participants also observed a severe supply-chain disruption of raw-material & components due to international trade barriers imposed by various regulatory bodies and governments during the pandemic. This factor will hinder the market demand for a short period.
Table of Contents (ToC) of the report:
Chapter 3 Magnetic Sensors Market Insights
3.1 Industry segmentation
3.2 Sensor industry overview
3.3 Automotive industry overview
3.4 Consumer electronics industry overview
3.5 Impact analysis of coronavirus (COVID-19) pandemic on the market
3.5.1 Global outlook
3.5.2 Impact by Region
3.5.3 Industry value chain
3.5.4 Competitive landscape
3.6 Industry ecosystem analysis
3.6.3 Distribution channel analysis
3.6.4 End-Users
3.6.5 Vendor matrix
3.7 Technological and innovation landscape
3.7.1 3D magnetic sensor technology
3.7.2 Evolution of Squid Sensors
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls and challenges
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
