Press release
What's Driving the Magnetic Sensor Market Growth? Allegro MicroSystems, Amphenol, Analog Devices, Honeywell, Infineon Technologies, Melexis, Microsemi Corporation, NXP Semiconductors, STMicroelectronics, TE Connectivity, Texas Instruments
The output voltage signal of automotive magnetic sensors is not reliant on the detected field which warrants that they would remain unaffected by outside conditions, such as fog, humidity, dust, rain, chemicals, and vibrations. Also, the rapid development in automated guided vehicle market, which is a leading consumer of various sensors and tracking systems, will support magnetic sensor market forecast. In essence, the expansion of automotive industry will translate into newer profit avenues for magnetic sensors companies.
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Magnetic sensors find mainstream applications across the automotive, aerospace, and semiconductor industries. Frequent product developments equipped with cutting edge technology is a major parameter underlining the strategic landscape. The same can be evidenced by the launch of hall effect technology-based range of sensors by Variohm Eurosensor in 2019.
With magnetic sensors being applied across a multitude of automotive components, the sector has emerged as a major application ground for magnetic sensor market. Against the backdrop of mounting vehicle safety concerns, GMR and TMR technology-based sensors have gained noteworthy penetration in the automotive sector as they aid in significantly improving vehicle monitoring and performance. Moreover, intensifying demand for autonomous and electric vehicles are slated to intensify the product landscape of magnetic sensor market.
The emergence of Giant Magnetoresistance (GMR) technology has opened up a plethora of growth avenues for the magnetic sensor market. GMR technology-based sensors provide better feasibility of fabrication and are highly desirable in biosensors, hard disk drives, CMOS standard microelectronics, current strips, coils and microelectromechanical systems. The technology is massively deployed in electric and autonomous vehicles. These magnetic sensors feature superior capabilities which allow precise angular measurements and larger working distances. Moreover, the product on account of increasingly being paired with several other contemporary technologies is further witnessing a massive popularity across a slew of verticals.
The aerospace industry is demonstrating prolific growth momentum, especially in the US. As per estimates of the U.S. Department of Commerce, the U.S. aerospace industry accounted for export sales worth USD 151 billion in 2018.
Magnetic sensors are a key enabling technology for the aerospace industry. These products play a vital role in aircraft operations and are incorporated with various aircraft equipment to facilitate functions such as proper component positioning and determination of aircraft direction. Additionally, the product also witnesses prominent deployment for execution of tasks such as tracking position of rotating components and measuring the alignment between moving aircraft components.
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Europe magnetic sensor market growth is favored by the presence of an established automotive industry in the region. Estimates of the European Automobile Manufacturers Association suggest that almost 20% of the global automotive production took place in Europe in 2017, which was equal to 19.6 million. The region being economically sound experiences a considerably high sale of premium cars, which are invariably equipped with robust components. Moreover, the continent houses some of the major premium automakers such as Volkswagen, Mercedes-Benz, BMW, and others, who have the propensity to manufacture high-end vehicles with premium features. Such factors along with the growing popularity of connected vehicles, autonomous driving, and IoT are likely to bolster Europe magnetic sensor market size through 2025.
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