Magnetic Sensor Market Forecasts to 2028 - Global Analysis By Type (Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors, Flux Gate Sensors, Magneto-optical Sensors, Overhauser Sensors, Optically pumped Sensors and Other Types), Range (<1 microgauss (Low-Field Sensors), 1 microgauss-10 gauss (Earth Field Sensors) and >10 gauss (Bias Magnetic Sensors)), Application (Speed Sensing, Flow Rate Sensing, Detection/Non-Destructive Testing(NDT), Navigation and Electronic Compass, Position Sensing, Proximity Detection/NDT and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Magnetic Sensor Market is accounted for $14.29 billion in 2022 and is expected to reach $30.39 billion by 2028 growing at a CAGR of 13.39% during the forecast period. Magnetic sensors are utilised in a variety of applications, including automobiles, smart phones, refrigerators, and others. In automobiles, it's used to gauge the distance between two vehicles and adjust speed accordingly. As an illustration, Infineon Technologies, a renowned sensor manufacturer, offers solutions to satisfy the demands of automotive and industrial applications. It created the "ISO26262" sensor, which is used in the vehicle industry to measure linear position, pedal position, and electronic power steering. It is utilised for navigation in smart phones. Because a MEMS-based magnetic field sensor is compact, it can be kept close to the measurement site when used in cars. This allows it to measure magnetic fields with a higher spatial resolution than other magnetic field sensors.

According to a July 2021 press release by Consumer Technology Association, the U.S. consumer electronics industry was predicted to surpass USD 487 billion revenue in 2021 with a y-o-y growth rate of 7.5% compared to 2020. The proliferation of consumer technology products in the U.S. will enhance the market potential for regional sensor manufacturers over the forecast timeline.



Market Dynamics:

Driver:

Rising investments in magnetic sensor ecosystem

The increasing use of magnetic sensors in cutting-edge applications like driverless vehicles is anticipated to fuel the expansion of the magnetic market globally. These systems use magnetic sensors, which are incredibly effective, extremely accurate, dependable, robust, and easy to make. To improve their domain expertise and solidify their market position, magnetic sensor makers are investing more money in various magnetic sensing technologies, including 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR). Additionally, in order to meet the demands of diverse end-use markets, these competitors are adding novel items to their portfolios of magnetic sensor goods.

Restraint:

Extreme pricing pressure

The effectual use of care management solutions demands a well-built IT infrastructure plus IT support inside the organization as well as at the solution provider’s conclusion. In a healthcare organization, there is a nonstop necessitate for technological shore up for preserving the server and network for the flat operation of clinical work streams and optimum interfacing speediness of care management solutions. If the protection of the server or network is insufficient, it leads to the creation of screen loads that hold back the clinical work stream.

Opportunity:

Growing manufacturing of hybrid and electric cars

Hybrid and electric vehicles are gaining popularity because they are more digitally connected than regular automobiles. Additionally, they provide greater fuel efficiency, lessen the use of fossil fuels like gasoline and diesel, and lessen environmental harm and global warming. The fact that electric vehicles produce no pollution is one of its main benefits. Power electronics, a crucial hybrid technology, adds about 20% to the cost of a hybrid car. In applications for position, speed, and angle detection and measurement, this presents strong development prospects for magnetic sensors.

Threat:

Shortage of raw material due to COVID-19

Due to the fact that China and Taiwan are the primary raw material suppliers, it is anticipated that the problem of a raw material shortage for the manufacture of magnetic sensors would worsen. In addition, the COVID-19 outbreak has negatively impacted the global manufacturing industry due to supply chain disruptions.. As a result, there has been a decline in the production of magnetic sensors. This has had an influence on the revenue of magnetic sensor producers, including Melexis (Belgium) and Allegro MicroSystems, LLC (US), who primarily provide magnetic sensors for automotive applications. Hence, the shortage of raw material, decrease in demand for end-use products, and supply chain disruptions are acting as challenges for the manufacturers of magnetic sensors.

Covid-19 Impact

The emergence and spread of COVID-19 have had a severe impact on participants in the magnetic sensor value chain. One of the major factors driving the growth of the magnetic sensor market is the rising demand for smartphones on a global scale. However, as a result of lockdowns enacted by several governments to stem the spread of the COVID-19, smartphone sales have declined dramatically globally, thus impacting the market's expansion. Additionally, these lockdowns have had an effect on the manufacturing of magnetic sensors. They have also had an impact on the global per capita income and the GDP of various nations. Because people have less discretionary money, their purchasing power has decreased, which has decreased the overall market growth.

The hall effect sensor segment is expected to be the largest during the forecast period

Based on the type, the market is classified into Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensorsx, Flux Gate Sensors, Magneto-optical Sensors, Overhauser Sensors, Optically pumped Sensors and Others. The hall effect segment is projected to control the global magnetic sensor market and most liable explanation for the majority of the share during the forecast period. The increasing demand for Hall effect sensors from the automotive and consumer electronics industries is responsible for the segment's expansion. Hall effect sensors are utilised in ADAS, hybrid, and electric vehicles as well as in the automobile industry to measure position and speed.

The speed sensing segment is expected to have the highest CAGR during the forecast period

Based on the application, the market is segmented into Speed Sensing, Flow Rate Sensing, Detection/Non-Destructive Testing (NDT), Navigation and Electronic Compass, Position Sensing, Proximity Detection/NDT and Others. The speed sensing segment is captured to be more profitable and predicted to record a strong CAGR during the forecast period. The increase can be due to the increased need for magnetic speed sensors in the automobile industry, which are very accurate, compact, easy to use, dependable, and affordable. Speed sensors are used in anti-lock braking systems (ABS), engine camshafts and crankshafts, speedometers, and automatic gearboxes in the automotive industry.

Region with highest share:

Asia Pacific is anticipated to hold the highest share during the forecast period. Owing to the expansion of the market in APAC is being driven by rising demand for magnetic sensors in automobiles and consumer electronics. Furthermore, the growing number of small and medium-sized enterprises (SMEs) and their increased investments in developing enhanced magnetic sensors for a variety of applications are driving market expansion.

Region with highest CAGR:

The Asia Pacific magnetic sensor solutions market is one of the fastest-growing regions and also records highest CAGR during the forecast period. This is due to the demand for consumer electronic products, the presence of major electronic companies and growth of the automotive sector. India, China, South Korea, and Japan are among the top 20 automakers worldwide. Major sensor producers are based in China and Japan as well. The market is being driven by a high penetration of feature-rich cellphones and rising middle-class disposable income in the area. Increasing interest along with investments by well-known industry players are accountable for regional growth.



Key players in the market

Some of the key players profiled in the Magnetic Sensor Market include Ams Ag, Asahi Kasei Corporation, Allegro Microsystems, Llc, Tdk corporation, Texas Instruments Incorporated, Nxp semiconductors n.v., Te connectivity, Honeywell international inc., Melexis, Infineon technologies ag, Emerson electric co., Sensata Technologies, Ifm Electronic Gmbh, Tt Electronics Plc, Kohshin Electric Corporation, Kita Sensor

Key Developments:

In September 2021, TDK Corporation announced its collaboration with Sensors Converge, formerly known as Sensors Expo. TDK presents a new pressure sensor, engage in industrial, automobiles, and pressure gauge live theatre sessions, communicate on a panel and demonstrate a variety of products from multiple TDK Group company brands such as InvenSense, Micronas, TDK, and Trained model at the event.

In June 2020, Asahi Kasei Corporation launched AK8781, an ultra-small package latch-type Hall IC, suitable for small DC brushless (BL) motors. It is a small package with a fast response time that is suitable for high-temperature operations. The launch of this product is expected to contribute to the micro-miniaturization and high efficiency of DCBL motors.

In April 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation, a US-based semiconductor designing and manufacturing company to strengthen its power semiconductors, automotive microcontrollers, sensors, and security solutions offerings. In addition, the company also focuses on catering to the requirements of ADAS/AD, IoT, and 5G mobile infrastructures.

In March 2020, Melexis introduced high-linearity, low-drift linear Hall sensor IC for safety-critical automotive torque-sensing applications such as electric power-assisted steering (EPAS).

In February 2020, Allegro MicroSystems, LLC introduced ATS19580, a fully-integrated, back-biased GMR transmission speed and direction sensor. This sensor reduces system size, complexity, and costs, resulting in improved fuel economy.

Type Covered:
• Hall Effect Sensors
• Magnetoresistive Sensors
• Squid Sensors
• Flux Gate Sensors
• Magneto-optical Sensors
• Overhauser Sensors
• Optically pumped Sensors
• Other Types

Range Covered:
• <1 microgauss (Low-Field Sensors)
• 1 microgauss–10 gauss (Earth Field Sensors)
• >10 gauss (Bias Magnetic Sensors)
• On-premises

Application Covered:
• Speed Sensing
• Flow Rate Sensing
• Detection/Non-Destructive Testing(NDT)
• Navigation and Electronic Compass
• Position Sensing
• Proximity Detection/NDT
• Other applications

End User Covered:
• Automotive
• Aerospace & Defense
• Industrial
• Consumer Electronics
• Banking, Financial Services, and Insurance (BFSI)
• Transportation
• Healthcare
• Other end users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances