The Global Market for Magnetic Sensors is Projected to Reach US$2.8 Billion by 2024

Demand for High Quality Magnetic Field Sensing Capabilities Drives the Global Magnetic Sensors Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Magnetic Sensors market. The global market for Magnetic Sensors is projected to reach US$2.8 billion by 2024, driven by the demand for high quality magnetic field sensing capabilities in applications such as automobiles, consumer electronics, industrial equipment, and systems used in aerospace & defense, among others.

Magnetic sensors, which are used to study the field around electrical devices, coils and permanent magnets, have been around for decades but were traditionally used only for navigation or finding direction by sensing the magnetic poles of the earth. While magnetic sensors continue to represent the primary means of navigation, their use however has been picking up momentum in a wide range of industries for detecting presence, direction and strength of magnetic fields generated by electronic sources and magnetic materials such as soft and permanent magnets. Over the years, magnetic field sensing applications have expanded to a wide range of detection parameters including measurement of current, linear position, linear angle, linear speed, rotation angle, rotational speed and angular speed. By enabling measurement of these properties without physical contact, magnetic sensors have become a critical element in a range of electronic systems. Demand for high quality magnetic field sensing capabilities is driving the use of magnetic sensors in a range of end-use applications, including automobiles, consumer electronics & appliances, industrial equipment, and systems used in aerospace & defense among others.

Magnetic sensors are increasingly being used as vital components in automotive electronic control systems, benefiting largely by the growing prominence of infotainment systems, anti-lock braking systems, electronic stability control, and engine control management systems in automotive engineering designs. The growing adoption and proliferation of sensors in electric and hybrid vehicles will especially provide growth opportunities in the market in the coming years. Magnetic sensors are also widely used for measuring rotational speed, linear position, and speed in industrial and consumer electronics. Emerging applications such as in energy generation & distribution, power tools, information technology and healthcare sector will boost demand prospects in the coming years. The integration of electronic compass in a range of electronic devices will especially spur growth in the consumer electronics sector. These sensors are also placed on windows, doors, and other access points for security purposes. Stringent government mandates driving the use of smarter, energy efficient and environmental friendly devices will continue to fuel growth for magnetic sensors. The market also stands poised to benefit from technology developments focusing on improving efficiency and bringing out high sensing performance and accuracy. 

As stated by the new market research report on Magnetic Sensors, Europe represents the largest market worldwide closely followed by the US. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 6.7% over the analysis period, led by steady demand for and production of consumer electronics and automobiles and growing use of sensors in the industrial sector. Hall-Effect sensors represents the largest product market in terms of revenue driven by their high versatility, durability, cost effectiveness and easy handling features. Giant Magnetoresistive (GMR) sensors ranks as the fastest growing product market with sales waxing at a CAGR of 6.3% over the analysis period.  

Major players in the market include Allegro MicroSystems, LLC, Asahi Kasei Microdevices Corporation, ams AG, Honeywell International, Inc., Infineon Technologies AG, Melexis Microelectronic Systems, MEMSIC, Inc., NVE Corporation, NXP Semiconductors N.V., Sensitec GmbH, TDK Corporation and TDK-Micronas GmbH, among others. 

The research report titled “Magnetic Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and strategic industry activities of major companies worldwide. The report provides market estimates and projections for sales of Magnetic Sensors in US$ Thousand at the Manufacturer’s levels for all major geographic markets- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The market for Magnetic Sensors is also analyzed by the technology type - Hall Effect, Anisotropic Magnetoresistive (AMR), Giant Magnetoresistive (GMR), Others. Global market for Magnetic Sensors is also analyzed by end-use sector - Aerospace & Defense, Automotive, Industrial, Electronics & Consumer Appliances, and Others.

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