The Magnetic Sensor by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Magnetic Sensor, 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.
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.
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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
Product innovations have emerged as a key trend gaining popularity in the magnetic sensor market. Major companies operating in the magnetic sensors sector are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Allegro MicroSystems, a US-based semiconductors manufacturing company, introduced the A33230 3D magnetic sine/cosine Hall-effect position sensor integrated circuit. The A33230 is the smallest 3D magnetic sine/cosine sensor on the market today, providing system designers with a cost-effective solution for automotive and industrial applications within a short time into the market. The A33230 incorporates vertical and planar Hall-effect elements with orthogonal sensing axes, resulting in 90° of phase separation that is inherently independent of magnet pole spacing and air gap.
The magnetic sensor market report table of contents includes:
1. Executive Summary
2. Magnetic Sensor Market Characteristics
3. Magnetic Sensor Market Trends And Strategies
4. Magnetic Sensor Market – Macro Economic Scenario
5. Global Magnetic Sensor Market Size and Growth
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26. South America Magnetic Sensor Market
27. Brazil Magnetic Sensor Market
28. Middle East Magnetic Sensor Market
29. Africa Magnetic Sensor Market
30. Magnetic Sensor Market Competitive Landscape And Company Profiles
Top Major Players:
- TE Connectivity Ltd
- NXP Semiconductors N.V
- Texas Instruments Incorporated
- STMicroelectronics N.V.
- Melexis NV
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