Magnetic Sensors Market at a CAGR of 6.5% from 2021 to 2027

The global magnetic sensors market size was valed at USD 2,376.2 million in 2020 and is expected to grow USD 3,467.2 million by 2027, at a CAGR of 6.5% from 2021 to 2027. The high usage of magnetic sensors in new navigation devices, presence detection (building automation-related applications), medical areas, and the automotive sector leads to a paradigm shift in the magnetic sensors market worldwide. As the efficiency and capabilities of these sensors improve over time, their enhanced ability to measure without physical contact is leading to their crucial application in electronic systems. There are emerging applications in automotive, used as automotive control systems, braking systems, engine control systems, etc. In contrast, these are deployed in systems in other areas, like an electronic compass in mobile phones.

The application of magnetic sensors is increasing due to their ability to convert motion into signal remotely and provide information and intelligence to objects; this is driving the demand for automotive and IoT applications. For instance, Infineon offers a Xensiv line of magnetic sensors specific to the automotive industry; the company's Hall and GMR-based magnetic speed sensors find applications in safety and powertrain applications, such as ESP, ABS, camshafts/crankshafts, and automatic transmissions.

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The application of magnetic sensors is increasing due to their ability to convert motion into signal remotely and provide information and intelligence to objects; this is driving the demand for automotive and IoT applications. For instance, Infineon offers a Xensiv line of magnetic sensors specific to the automotive industry; the company's Hall and GMR-based magnetic speed sensors find applications in safety and powertrain applications, such as ESP, ABS, camshafts/crankshafts, and automatic transmissions. Hall effect magnetic sensors are increasingly used in many switching applications, from powering devices to mode selection. These switches based on hall effect sensors provide the water and weather barrier due to their isolative nature from their paired magnet, resulting in increased robustness by reducing metallic contact and moving parts.

Drivers: Increasing Regulations Around Energy Efficient Systems and Automobiles
According to EIA, With the increasing amount of energy consumption by the industries, governments across the globe are regulating and promoting the adoption of energy-efficient solutions. For instance, in 2018, the global industry electricity consumption stood at 36.7 quadrillion British thermal units.

For instance, the European Union's Energy Efficiency Directive aims to achieve intelligent energy transition for sustainable, competitive, and secure energy. The regulation's four key points are readiness indicator for intelligent applications, mandatory energy audits for large companies, energy efficiency inspections of HVAC installations, and building control and automation systems as an alternative to physical inspections. Moreover, in the United States, the EPA issued Affordable Clean Energy (ACE) rule in June 2019 to replace the Clean Power Plan (CPP). Under the regulation, the regulation deals with state renewable portfolio standards and state energy efficiency programs.

Restraints: Falling Average Selling Prices (ASPS) of Semiconductors and Sensors
Over the coming years, magnetic sensors are expected to undergo price erosion. The reduction in average selling price is driven by the price of end-user industry products, such as consumer electronics, automotive, industrial, and healthcare devices.

The falling average prices align with the increasing customer's propensity toward electronic fabrication techniques that offer significant cost benefits. Due to this, foundries worldwide are innovating their processes, and the ones that operate old equipment are forced to shut down. Foundries that have incorporated innovative manufacturing solutions are passing on the cost benefits to customers. Even customers are forcing down the prices due to the sheer size of the order.

Scope of the Report
The study categorizes the magnetic sensors market based on technology and application at the regional and global levels.

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By Technology Outlook (Revenue, USD Million, 2017-2027)
Hall Effect
Anisotropic Magneto Resistance (AMR)
Giant Magneto Resistance (GMR)
Tunneling Magneto Resistance (TMR)
Other Technologies
By Application Outlook (Revenue, USD Million, 2017-2027)
Automotive
Consumer Electronics
Industrial (apart from Automotive)
Other Applications
By Region Outlook (Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The hall effect segment is projected to account for the largest market share by technology
Based on technology, the global magnetic sensors market is segmented into hall effect, anisotropic magnetoresistance, giant magnetoresistance, tunneling magnetoresistance, and other technologies. In 2020, the hall effect segment accounted for the largest market share of 48.0% in the global magnetic sensors market. The Hall effect has been known for over a century, but it has just been used in a meaningful way in the last three decades. With semiconductor mass manufacturing, it became possible to employ the Hall effect in high-volume goods. Hall effect magnetic sensors may be found in many items in today's market, from computers to sewing machines, vehicles to airplanes, machine tools to medical equipment.

Furthermore, the recent outbreak of the Coronavirus distilled sloth-like growth rates in consumer electronics markets. The planned new product introductions will be impacted by the component shortages and delayed delivery of some manufacturing equipment from China.

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Asia Pacific accounts for the highest CAGR during the forecast period

The worldwide magnetic sensors market has been divided into five regions: North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific is expected to have the highest CAGR of 7.21% in the worldwide magnetic sensors market during the projected period. India, Japan, South Korea, China, Australia, Southeast Asia, and the rest of Asia-Pacific are all part of the area. The region's expansion is driven mostly by strong economic growth in rising local markets such as China, Indonesia, Malaysia, and India.

After the Asia Pacific, Middle East & Africa is the fastest-growing region with a CAGR of 6.4% during the forecast period, 2021-2027. The Middle East & Africa comprises over 70 countries with diverse geographical conditions and demographics. The region holds some of the countries that are major suppliers of natural resources. Various countries in the region are moving toward advanced technology and sustainable solutions. This, in turn, is influencing the demand for the sensor market. Factors such as the continuous growth in the consumer electronics segment, increasing opportunities in the automotive industry, increasing demand for hybrid and electric vehicles, UAVs, sensor market growth for IoT, and growing applications, such as navigation, are driving the market growth. The key players in the market are focused on providing innovative offerings and benchmark strategies in the market.

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Key Market Players
The magnetic sensors market is mildly concentrated, with few global players operating in the market such as Analog Devices, Amphenol, Honeywell International, NXP SEMICONDUCTORS N.V., Schneider Electric, Infineon Technologies AG, ST Microelectronics., TE Connectivity, TDK Corporation, and Texas Instruments.

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