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Magnetic Sensor Market: Automotive is Projected to be the Most Attractive Application Segment During the Forecast Period – Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028
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A magnetic sensor is a small-scale micro electrochemical systems (MEMS) device for detecting and measuring fields. This sensor acts as a transducer which varies its output voltage in reaction to a magnetic field. These type of sensors are used for proximity switching, speed detection, positioning and current sensing applications. Moreover, these sensors also detects changes and disturbances in a magnetic field like flux, strength and direction. This report includes magnetic sensors which are based on Hall Effect, AMR (Anisotropic Magneto-Resistive), GMR (Giant Magneto-Resistance), and TMR (Tunnel Magneto-Resistance) technologies.
The global magnetic sensor market is anticipated to expand at a CAGR of 4.8% during the forecast period. The global magnetic sensor market was valued at US$ 1,906.1 Mn in 2018 and is anticipated to increase significantly to reach US$ 3,053.5 Mn by 2028, due to increase in demand of magnetic sensors for multiple applications in automotive and IoT.
Global magnetic sensor market is categorize by technology, by application and by region. By technology, the market is segmented as Hall Effect, AMR (Anisotropic Magneto-Resistive), GMR (Giant Magneto-Resistance), and TMR (Tunnel Magneto-Resistance). The Hall Effect sub segment accounted for relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub segment is also accounted for the largest market share of 45.4% in 2017. Moreover, the technological advancements in vehicle technology, increasing electrifications, and growing demand for smart products are some of the major factors which are fuelling the growth of global magnetic sensor market.
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On the basis of application, the global magnetic sensor market is segmented by industrial, automotive, consumer electronics, and others. The automotive sub segment accounted for relative higher CAGR of 5.3% because of increase in demand for connected vehicles and advanced driving assistance.
Among regions, North America accounted for the largest market share in 2018. Owing to the increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC accounted for relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
Some of the popular vendors in Magnetic Sensor Market are Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors, STMicroelectronics, TE Connectivity, Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., and Diodes Incorporated.
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