What Has Driven the Growth of the Magnetic Sensor Market in Recent Years?
The magnetic sensor market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a robust growth in the size of the magnetic sensor market. The market is projected to expand from $3.89 billion in 2024 to $4.15 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.9%. Factors such as industry adoption phases, product development timeline, consumer behavior, investment patterns, and application expansion have contributed to the growth during the historic period.
What Are the Future Growth Projections for the Magnetic Sensor Market Size Evolve over the Forecast Period?
The Magnetic Sensor market is expected to maintain its strong growth trajectory in upcoming years.
• The market for magnetic sensors is projected to experience robust expansion in the forthcoming years, with the market size predicted to reach $5.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.6%.
This growth during the forecast period is likely due to a variety of factors including diversification in the industry, surge in the demand for IoT devices, growth in the automotive sector, new application areas, and supply chain dynamics. Key trends expected to shape this market in the forecast period include miniaturization, incorporation of IoT, applications in the automobile sector, upcoming technologies, and innovations in healthcare.
What Are The Core Factors Supporting Growth In The Magnetic Sensor Market?
The surging demand for smartphones is anticipated to fuel the expansion of the magnetic sensor market. A smartphone, being a mobile device packed with a range of added functionalities not commonly found in standard phones, essentially includes a magnetic sensor like a magnetometer. This sensor enables the device to identify its orientation and is pivotal for basic applications such as compass apps and navigation for location identification. For instance, the Consumer Technology Association (CTA), an American trade organization representing consumer tech firms, published a report in January 2022 predicting smartphone sales for the year to hit 154.1 million units ($74.7 billion in shipment revenues). This projected volume signifies a 3% rise compared to the 149.6 million units sold in 2021. Consequently, the heightened demand for smartphones is steering the future growth of the magnetic sensor market.
What Are The Major Segments Within The Global Magnetic Sensor Market?
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
Subsegments:
1) By Hall Effect Sensors: Linear Hall Effect Sensors, Latch Hall Effect Sensors, Rotary Hall Effect Sensors
2) By Magnetoresistive Sensors: Anisotropic Magnetoresistive (AMR) Sensors, Giant Magnetoresistive (GMR) Sensors, Tunnel Magnetoresistive (TMR) Sensors
3) By SQUID Sensors: DC SQUIDs (Direct Current Superconducting Quantum Interference Devices), RF SQUIDs (Radio Frequency Superconducting Quantum Interference Devices)
4) By Flux Gate Sensors: 2D Flux Gate Sensors, 3D Flux Gate Sensors
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Which Trends Are Expected To Transform The Magnetic Sensor Market?
In the magnetic sensor market, product innovations have become a pivotal trend gaining prominence. Companies heavily involved in the magnetic sensors industry are concentrating their efforts on crafting inventive products to fortify their market standing. For example, in January 2022, Allegro MicroSystems, a semiconductor manufacturer from the US, launched the A33230 3D magnetic sine/cosine Hall-effect position sensor integrated circuit. This product has the distinction of being the smallest 3D magnetic sine/cosine sensor on the market at present, offering a cost-effective solution for automotive and industrial uses within a quick turnaround in the market. The A33230 features Hall-effect elements for both vertical and planar planes with orthogonal sensing axes. This creates 90° of phase separation, which naturally doesn't rely on magnet pole spacing and air gap.
Who Are the Key Players In The Magnetic Sensor Market?
Major companies operating in the magnetic sensor market include:
• 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
• Diodes Incorporated
• Silicon Labs Inc.
• Pepperl+Fuchs International GmbH
What Is The Most Dominant Region In The Magnetic Sensor Market?
Asia-Pacific was the largest region in the magnetic sensor market in 2024. The regions covered in the magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
