New York, March 15, 2023 (GLOBE NEWSWIRE) -- The global magnetic field sensors market is forecast to reach US$ 6.0 billion in 2023. Overall market valuation is set to be valued at US$ 12.4 billion by the end of 2033. Between 2023 and 2033, global magnetic field sensor sales will surge at 7.5% CAGR. Hall Effect sensors will continue to dominate the global Magnetic Field Sensors Market over the next ten years. Hall Effect sensor demand is likely to rise at 7.4% CAGR from 2023 to 2033.
Rising applications across industries such as consumer electronics, healthcare, and defense is driving the global magnetic field sensors market. Increasing popularity of electric and hybrid vehicles will elevate magnetic sensor demand. Rapid adoption of automation is likely to act as a catalyst triggering sales.
Magnetic field sensors are increasingly used in healthcare, automotive, and consumer electronics sectors. They find applications in advanced medical technologies including health monitoring systems.
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In android operating system, magnetometers are used to report magnetic fields. In automotive industry, these sensors are used in steering systems. They also find applications in braking systems such as anti-lock braking systems.
Magnetic field sensors are also used in military & defense sector for several applications. Thus, such wide use of these sensors will trigger growth in the global market.
Key Takeaways from Magnetic Field Sensors Market Report:
- Global sales of magnetic field sensors are likely to increase at 7.5% CAGR through 2033.
- By type, hall effect sensor demand will rise at 7.4% CAGR between 2023 and 2033.
- By magnetic sensor, speed sensing segment is set to expand at 7.3% CAGR through 2033
- China magnetic field sensors market is forecast to reach US$ 1.1 billion by 2033
- Magnetic field sensor sales across the United States will exhibit a CAGR of 6.3%.
- The United Kingdom magnetic field sensors market value will total US$ 621.7 million by 2033.
- South Korea magnetic field sensors market is likely to develop at 7.9% CAGR through 2033.
“Manufacturers are focusing on developing advanced magnetic field sensors for specific applications. This will help them to increase their sales through 2033.” Says a lead Persistence Market Research analyst.
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Who is Winning?
Leading magnetic field sensor manufacturers include Infineon Technologies AMS AG, Allegro Microsystems, TDK Corporation, TE Connectivity, Melexis, Asahi Kasei Microdevices Corporation, Baumer Ltd, Texas Instruments, and Analog Devices Inc, and Alps-Alpine.
Recent Developments:
- In March 2020, TE Connectivity acquired Kemtron Ltd. Kemtron Ltd is a leading United Kingdom-based provider of EMI and RFI shielding, and technologies.
- In February 2018, Chirp Microsystems Inc was acquired by TDK Corporation, a Japan-based electronic and magnetic products manufacturer.
Get More Valuable Insights into Magnetic Field Sensors Market
Persistence Market Research, in its new offering, presents an unbiased analysis of the Magnetic Field Sensors market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
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The study reveals extensive growth in Magnetic Field Sensors in terms of
- Type (Hall Effect Sensor, Magnetoresistive sensor, SQUID Sensors and Others),
- Magnetic Sensors (Speed Sensing, Detection /NDT, Position Sensing, navigation and Electronic Compass, Flow rate Sensing and Others),
- End User (Consumer Electronics, Healthcare, Aerospace and Defense, Industrial, Transportation and BFSI)
- Across several regions.
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