Press release
Magnetometer Sensor Market Size, Overview, Business strategies, Growth By Leading Key players, Forecast till 2031
The Global Magnetometer Sensor Market, valued at US$ 3.05 billion in 2021, is set to witness substantial growth, projecting a Compound Annual Growth Rate (CAGR) of 7.5% from 2022 to 2031. As the market strives to reach a staggering value of US$ 6.24 billion by 2031, it undergoes transformative shifts driven by advancements in technology and increasing demand across diverse industries.Market Segmentation:
Measurement Types: The market distinguishes between scalar and vector magnetometers. In 2021, vector magnetometers dominated with a 61.4% share, and this segment is anticipated to maintain its prominence with an 8.0% growth rate. Notably, vector magnetometers, exemplified by the fluxgate magnetometer, find applications in automotive, geographical surveys, metal detectors, and space exploration.
Technology: The Hall Effect segment, holding a substantial 35.2% market share in 2021, is projected to grow at a CAGR of 8.4% during the forecast period. Hall Effect magnetometer sensors, known for their contactless and magnetically activated switches, play a crucial role in enhancing electrical and mechanical systems.
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Market Drivers:
The surge in demand for MEMS magnetometer sensors in industrial automation, automotive, aerospace & defense, and consumer electronics propels market growth. The rise in adoption of magnetometer sensors in the automotive sector, driven by advancements in Advanced Driver Assistance Systems (ADAS) and autonomous driving, further contributes to market expansion.
R&D and Technological Advancements:
Manufacturers focus on Research and Development (R&D) in 3D magnetic sensors, exemplified by Infineon Technologies' TLI493D-W2BW XENSIV. This 3D magnetic sensor combines high-accuracy measurements with a compact design and minimal power consumption, catering to safety-critical automotive applications.
Market Challenges and Opportunities:
The market faces challenges in meeting the evolving needs of end-use industries. However, opportunities abound in the development of novel products and addressing the demands of emerging markets, particularly in the Middle East & Africa, where the adoption of self-driving vehicles is on the rise.
Latest Trends and Future Outlook:
With trends indicating increased R&D in analog bridge magnetic sensors and the development of 3D sensing technologies, the market is poised for continued innovation. The future hinges on investments in technologies such as tunnel magnetoresistance and giant magnetoresistance.
Analysis of Major Players in Global Magnetometer Sensor Market
The global magnetometer sensor market consolidated, with a small number of large-scale vendors controlling the majority of the market share. Key vendors in magnetometer sensor market are focused on investments in R&D, expansion of product portfolios, and adoption of merger and acquisition strategies to enhance their market share.
Allegro Microsystems, Inc., Alps Electric Co. Ltd., Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., Infineon Technologies AG, Magnetic Sensors Corporation, Melexis N.V., NXP Semiconductors, PCE Deutschland GmbH, STMicroelectronics N.V., TDK Corporation, TE Connectivity Corporation, Texas Instruments Incorporated, SSI Technologies, LLC (Amphenol Corporation), Murata Manufacturing Co., Ltd., ams-OSRAM AG, and ABLIC Inc. are prominent entities operating in this market.
Market Segmentation
Measurement Type
• Scalar Magnetometers
• Vector Magnetometers
Technology
• Proton Precession
• Over Hauser Effect
• Optical Pumped Magnetometer (Ionized Gas)
• Fluxgate
• Hall Effect
• SQUID
• Search-coil
• Rotating Coil
• Magneto Resistive
Sensitive Range
• Low magnetic field (50 Gs)
• Product Type
• Single Axis
• Dual Axis
• Three Axis
Regions Covered
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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