New York , Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global magnetic sensor market size is expected to expand at 10.7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 20.18 billion by the end of 2035, up from a revenue of USD 5.96 billion in the year 2022. Magnetic sensors have become an integral part of modern medical devices, revolutionizing the way we diagnose and treat patients. From MRI machines to pacemakers, these sensors play a critical role in improving patient outcomes and enhancing medical technology. For instance, optically pumped magnetometers (OPMs) have been suggested as a solution for ULF MRI as ultra-sensitive magnetic sensors enabling the detection of extremely weak magnetic signals, with high sensitivity.
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One of the key benefits of magnetic sensors in medical devices is their ability to provide accurate measurements and readings. By detecting and measuring magnetic fields, these sensors can provide precise data on various physiological parameters, such as heart rate, blood pressure, and oxygen saturation levels. This information can then be used to diagnose and monitor various medical conditions, allowing doctors to provide more targeted and effective treatments.
Magnetic Sensor Market: Key Takeaways
- Market in North America to propel highest growth
- Consumer Electronics segment to garner the highest growth
- Market in Europe to grow at a significant rate
Increasing Demand for Consumer Electronics to Boost Market Growth
As the demand for consumer electronics continues to grow, so does the need for magnetic sensors. India has become a player in the global electronic products market. The value of domestic produced electronics is estimated to be around USD 100 billion in the fiscal year 2023 which includes mobile phones accounting for 42% of the market IT hardware at 6% consumer electronics at 12% strategic electronics at 5%, industrial electronics at 13%, wearables and hearables at 0.5%, auto electronics at 9% LED lighting, at 4% and electronic components making up the remaining 11%. Magnetic sensors play a crucial role in enhancing the user experience by enabling features such as auto-rotation of screens, proximity detection, and compass functionality. Magnetic sensors are also used in gaming controllers, allowing for more immersive gameplay.
In addition, magnetic sensors are becoming increasingly important in wearable technology, such as smartwatches and fitness trackers. These devices rely on magnetic sensors to accurately track movement and provide valuable health data to users. As the market for wearable technology continues to expand, so too will the demand for magnetic sensors.
Magnetic Sensor Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The Increasing Demand for Self-Driving Vehicles to Drive the Growth in the North America Region
The magnetic sensor market in the North America region is estimated to garner the largest revenue by the end of 2035. The increasing demand for self-driving vehicles can be attributed to the growing need for improved safety, convenience, and reduced costs. By 2030 it is anticipated that the United States will have around 21 million self-driving vehicles on the roads. Self-driven vehicles require sophisticated sensors and navigation systems to navigate, and magnetic sensors are an essential component of them. Additionally, the rising automation in the industries has led to the need for improved sensing capabilities, which has resulted in increased demand for magnetic sensors. Furthermore, the emergence of new technologies such as artificial intelligence and autonomous vehicles will require even more sophisticated sensors, which will further increase the demand for magnetic sensors.
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Rising Adoption of Electric Vehicles to Drive the Growth in the Europe Region
The Europe magnetic sensor market is estimated to garner the largest revenue by the end of 2035. The rising adoption of electric vehicles, coupled with stricter environmental regulations, is driving the demand for magnetic sensors, as they are used in vehicles to detect magnetic fields and accurately measure speed, direction, and location. Battery powered electric cars experienced a surge in sales throughout Europe in 2022 capturing 12% of the total market share. This marks an increase from the 9% achieved in 2021 and the mere 2% recorded back in 2019. Furthermore, the growing demand for renewable energy sources and the increasing demand for smart homes in region are also expected to drive the market during the forecast period.
Magnetic Sensor Segmentation by End Use
- Automotive
- Consumer Electronics
- Industrial
- Aerospace & Defense
- Healthcare
- Energy & Power
Magnetic sensor market from the energy & power segment is anticipated to hold the largest revenue by the end of 2035. The increasing focus on renewable energy sources and energy efficiency, as well as the demand for automation in industrial sectors, is driving the demand for magnetic sensors in the energy and power segment. Additionally, the use of magnetic sensors to detect and monitor fluid levels, open/close door detection, and contactless sensing, makes them an attractive option for energy & power applications. For instance, Analog Hall effect sensors have the capability to monitor the flow of energy while other magnetic sensors are able to detect the position or speed of moving parts in applications such as oil fields, nuclear and power plants, as well, as solar and wind energy systems.
Magnetic Sensor Segmentation by Technology
- Hall Effect
- Anisotropic Magento Resistance AMR
- Giant Magneto Resistance GMR
The hall effect segment in the magnetic sensor market is anticipated to hold the largest revenue by the end of 2035. Hall Effect sensors are reliable since they do not rely on physical contact to perform their functions, and they have no moving parts. They are also relatively inexpensive and energy-efficient, making them a popular choice for many applications. Additionally, Hall effect sensors are highly accurate and can provide very precise measurements. For instance, Hall probe is a tool that utilizes a calibrated Hall effect sensor to directly assess the intensity of a magnetic field. The Hall effect sensor works by measuring the voltage difference induced between two electrodes when placed in a magnetic field. This voltage difference is proportional to the strength of a magnetic field, and the Hall probe can measure this voltage difference accurately.
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Magnetic Sensor Segmentation by Application
- Speed Sensing
- Position Sensing
- Detection/ Non-Destructive Testing
- Navigation & Electronic Compass
A few of the well-known market leaders in the global magnetic sensor market that are profiled by Research Nester are Allegro Microsystems, Inc., Alps Alpine Co., Ltd. Asahi Kasei Corporation, AMS Technologies AG, Baumer Holding AG, Crocus Technology International, Corp., Elmos Semiconductor SE, Honeywell International, Inc, Infineon Technologies AG, NXP Semiconductors N.V., and other key market players.
Recent Development in the Market
- Infineon Technologies AG has recently introduced an angle sensor, based on AMR technology to expand its range of sensors. The main objective of this addition is to offer accuracy even in low magnetic fields. The XENSIV TLE109A16 product line aims to cater to the growing demand for precise, fast and cost-effective angle measurement solutions.
- Allegro Microsystems, Inc. launched the A31316 3D Hall effect position sensor as the member of their 3DMAG™ line of 3D sensors. This advanced sensor is designed specifically for safety and advanced driver assistance systems (ADAS) applications that require high adaptability and reliable performance in challenging environments such, as powertrain and chassis applications.
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