According to a recent report published by Allied Market Research, titled, "Magnetic Sensor Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018–2026," the global magnetic sensor market size was valued at $2.21 billion in 2018, and is projected to reach $4.22 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026.
The key magnetic sensor market size leaders profiled in the report include Analog Devices, Amphenol, Honeywell International, NXP semiconductors N.V., Schneider Electric, Infineon Technologies AG, ST Microelectronics, TE Connectivity, TDK Corporation, and Texas Instruments. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their magnetic sensor industry share.
The magnetic sensor market is expected to experience growth from 2019 to 2026 due to increase in applications of magnetic sensors in various industries such as automotive, consumer electronics, aerospace, defense, healthcare, and others. Increase in technological advancements related to electrification of vehicles, rise in adoption of smart products, and robotics by industries for automation, and integration of IoT technology are the major factors responsible for the magnetic sensor market growth.
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Rise in demand for magnetic sensor in consumer electronics, growth in automotive industry and surge in need for the adoption of magnetic sensor in medical application are some of the factors that fuel the adoption of magnetic sensors. However, high installation cost, which acts as a restraint for the growth of the market. Growth in trend of internet of things and developments in autonomous vehicles in provides lucrative opportunities for the magnetic sensor market.
The sensors are widely used in automotive, aerospace & defense, and other industries. In automotive sector, vehicles incorporate such as accelerometer, position sensor, proximity sensor, and others, to keep a track on parameters, and provide a centralized system for automatic control.
Technological advancements in magnetic sensor technologies offer innovative and additional features to the medical devices and equipment. Magnetic sensors are used by doctors for tracking the speed of components in medical test equipment such as measuring magnetic field in near and MRI machines. Moreover, magnetic sensors measure the position of components in blood analysis machines and proper location of needles in medical syringes. These magnetic sensors also provide medical facilities by means of telemedicine in the rural and underdeveloped areas. For instance, hall effect magnetic sensors are used in medical equipment to ensure the safety in interlocks and access panels.
Consumers are increasingly demanding smart devices such as fitness and health devices, smart watches, and GPS-enabled devices, which have increased the demand for accelerometers and speed sensors. These magnetic sensors need to be integrated in mobile devices such as smartphones and tablets, to enhance the screen orientation, gaming, and GPS connectivity. For instance, scientists have developed a new accelerometer technology that enables smart watches to recognize gestures such as taps and flicks, as well as identify objects held in the user’s hand, making possible new types of interactions with wearable devices. Thus, all these factors are responsible for the growth of the magnetic sensor in the near future.
The growth of the magnetic sensor industry is driven by substantial rise in demand for magnetic sensor in consumer electronics, growth in automotive industry, and surge in need for the adoption of magnetic sensor in medical application. However, high installation cost restrains the growth of the market. Furthermore, growth in trend of Internet of Things and developments in autonomous vehicles offer lucrative opportunities for the market growth. The magnetic sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LEMEA. Asia-Pacific secured highest revenue share in 2018.
Key Findings of the Study:
By type, the hall effect sensor segment generated the highest revenue in the magnetic sensor market in 2018.
By application, the detection segment generated the highest revenue in the market in 2018.
By end user, the automotive segment generated the highest revenue in the market in 2018.
By region, Asia- Pacific generated the highest revenue in the magnetic sensor market in 2018.