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The global magnetic sensors market is highly driven by the technological advancement and increasing applications of magnetic sensors in consumer electronics such as smartphones, laptops, IoT devices, and other electronic devices. These sensors are used for measuring different parameters and detection of objects, for instance, these devices are used in devices for measuring flow, speed or position of an object or fluid. Additionally, the adoption of these devices in automotive is a major factor driving the magnetic sensor as these sensors are used in various electronic control systems of cars such as electronic stability control, anti-lock braking and engine management control. Moreover, the increasing investment in the automobile and consumer electronics sector is also driving the magnetic sensor market as companies are researching and developing new materials.
Furthermore, various companies are developing new sensors, technology for improving the efficiency of the work process. In June 2018, Infineon Technologies AG had launched a XENSIV TLE5501 angle sensor family magnetic sensors based on TMR technology. However, the decreasing price of semiconductors and sensor is expected to hamper the market growth.
Based on technology, the magnetic sensor market has been segmented as hall effect, anisotropic magneto resistance, giant magneto resistance, tunneling magneto resistance, others. The Hall Effect technology accounts the largest market share in the magnetic sensor market by technology sensor due to various advantages associated with it such as the ability of Hall Effect sensors to withstand dust, water and vibrations.
The Hall Effect sensors have various applications, for instance, these are used in motor control devices for protection and indications, motion sensing, flow sensing, voltage regulation, and others. The current electric vehicles are also using the Hall Effect sensors based on priority.
Asia-Pacific is expected to be the fastest growing market due to the presence of China, Japan, India, South Korea, and others developed and developing the country in the region. The demand for consumer electronics and automobile is growing with high rate. The increasing disposable income in the region is a factor driving the market in the region. Moreover, the presence of various manufacturing companies of sensors in the region also drives the market.
Some of the major companies Infineon Technologies AG, Analog Devices, Honeywell International Inc., Allegro Microsystems, Inc., Magnetic Sensors Corporation, Alps Electric Co., Ltd, AMS AG, Baumer Ltd., Elmos Semiconductor AG, ST Microelectronics, Texas Instruments Inc., NVE Corporation, Sensoronix, Inc., Asahi Kasei Microsystems, Micoronas Semiconductors, Bosh Sensortec, NXP Semiconductors.
According to a new market research report published by Credence Research “Global Magnetic Sensors Market (Technology (Hall Effect, Anisotropic Magneto Resistance, Giant Magneto Resistance, Tunneling Magneto Resistance, Others); Application (Speed sensing, Flow rate sensing, Detection/NDT, Position sensing), End-User (Automotive, Consumer Electronics, Industrial, Healthcare, Others)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall magnetic sensor market worldwide was valued at US$ 2.2 Bn in 2018 and is set to grow with a CAGR of 7.0% during the forecast period.