Press release
Magnetic Sensor Market Trends That Will Shape the Next Decade: Insights from Innovative Product Offerings Drive Competitive Advantage In The Magnetic Sensor Market
Magnetic Sensor
How Large Will the Magnetic Sensor Market Size By 2025?
In recent times, there has been a robust growth in the size of the magnetic sensor market. Its growth is predicted to escalate from $3.89 billion in 2024 to $4.15 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. Factors such as industry adoption periods, product development schedules, changes in consumer behavior, investment trends, and scope of application have influenced the growth observed during the historical period.
How Big Is the Magnetic Sensor Market Size Expected to Grow by 2029?
Anticipated to exhibit robust expansion in the coming years, the magnetic sensor market's valuation is projected to surge to $5.56 billion by 2029, with a compound annual growth rate (CAGR) of 7.6%. The predicted growth in the forecast phase is attributed to factors like industry diversification, increasing demand for IoT devices, the expansion of the automotive industry, upcoming applications, and the dynamics of the supply chain. The forthcoming period will feature key trends such as miniaturization, integration of IoT, automotive applications, the advent of novel technologies, and innovations in healthcare.
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Which Key Market Drivers Powering Magnetic Sensor Market Expansion and Growth?
The magnetic sensor market is anticipated to experience significant growth due to the rising demand for smartphones. Smartphones, unlike conventional phones, are handheld devices equipped with built-in computers along with additional features. A magnetometer, one of these additional features, is a type of magnetic sensor that determines the phone's orientation, essential for basic applications such as compasses and navigation tools. The Consumer Technology Association (CTA), a trade body representing consumer tech firms in the US, issued a report in January 2022 forecasting a spike in smartphone sales to 154.1 million units in 2022, corresponding to shipment revenues reaching $74.7 billion. This marked a 3% increase compared to the 149.6 million units sold in 2021. Consequently, this surge in smartphone demand is contributing significantly to the expansion of the magnetic sensor market.
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Which Fast-Growing Trends Are Poised to Disrupt the Magnetic Sensor Market?
The trend of product innovation is taking center stage in the magnetic sensor market, as leading businesses aim to solidify their market position through the introduction of unique products. For example, in January 2022, Allegro MicroSystems, a semiconductor manufacturing firm based in the United States, launched the market's smallest 3D magnetic sine/cosine Hall-effect position sensor integrated circuit, the A33230. This provides a cost-efficient solution for automotive and industrial industries, making it available shortly after its entry into the market. The A33230 integrates vertical and planar Hall-effect elements with orthogonal sensing axes, enabling a 90° phase separation that is intrinsically free from magnet pole spacing and air gap.
What Are the Emerging Segments in the Magnetic Sensor Market?
The magnetic sensor market covered in this report is segmented -
1) By Type: Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors, Flux Gate Sensors
2) By Range: Low Field Sensors (10 Gauss)
3) By Application: Speed Sensor, Detection Or Non-Destructive Testing(NDT), Position Sensor, Navigation And Electronic Compass, Flow Rate Sensor
4) By End User: Automotive, Aerospace And Defense, Industrial, Consumer Electronics, Banking, Financial Services, And Insurance (BFSI), Other End Users
Subsegments:
1) By Hall Effect Sensors: Linear Hall Effect Sensors, Latch Hall Effect Sensors, Rotary Hall Effect Sensors
2) By Magnetoresistive Sensors: Anisotropic Magnetoresistive (AMR) Sensors, Giant Magnetoresistive (GMR) Sensors, Tunnel Magnetoresistive (TMR) Sensors
3) By SQUID Sensors: DC SQUIDs (Direct Current Superconducting Quantum Interference Devices), RF SQUIDs (Radio Frequency Superconducting Quantum Interference Devices)
4) By Flux Gate Sensors: 2D Flux Gate Sensors, 3D Flux Gate Sensors
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Who Are the Global Leaders in the Magnetic Sensor Market?
Major companies operating in the magnetic sensor market include 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, Diodes Incorporated, Silicon Labs Inc., Pepperl+Fuchs International GmbH
Which are the Top Profitable Regional Markets for the Magnetic Sensor Industry?
Asia-Pacific was the largest region in the magnetic sensor market in 2024. The regions covered in the magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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