Magnetic Sensor Industry Overview
The global magnetic sensor market size is expected to reach USD 3.2 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 6.8% CAGR over the forecast period. Growing emphasis on automobile safety, coupled with steadily declining prices of sensors, has supported product demand. Integration of sophisticated technology in consumer electronics is also expected to drive the magnetic sensor market.
Magnetic Sensor Market Segmentation
Grand View Research has segmented the global magnetic sensor market on the basis of technology, application, and region:
Based on the Technology Insights, the market is segmented into Hall Effect, Anisotropic Magnetoresistance (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR), Others.
- The Hall Effect segment accounted for a sizeable revenue share and was valued at close to USD 640.0 million in 2018; the segment is projected to maintain its dominance throughout the forecast period. This can be attributed to the fact that they are easy to implement, are compact in design, and offer varied output options and operating voltages.
- The TMR segment is projected to exhibit the highest volume-based CAGR of more than 14.5% over the forecast period. TMR sensors have a wide range of industrial applications, including bio-sensing and Magnetoresistive Random-Access Memory (MRAM).
- The technology is gaining popularity owing to its ability to offer high output and sensitivity, along with sensing capabilities akin to Wheel Speed Sensors (WSS) used in Anti-lock Braking Systems (ABS). AMR sensors are also anticipated to become popular over the forecast period owing to their inherent features such as greater magnetoresistance, lower price, and high flexibility.
Based on the Application Insights, the market is segmented into Automotive, Consumer Electronics, Industrial, Others.
- The automotive sector is expected to emerge as the highest demand generating segment over the forecast period. Approximately 1.5 million magnetic sensors were utilized in various automotive applications in 2018.
- The segment also accounted for the dominant revenue share in the magnetic sensor market that year. Key regulatory bodies all over the world are shaping the growth of the segment by stressing on the adoption of electric and hybrid cars in order to address growing concerns regarding environment pollution.
- Increased incorporation of magnetic sensors in consumer electronics is expected to positively impact market growth. These sensors form integral parts of devices such as tablets, smartphones, scanners, printers, laptops, flat panels, and cameras. They are also embedded in gaming controllers and other smart products.
- Use of robots in factory automation has gained a lot of prominence in recent years. Factory automation solutions necessitate linear as well as angular position sensing for carrying out motor movements with a higher degree of accuracy, repeatability, and precision.
Magnetic Sensor Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global industry is experiencing fierce competition among leading market incumbents owing to a fragmented and highly concentrated competitive landscape. Moreover, improved manufacturing practices and adoption of TMR technology is poised to offer substantial growth opportunities to sensor fabricators and associated industry participants.
Some prominent players in the global magnetic sensor market include
- Alps Electric Co. Ltd
- Asahi Kasei Baumer Ltd.
- Elmos Semiconductor AG
- Honeywell International, Inc.
- iC – Haus
- Allegro Microsystems, Inc.
- Memsic Corporation
- MultiDimension Technology Co. Ltd
- Microdevices Corporation
- NVE Corporation
- Magnetic Sensors Corporation
- NXP Semiconductors
Order a free sample PDF of the Magnetic Sensor Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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