According to Acumen Research and Consulting, the global Magnetic Sensor market is expected to grow at noteworthy CAGR around 6.6 % throughout the forecast period and reach around US$ 3.4 billion by 2026.
Magnetic sensors are categorized as full magnetic field measurements or magnetic field vector components. Permanent magnets are used for several purposes, such as neodym magnets, to trigger the magnetic sensors. The magnetic sensor is used for the identification of the magnetic field size and direction. It consists of a rotating sensor tip that measures transversal and longitudinal magnetic fields.
The report provides analysis of global Magnetic Sensor market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Increased integration of motors with different vertical industries is anticipated to increase market growth, supported by major technological advances in sensing technology.
The market development is anticipated to benefit from government regulations requiring the incorporation of magnetic sensors into cars. Magnetic sensors are a essential component of automotive and smartphone navigation systems which are supposed to boost their demand in both industries.
Due to increased demand for automotive magnetic detectors, a good growth rate throughout the forecast era is projected on the market. Sensor companies have emphasized that effective devices can be incorporated in many apps. These instruments support contactless activities and wear-free angular velocity and rotational angle measurements. Another approach taken by producers is aggressive investment in R&D to develop sophisticated sensory elements. It is intended to create sensors with characteristics like motion detection, velocity and closeness to meet the requirements of various vertical end-use applications.
In both business and passenger cars, magnetic sensors form the construction blocks of electronic control systems. These systems guarantee greater safety and increase driver comfort, which has resulted in an increase in their acceptance. Such sophisticated sensing components ensure high economic reliability and effectiveness.
The high penetration of advanced sensing parts, which will have a positive effect on the market in the following years, was the result of the high level of sophisticated smartphones and tablets. The non-destructive testing (NDT) and medical R&D sectors also have widely used magnetic detectors.
Average magnetic sensor sales prices (ASPs) are steadily decreasing due to intense market competition. As a consequence, producers are compelled to cut their margins, so that long-term agreements with businesses across various markets can be secured. While the ASPs are expected to continue to reduce this number, the market will continue to benefit from increased application ranges of magnetic detectors in the coming years.
The Hall Effect segment, amongst innovations, accounted for a significant share in sales and was estimated at nearly USD 640.0 million in 2018; its dominance is expected to continue throughout the forecast period. This is due to the reality that they are simple to implement, design compact and offer a variety of working voltages and power choices.
In the TMR segment, the most volume-oriented CAGR over the forecast period is projected to be more than 14%. TMR devices are suitable for a broad spectrum of industrial applications including bio-sensoring and MRAM. Due to its capacity to deliver high performance, sensitivity and sensing performance similar to Wheel Speed Sensors (WSS), the technology is gaining in popularity in the anti-lock braking (ABS) sector. Due to its intrinsic characteristics such as increased magnetoresistence, reduced cost and higher flexibility, AMR sensors should also be common during the forecast period.
The automotive industry is anticipated to emerge over the forecast period as the most demand producing segment. In different automotive apps approximately 1.5 million magnetic sensors were used in 2018. This year, the segment was also responsible for the dominant share in the magnetic sensor industry. The development of the segment is shaped by key legislative bodies around the globe in order to tackle increasing concerns about environmental pollution, emphasizing the use of electric and hybrid cars.
Increased magnetic sensors will have a positive effect on market growth in consumer electronics. These sensors form part of the appliances like tablets, smartphones, scanners, printers, laptops, flat panels and cameras. They are also integrated. They are also integrated into game controllers and other intelligent goods.
In latest years, the use of robots in plant automation has become more prominent. For engine movement, linear and angular position sensing with greater precision, repeatability and precision are required in the factory automation solutions. Magnetic sensors are increasingly being used for angular and linear sensing, security switches, and proximity detection in order to tackle the increasing need to increase the effectiveness of manufacturing lines.
Asia-Pacific captured the market both in revenues and in quantity in 2018, due to the region's thriving car and consumer electronics sectors and the presence in China and Japan of leading sensor producers. The demand for cars and high-tech smartphones has increased in the region for magnetic sensors.
Connected automobiles have become significantly more prominent in North America, with client purchasing conduct starting to depend on the communication skills provided by different vehicle producers. Miniature magnetic sensors help to transmit these capacities while maintaining fundamental automotive functionality. The sensing elements are also gaining traction within the region in multiple applications, such as position sensing, flow rate detection and velocity sensing.
The European market in 2018 amounted to over USD 400 million and will continue to grow steadily over the forecast era. In Europe, hybrid cars integrated into the energy systems of Hall Effect are seen to be more adopted, which has significantly contributed to the development of the industry.
Market players are growing investments in Middle East & Africa (MEA) to expand their physical presence. During the forecast era, the market in GCC nations is anticipated to grow significantly, as many semiconductor suppliers in the area offer miniaturized magnetic detectors for improvement of operational effectiveness. In particular, Brazil, the national magnetic sensors market has been driven by rising expenditure on IT and the increased use of sophisticated techniques in South America. During the forecast period, Brazil is anticipated to maintain a important share of its market income in the region.
Global Magnetic Sensor Market, By Technology
Global Magnetic Sensor Market, By Application
Global Magnetic Sensor Market, By Geography
The market research study on “Magnetic Sensor Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Magnetic Sensor market segments with market dynamics and their impact. The report also covers basic technology development policies.
This study offers an assessment of the recent trends in sector in every sub segment from 2014 to 2026 and forecasts revenues and increase in volume on a worldwide, regional and national level. For this research, ARC has divided the worldwide report on mobile air compressors by technology, application, and region.
Key Players & Strategies
Due to a fractional and extremely focused competitive environment, the worldwide sector faces strong competition between the major markets. In addition, enhanced production methods and the implementation of TMR technology will provide sensor manufacturers and related sector participants with significant growth possibilities. The worldwide sector is driving new product trends and latest improvements in sensing techniques.
Alps Electric Co. Ltd; Magnetic Sensors Corporation; Asahi Kasei Baumer Ltd.; Honeywell International, Inc.;Allegro Microsystems, Inc.; Elmos Semiconductor AG; iC - Haus; Memsic Corporation; MultiDimension Technology Co. Ltd; NVE Corporation; Microdevices Corporation; and NXP Semiconductors are several of the well-known incumbents in the industry.
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