Magnetic Sensor Market Overview, Analysis Through 2024-2033

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Overview and Scope

A magnetic sensor is a device that converts the magnitude and variations of a magnetic field into electric signals. Magnetic sensors are frequently used in security and military applications such as detecting, distinguishing, and localizing ferromagnetic and conducting objects, and antitheft systems. They can also be used to detect the magnitude of magnetism and geomagnetism caused by a magnet or current.

Sizing and Forecast

The magnetic sensor market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to industry adoption phases, product development timeline, consumer behavior, investment patterns, application expansion..

The magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to industry diversification, demand for iot devices, automotive industry growth, emerging applications, supply chain dynamics.. Major trends in the forecast period include miniaturization, iot integration, automotive applications, emerging technologies, healthcare innovations..

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Segmentation & Regional Insights

The magnetic sensor market covered in this report is segmented –

1) By Type: Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors, Flux Gate Sensors

2) By Range: Low Field Sensors (<1 Microgauss), Earth Field Sensors (1 Microgauss–10 Gauss), Bias Magnetic Field Sensors (>10 Gauss)

3) By Application: Speed Sensor, Detection Or Non-Destructive Testing(NDT), Position Sensor, Navigation and Electronic Compass, Flow Rate Sensor

4) By End User: Automotive, Aerospace And Defense, Industrial, Consumer Electronics, Banking, Financial Services, and Insurance (BFSI), Other End Users

Asia-Pacific was the largest region in the magnetic sensor market in 2023. The regions covered in the magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Increased growth in demand for smartphones is expected to propel the growth of the magnetic sensor market. A smartphone is a handheld phone that includes an embedded computer and other features not normally associated with normal phones. Smartphones include a magnetic sensor like magnetometer, which allows the phone to sense its orientation and useful in basic apps like the compass app and navigation/position to determine the location and useful for the navigation. For instance, according to a report published in January 2022 by the Consumer Technology Association (CTA), a US-based trade association representing consumer technology companies, smartphone sales in 2022 were expected to reach 154.1 million units ($74.7 billion in shipment revenues), a 3% increase over 2021’s 149.6 million units. Therefore, increased growth in demand for smartphones driving the magnetic sensor market going forward.

Key Industry Players

Major companies operating in the magnetic sensor market are focused on developing innovative products, such as linear magnetic field sensors, to gain a competitive edge in the market. Linear magnetic field sensors are transducers that detect and measure the strength and direction of a magnetic field. For instance, in May 2023, Multidimension Technology Co Ltd., a China-based provider of magnetic sensors, launched TMR265x Programmable TMR Linear Sensors. They are uniquely designed sensors for high-speed current sensing applications in power electronics and offer a 2MHz bandwidth, making them ideal for monitoring currents in silicon-carbide (SiC) and gallium-nitride (GaN) power switches. The TMR2625x sensors also offer excellent temperature stability and can be programmed to provide a customizable sensitivity and measurement range of up to ±1000 Gauss.

The magnetic sensor market report table of contents includes: