Global Magnetic Sensor Market Segments 2024, Forecast To 2033
5 Mar, 2024
The magnetic sensor market has shown strong growth from $3.67 billion in 2023 to $3.95 billion in 2024, with a 7.7% CAGR. Growth in the historic period is attributed to industry adoption phases, product development timelines, consumer behavior, investment patterns, and application expansion. Expecting strong growth, the market is projected to reach $5.3 billion in 2028 with a 7.6% CAGR, driven by industry diversification, IoT device demand, automotive industry expansion, emerging applications, and supply chain dynamics. Major trends include miniaturization, IoT integration, automotive applications, emerging technologies, and healthcare innovations.
Global Magnetic Sensor Market Key Driver
The magnetic sensor market is witnessing growth with the increased demand for smartphones. Smartphone sales are expected to reach 154.1 million units in 2022, indicating a 3% increase from the previous year.
Get A Free Sample Of The Global Magnetic Sensor Market ReportGlobal Magnetic Sensor Market Segments
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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
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
Major Magnetic Sensor Industry Players
TE Connectivity Ltd.; NXP Semiconductors N.V; Texas Instruments Incorporated; STMicroelectronics N.V.; Melexis NV; Infineon Technologies AG; TDK Corporation; Allegro MicroSystems LLC; Asahi Kasei Corporation; Honeywell International Inc.; NVE Corporation; AMS AG; Robert Bosch GmbH; Kohshin Electric Corporation; Micronas Semiconductor Holding AG; Sensitec GmbH; Murata Manufacturing Co. Ltd.; Baumer Ltd.; Elmos Semiconductor AG; Analog Devices Inc.; Crocus Technology; Omron Corporation; Sensoronix Inc.; Bosch Sensortec GmbH; Magnetic Sensors Corporation; Diodes Incorporated; Silicon Labs Inc.; World Magnetics; MEMSIC Austria GmbH; Pepperl+Fuchs International GmbH
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AIOps Magnetic Sensor Market Overview
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.
Magnetic Sensor Global Market Report 2023 provides data on the global magnetic sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The magnetic sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.