Press release
Magnetic Sensor Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Magnetic Sensor Market
According to The Business Research Company's, The magnetic sensor market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to industry adoption phases, product development timeline, consumer behavior, investment patterns, application expansion..
The magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to industry diversification, demand for iot devices, automotive industry growth, emerging applications, supply chain dynamics.. Major trends in the forecast period include miniaturization, iot integration, automotive applications, emerging technologies, healthcare innovations..
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Market Drivers and Trends:
Increased growth in demand for smartphones is expected to propel the growth of the magnetic sensor market. A smartphone is a handheld phone that includes an embedded computer and other features not normally associated with normal phones. Smartphones include a magnetic sensor like magnetometer, which allows the phone to sense its orientation and useful in basic apps like the compass app and navigation/position to determine the location and useful for the navigation. For instance, according to a report published in January 2022 by the Consumer Technology Association (CTA), a US-based trade association representing consumer technology companies, smartphone sales in 2022 were expected to reach 154.1 million units ($74.7 billion in shipment revenues), a 3% increase over 2021's 149.6 million units. Therefore, increased growth in demand for smartphones driving the magnetic sensor market going forward.
Product innovations have emerged as a key trend gaining popularity in the magnetic sensor market. Major companies operating in the magnetic sensors sector are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Allegro MicroSystems, a US-based semiconductors manufacturing company, introduced the A33230 3D magnetic sine/cosine Hall-effect position sensor integrated circuit. The A33230 is the smallest 3D magnetic sine/cosine sensor on the market today, providing system designers with a cost-effective solution for automotive and industrial applications within a short time into the market. The A33230 incorporates vertical and planar Hall-effect elements with orthogonal sensing axes, resulting in 90° of phase separation that is inherently independent of magnet pole spacing and air gap.
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Major Key Players of the Market:
TE Connectivity Ltd.; NXP Semiconductors N.V; Texas Instruments Incorporated; STMicroelectronics N.V.; Melexis NV; Infineon Technologies AG; TDK Corporation; Allegro MicroSystems LLC; Asahi Kasei Corporation; Honeywell International Inc.; NVE Corporation; AMS AG; Robert Bosch GmbH; Kohshin Electric Corporation; Micronas Semiconductor Holding AG; Sensitec GmbH; Murata Manufacturing Co. Ltd.; Baumer Ltd.; Elmos Semiconductor AG; Analog Devices Inc.; Crocus Technology; Omron Corporation; Sensoronix Inc.; Bosch Sensortec GmbH; Magnetic Sensors Corporation; Diodes Incorporated; Silicon Labs Inc.; World Magnetics; MEMSIC Austria GmbH; Pepperl+Fuchs International GmbH
Magnetic Sensor Market 2024 Key Insights:
• The magnetic sensor market will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Smartphone Demand Propels Growth In The Magnetic Sensor Market
• Innovative Product Offerings Drive Competitive Advantage In The Magnetic Sensor Market
• Asia-Pacific was the largest region in the magnetic sensor market in 2023
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