Magnetic Field Sensor Market Hit to US$9,235.30 Million By 2030, CAGR 8.1%

New York, June 27, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Magnetic Field Sensor Market” published by Consegic Business Intelligence, the market was worth USD 5,074.83 million in 2022 and is anticipated to reach over USD 9,235.30 million by the year 2030, growing at a CAGR of 8.1%.

A magnetic field sensor is a device that helps in detecting magnetic fields around coils and electrical devices. Magnetic field sensor is used to measure strong and weak magnetic fields for monitoring directions, position, rotations, and angles of objects. Thus, magnetic field sensor is widely used in automotive, consumer electronics, aerospace & defense, and healthcare applications.

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The rising adoption of electric vehicles among consumers for daily travelling purposes is driving the growth of the market. Magnetic field sensor plays a crucial role in Advanced Driver Assistance Systems (ADAS) to assist the driver about different circumstances on the road. As a result, detection of magnetic fields provides accurate and reliable data for applications including speed sensing, proximity detection, and position sensing. For instance, in December 2022, Melexis launched new magnetic position sensor IC called MLX90376 featuring a dual stacked die in a PCB-less solution for handling 360° rotary automotive applications offering sensing capabilities for steering and valve applications.

The adoption of magnetic field sensor for healthcare and biomedical applications is expected to present growth opportunities for the market during the forecast period. Magnetic field sensor is used for tracking drug delivery systems, and implantable devices. However, the presence of alternate technologies including accelerometers and gyroscopes with orientation and motion sensing capabilities is hindering the growth of magnetic field sensor market.

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Magnetic Field Sensor Market Growth Drivers:

• The increasing adoption of electric vehicles among consumers is driving the growth of magnetic field sensor market.
• The increasing adoption of consumer electronics devices such as smartphones, tablets, wearable devices, and gaming consoles among consumers is driving the growth of the market.
• The application of magnetic field sensor in aerospace and defense industry for compassing and magnetometry is accelerating the growth of the market.

Restraints

• The presence of alternate technologies including accelerometers and gyroscopes with orientation and motion sensing capabilities is hindering the growth of magnetic field sensor market.
• The reduction in the performance of magnetic field sensor due to electromagnetic interference and nearby magnetic fields is restraining the growth of the market.

Opportunities

• The adoption of magnetic field sensor for healthcare and biomedical applications is expected to present growth opportunities for the market during the forecast period.

Global Magnetic Field Sensor Market Segmentation Details:

Based on Type, the hall-effect segment contributed the largest shares to the market growth in 2022. The ability of hall-effect sensor to provide high measurement accuracy in industrial motor drives, energy-storage equipment and power supplies is driving the growth of the market. Moreover, the application of magnetic field sensor to monitor the speed of wheels and shafts in automobiles is propelling the growth of the market.

Based on Range, the 1microgauss-10gauss segment accounted for the maximum revenue share in the year 2022. The application of magnetic field sensor in compasses, current sensor, position sensor, proximity sensor, and electronic compasses is driving the growth of the market. The sensor utilizes the magnetic field of the earth in several applications including navigation detection for vehicles. Moreover, the increasing adoption of magnetic field sensor for compassing, magnetometry, and current sensing is driving the growth of the market.

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Based on Application, the speed sensing segment accounted for the maximum revenue share in the year 2022. The application of magnetic field sensor in monitoring the rotational speed of components such as wheels, motors, and shafts is driving the growth of the market. Moreover, magnetic field sensor is deployed for applications including automotive speedometers and anti-lock braking systems (ABS), resulting in market growth.

Based on End-User, the transportation segment accounted for the maximum revenue share in the year 2022. Magnetic field sensor is widely used in ADAS systems for speed sensing, position sensing, and anti-lock braking systems (ABS). Moreover, the increasing adoption of magnetic field sensor in the railway industry for train positioning and signaling systems is accelerating the growth of the market.

Based on region, Asia-Pacific accounted for the largest revenue share in the year 2022. The rising adoption of electric vehicles among consumers is driving the growth of the market. Moreover, the growing adoption of consumer electronics devices such as smartphones, laptops, and tablets is accelerating the growth of the market. The application of magnetic field sensor in compasses, motion sensing, gesture recognition, and augmented reality (AR) applications is contributing to the market growth.

Recent Developments

• In January 2023, Asahi Kasei Microdevices Corporation launched ultrasensitive 3D magnetic sensor called AK09940A utilizing a TMR magnetic sensor element producing ultra-low noise and ultra-low power consumption performance.
• In March 2021, ABLIC Inc. launched a new magnetic TMR sensor IC called S-5701 B Series with low current consumption, high magnetic sensitivity, long life and an operating current consumption of 160nA.

Key Market Highlights

• Globally, magnetic field sensor market is divided based on type into hall-effect, magneto-resistive, SQUID, and flux gate.
• In the context of range, the market is segregated into less than 1microgauss, 1microgauss-10gauss, and above 10gauss.
• In the context of application, the market is separated into speed sensing, proximity detection, position sensing, flow rate sensing, and others.
• Based on end-user, the market is separated into transportation, consumer electronics, healthcare, aerospace & defense, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Magnetic Field Sensor market.

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List of Major Global Magnetic Field Sensor Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Allegro Microsystems, Inc.

• Alps Electric Co., Ltd.

• AMS AG

• Asahi Kasei Microdevices Corporation

• Baumer Ltd.

• Crocus Technology

• Elmos Semiconductor AG

• Honeywell International, Inc.

• Infineon Technologies AG

• Magnetic Sensors Corporation

• Melexis Corporation

• Memsic Corporation

• NVE Corporation

• NXP Semiconductors

• TDK Corporation

• Texas Instruments Incorporated

• MultiDimension Technology Co. Ltd.

Global Magnetic Field Sensor Market Segmentation: 

• By Type

• Hall Effect
• Magneto-resistive
• SQUID
• Flux Gate

• By Range

• Less than 1microgauss
• 1microgauss-10gauss
• Above 10gauss

• By Application
  • Speed Sensing
  • Proximity Detection
  • Position Sensing
  • Flow Rate Sensing
  • Others
• By End-User
  • Transportation
  • Consumer Electronics
  • Healthcare
  • Aerospace & Defense
  • Others

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Key Questions Covered in the Magnetic Field Sensor Market Report

• What is Magnetic Field Sensor?

- Magnetic Field Sensor is a sensor utilized for the detection of magnetic fields around coils and electrical devices. Magnetic field sensor is widely used in automotive and consumer electronics for sensing applications.

• What are some of the most important applications of magnetic field sensor and how do they impact the industry's growth potential?

- Magnetic field sensor is used in compasses, motion sensing, gesture recognition, and augmented reality (AR) applications. Moreover, magnetic field sensor play a crucial role in ADAS systems in automobiles.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the magnetic field sensor growth in the coming years?

- Asia-Pacific accounted for the largest revenue share in the year 2022. The increasing adoption of electric vehicles among consumers is driving the demand for magnetic field sensor for ADAS applications.

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- North America is anticipated to register the fastest CAGR growth during the forecast period. The increasing adoption of magnetic field sensor in the healthcare industry for radiological testing is driving the growth of the regional market.

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