New York, March 07, 2023 (GLOBE NEWSWIRE) -- The detailed research report on the magnetic sensor market is offered by Reports Insights Pvt. Ltd. The research takes into consideration several factors such as trends, market size, value and supply chain, and regulatory environment that have a significant impact on the growth rate of market circumstances. Further, several trends and opportunities in major segments such as type, application, end-user, and region are also explored by the study. Such factors play a crucial role in helping market players gain a competitive edge over other manufacturers by forming strategic collaborations, mergers, and acquisitions along with innovative product introductions to strengthen their market position.
The global magnetic sensor market was worth USD 4.3 Billion in 2022 and is expected to reach over USD 7.5 Billion by the year 2030, growing at a CAGR of 7.2%, accelerated by the high adoption of technological advancements in industrial automation across various sectors.
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The growing expenditures on research and development in terms of technological advancements are expected to result in increased demand for magnetic sensors, especially in consumer electronics, industrial, and other end uses. Such sensors find major usage for speed sensing, position sensing, and current sensing in several applications of mentioned end uses.
Favorable adoption of automobiles among consumers also pushes the sales of magnetic sensors due to the large demand for advanced safety features such as anti-locking braking system (ABS) and electronic stability control (ESC) systems.
Increased preference for motion, speed, and position detection especially in aerospace & defense and automotive sectors to reduce wear and tear on the sensor in certain mechanical applications boost is expected to create lucrative opportunities for market growth during the forecast period.
Rising government initiatives as well as business adoption of renewable energy systems such as wind turbines, solar farms, and geothermal systems are expected to boost the demand for magnetic sensors. Such sensors play important role in monitoring wind turbine blades along with controlling the position and orientation of solar panels and monitoring the flow of fluids in geothermal systems.
Growing trend toward vehicle electrification will skyrocket the demand for magnetic sensors among original equipment manufacturers (OEMs), and leading market players to introduce new product launches. For instance, in September 2022, Alps Alpine Co., Ltd. expanded its range of magnetic sensors by introducing two new products to support the favorable adoption of electric vehicles. The company has a strong track record in the automotive industry, particularly in the areas of steering angle detection and electronic shifters.
|Report Attributes||Report Details|
|Market Size By 2030||USD 7.5 Billion|
|Key Players||Infineon Technologies AG, Honeywell International Inc., Texas Instruments, Alps Electric Co., NXP Semiconductors, ST Microelectronics, Baumer Ltd., TDK Corporation, Robert Bosch GmbH, Allegro Microsystems, Inc., Ltd, Asahi Kasei Microdevices Corporation, ams-OSRAM AG, Crocus Technology, Rotary and Linear Motion Sensor (RLS), Elmos Semiconductor AG, Sensitec GmbH.|
|By Type||Hall Effect Sensors, SQUID Sensors, Magnetoresistance Sensors (Anisotropic Magnetoresistor (AMR), Giant Magnetoresistor (GMR), Tunneling Magnetoresistor (TMR), Induction Coil sensor, Fluxgate Sensors, Others|
|By Application||Speed Sensing, Detection/Non-Destructive Testing (NDT), Position Sensing, Navigation and Electronic Compass, Flow Rate Sensing, Others|
|By End Use||Transportation, Healthcare, Consumer Goods, Industrial, Aerospace & Defense, BFSI, and Others|
|Report Coverage||Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more.|
|By Geography||North America [United States, Canada, Mexico]|
Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland]
Middle East & Africa [GCC, North Africa, South Africa]
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In recent years, there has been a trend toward miniaturization and integration of magnetic sensors into other devices, especially smartphones, and wearables. This has resulted in increased competition and innovation within the market, with manufacturers focusing on creating smaller, more accurate, and more energy-efficient sensors.
Increased focus on product innovations by major market players to strengthen their market presence will result in accelerated statistics of the magnetic sensor market. For instance, in July 2022, TDK Corporation announced the addition of the TAS4240 TMR-based angle sensor to their portfolio. This new angle sensor is designed for usage in both automotive and industrial applications and is packaged in a compact TSSOP8 format. The TAS4240 sensor provides two redundant analog single-ended SIN/COS outputs.
In terms of application, the speed sensing segment led the market growth in 2022. The large-scale automation of industrial processes resulted in increased usage of magnetic sensors in applications such as conveyor belts, turbines, and motors. Such sensors are mainly used to monitor information related to equipment performance, detect malfunctions, and optimize machine operation.
Key Market Takeaways
- The global magnetic sensor market size is estimated to exceed USD 7.5 billion by 2030 and grow with an excellent CAGR of 7.2% during the forecast period (2023-2030).
- Based on the type, the hall-effect sensors segment contributed the largest shares to the market growth in 2022 due to large-scale usage in position sensing of camshafts and crankshafts of vehicles.
- By application, the speed sensing segment is projected to witness significant growth with the fastest CAGR during the forecast period.
- In the context of end use, the transportation segment accounted for largest share contribution in 2022 due to growing focus on introducing technological advancements in vehicle safety and control systems.
- Asia Pacific is projected to lead the substantial growth of magnetic sensor market statistics with astonishing revenue shares. High consumer adoption of technology advancements especially in automobiles is expected to increase the sales of magnetic sensors.
- With the presence of established market players and growing expenditures on technology advancements in the aerospace & defense sector, North America and Europe will contribute sustainable shares to the market growth during the forecasted period.
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Magnetic Sensor Market Growth Drivers:
- Growing adoption of automation in several industrial applications as part of Industry 4.0 policies creates favorable demand for magnetic sensors in various safety applications.
- The growing adoption of IoT and smart home devices due to a shift in consumer preferences results in high demand for magnetic sensors smart home devices such as smart locks, security systems, and smart lighting.
- Increased expenditures for environment monitoring due to the globally increased rate of climate change boosts the demand for magnetic sensors in applications such as geology, seismology, and climate research to measure the strength and direction of the Earth's magnetic field.
- Magnetic sensors are typically more expensive as compared to types of sensors such as optical and capacitive sensors that mainly acts as a restraining factor to entry for some businesses with budget constraints.
- Along with the high costs, magnetic sensors are relatively complex to design and manufacture which hampers market expansion due to the long development period.
As per the study, Allegro MicroSystems, Infineon Technologies AG, NXP Semiconductors, Honeywell International Inc., Asahi Kasei Microdevices Corporation, and TDK Corporation are leading market players. These market players invest heavily in research and development to stay ahead of the curve in terms of technological advancements and meet the ever-evolving demands of their customers. Such strong maintenance of market presence requires companies to continue investments in research and development and improve the performance, accuracy, and reliability of their magnetic sensors.
List of Major Magnetic Sensor Market Players
• Infineon Technologies AG
• Honeywell International Inc.
• Texas Instruments
• NXP Semiconductors
• ST Microelectronics
• TDK Corporation
• Robert Bosch GmbH
• Allegro Microsystems, Inc.
• Alps Electric Co., Ltd
• Asahi Kasei Microdevices Corporation
• ams-OSRAM AG
• Baumer Ltd.
• Crocus Technology
• Elmos Semiconductor AG
• Rotary and Linear Motion Sensor (RLS)
• Sensitec GmbH
Global Magnetic Sensor Market Segmentation:
- By Type
- Hall Effect Sensors
- SQUID Sensors
- Magnetoresistance Sensors
- Anisotropic Magnetoresistor (AMR)
- Giant Magnetoresistor (GMR)
- Tunneling Magnetoresistor (TMR)
- Induction Coil sensor
- Fluxgate Sensors
- By Application
- Speed Sensing
- Detection/Non-Destructive Testing (NDT)
- Position Sensing
- Navigation and Electronic Compass
- Flow Rate Sensing
- By End Use
- Consumer Goods
- Aerospace & Defense
Key Questions Covered in the Magnetic Sensor Market Report
Who are leading market players with a strong market presence in the magnetic sensor market?
Which segment is expected to account for the largest share contribution from 2023 to 2030?
What is the forecasted valuation of the market for magnetic sensors in 2030?
How will key macro and micro environmental factors impact the growth trajectory of the magnetic sensor market?
What are the major trends driving the market growth from 2023 to 2030?
Which region is expected to witness the increased market presence of magnetic sensors during the forecast period?
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