The global Magnetic Sensor Market was valued at USD 2.71 billion in 2019 and is expected to exhibit a CAGR of 7.9% over the forecast period. Magnetic sensors are primarily used to cater to notice disturbances and strength, direction, and flux in the magnetic field. Also, it is used as detection sensors, which further applied to estimate and calculate the total magnetic field and vector components of the field. The increase in the integration of magnetic sensors in the end-use application sector such as automobiles, consumer electronics and healthcare along with stringent government norms are primarily influencing the demand and consumption of magnetic sensors in the global market during the forecast period. The growth in awareness and need for the navigation systems primarily in vehicles and smartphones are further expected to drive the industry growth rate in the future.
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The growth in the demand and sales of electric vehicles and growth in demand for premium smartphones in the global market is expected to create opportunities for the manufacturers over the forecast period. Moreover, the manufacturers are mainly focused on product development to meet the demand for advanced sensory components. These players are aiming to develop sensors in order to meet the consumer demand for motion detection, speed, and proximity in the end-use applications. It is predicted that the increase in penetration of cumbersome and sophisticated smart devices is raising the need for advanced sensing capabilities in the components, which further expected to impact the demand and production of the magnetic sensors in the market in the coming years. Considering the current industry trend, the magnetic sensors are widely adopted across non-destructive testing (NDT) and medical R&D components.
The market is primarily segmented on the basis of types, technology, application and geographic region.
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On the basis of Type, the global Magnetic Sensor Market has been segmented into Hall Effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). In 2019, the hall effect segment is expected to dominate the industry and anticipated to lead the market during the forecast period growing at a CAGR of 7.2% during the forecast period. The growth of the industry is primarily due to the rise in the technological advancements across the automobile sector.
Considering the current market trend, the AMR (anisotropic magneto-resistive) segment accounted for the highest CAGR of 8.9% in the magnetic sensors in the global industry during the forecast period owing to the growth in consumption of the consumer electronics and growing demand for smart devices are the main driving factors in the near future.
Based on application, the market is been segmented into automotive, consumer electronics, industrial, aerospace and defense, healthcare, energy & power, and others. In 2019, the automotive segment accounted for highest market share in terms of value and volume globally growing at a CAGR of 7.7% from 2020 to 2026. The growth in demand for electric vehicles and the high conversion of conventional vehicles into electric vehicles are expected to enhance the demand and consumption of advanced magnetic sensors across the automotive application. Moreover, the increase in demand for the navigation system in vehicles as well as growth in use for connected vehicles and advanced driving assistance further lead the adoption of magnetic sensors in the automotive sector.
Furthermore, the healthcare segment accounted for the highest CAGR of 8.5% in the global market during the forecast period. The rapid growth in the demand and consumption of the healthcare devices along with the rise in advancement across x-ray detectors, health monitoring devices, and lab-on-chip devices are expected to enhance the demand for magnetic sensors in the market in the coming years.
In 2019, Asia-Pacific dominated the global industry owing to growth in the production and expansion of the automotive aftermarket. The market was valued at $1.08 billion in 2019 and is estimated to grow at the fastest CAGR of 9.9% from 2020 to 2026. Moreover, China, India, and Japan are few of the major automotive markets globally, which primarily influences the consumption and demand of the magnetic sensors in the region in the coming years. It is expected that the growth in demand for the electrified vehicles in the region is further expected to create opportunities in the market for the Type manufacturers in the near future. In addition, China is one of the leading manufacturers for consumer electronics globally, which creates growth opportunities in the industry in the future.
Considering the current market scenario, the growth in the production of motor vehicles and growth in the industrial and Type manufacturing sectors are further strengthening the consumption of the magnetic sensors across the automotive, consumer electronics, and industrial application during the forecast period.
Innovation and development are expected to play an important role in the development of the demand and consumption of magnetic sensors in the global market in the coming years. In the global Magnetic Sensor Market, it is predicted that the product launches, product developments, and partnerships are the key strategies in order to enhance the market position across the globe.
Moreover, the key players involved in the market are Allegro Microsystems, Inc., Alps Electric Co., Ltd, Asahi Kasei Microdevices Corporation, AMS AG, Baumer Ltd., Crocus Technology, Elmos Semiconductor AG, Honeywell International, Inc., iC-Haus, Infineon Technologies AG, Magnetic Sensors Corporation, Melexis Corporation, Memsic Corporation, Micronas Semiconductor Holding AG, Microsemi Corporation, MultiDimension Technology Co. Ltd, NVE Corporation, NXP Semiconductors, Robert Bosch GmbH, Rotary and Linear Motion Sensor (RLS), Sensitec GmbH, TDK Corporation among others. These are expected to compete on the basis of price, quality, and versatility of the product across the various applications to gain a competitive edge in the global market to increase their global market share in terms of value and volume.