Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global magnetic sensor market was estimated to have acquired US$ 5.6 billion in 2022. It is anticipated to register a 4.2% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 8.2 billion.
Magnetic sensors find applications in medical devices, such as magnetic resonance imaging machines and other diagnostic equipment. The increasing use of magnetic sensors in the healthcare sector is likely to contribute to market growth.
Trends towards miniaturization of electronic devices and cost reduction in sensor manufacturing processes are likely to accelerate the market growth.
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Key Findings of Market Report
- On the basis of technology, the hall effect segment is anticipated to lead the magnetic sensor market, attributed to contactless sensing, as well as cost effectiveness.
- In terms of application, the automotive segment is expected to dominate the market growth, owing to the increasing adoption of ADAS, and development and testing of autonomous vehicles.
- Magnetic sensors can be utilized in biometric applications for activities like fingerprint scanning. The growing adoption of biometric authentication in smartphones and other devices presents opportunities for magnetic sensor integration.
Trends For Magnetic Sensor Market
- The increasing demand for smartphones, tablets, and other consumer electronics with embedded magnetic sensors for applications like navigation and gaming is expected to drive market growth.
- Magnetic sensors play a crucial role in automotive applications, including position sensing, speed sensing, and detection of angular positions. The demand for magnetic sensors is anticipated to rise, with the growth of the automotive industry and the development of electric vehicles.
- Magnetic sensors are widely used in industrial automation for position sensing and control applications. The demand for magnetic sensors in these applications is expected to increase, as industries continue to invest in automation and Industry 4.0 initiatives.
- The growth of IoT and the need for sensors in various IoT devices are likely to drive the demand for magnetic sensors. The sensors are used in applications such as smart home devices, wearables, and industrial IoT.
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Global Market for Magnetic Sensor: Regional Outlook
Various reasons are propelling the growth of the magnetic sensor market in different regions. The regions include,
Asia Pacific
- Asia Pacific is a major hub for the automotive industry, and the growth of this sector drives the demand for magnetic sensors in applications such as automotive position sensing, speed detection, and safety systems.
- The region experiences high demand for consumer electronics, and magnetic sensors are essential components in devices like smartphones, tablets, and wearables. The growth of the consumer electronics market contributes to the demand for magnetic sensors.
- Asia Pacific has been a significant adopter of Internet of Things technologies. Magnetic sensors play a crucial role in IoT devices for various applications, including smart home systems, industrial IoT, and healthcare.
North America
- North America is witnessing the expansion of industrial automation across various sectors. Magnetic sensors play a crucial role in industrial automation for tasks such as position sensing and control, contributing to the growth of the market.
- Ongoing research and development activities in North America, particularly in technology hubs and innovation centers, contribute to advancements in sensor technologies. Magnetic sensor manufacturers involved in research and development initiatives may find opportunities for growth.
Global Magnetic Sensor Market: Key Players
The following companies are well known participants in the global magnetic sensor market:
- Infineon Technologies AG
- Honeywell International, Inc.
- NXP Semiconductors
- Alps Electric Co., Ltd.
- Asahi Kasei Microdevices Corporation
- Analog Devices, Inc.
- TE Connectivity Corporation
- Elmos Semiconductor AG
- Magnetic Sensors Corporation
- Allegro Microsystems, Inc.
- Other Prominent Players
Few of key developments by the players in this market are:
| Company name | Key Development |
| TDK Corporation | In 2022, TDK Corporation broadened its range of tunnel magnetoresistance angle sensors with the introduction of the TAS4240. The TMR based angle sensor is designed for automotive and industrial applications. |
| Infineon | In 2020, Infineon unveiled the XENSIV TLE5109A16, an AMR based angle sensor. The innovation aims to meet the demand for exceptionally precise, rapid, and cost effective angle measurement, particularly in automotive and industrial applications where the highest functional safety standards are essential. |
Global Magnetic Sensor Market Segmentation
Technology
-
- Hall Effect
- Anisotropic Magneto Resistance (AMR)
- Giant Magneto Resistance (GMR)
- Tunnel Magneto Resistance (TMR)
- Others
Application
-
- Automotive
- Consumer Electronics
- Industrial
- Others
Region
-
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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