Global Magnetometer Sensor Market To Record Protruding Growth With US$ 8,409.6 Million By 2032

May 2023 | Report Format: Electronic (PDF)

The increasing use of magnetic sensors in cutting-edge applications like driverless vehicles is anticipated to fuel the expansion of the magnetic market globally. These systems use magnetic sensors, which are incredibly effective, extremely accurate, dependable, robust, and easy to make. Manufacturers of magnetic sensors are expanding their investments in several magnetic sensing technologies, including 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), in order to improve their domain expertise and solidify their market position. Additionally, in order to meet the demands of diverse end-use markets, these competitors are adding novel items to their portfolios of magnetic sensor goods.

Although the shipment of magnetic sensors has expanded due to their broad use in automated vehicles, consumer electronics, and healthcare equipment, price erosion has greatly slowed the rate of growth in these sales. The fierce competition among the growing number of sensor manufacturers contributes to some of this. Many businesses are focusing their R&D efforts on developing affordable alternatives to current magnetic sensing technologies, such as position, speed, and angle sensors made with MEMS and 3D sensing technology. Rapid innovation in new portable, consumer, and loT applications is a result of aggressive R&D activities, and this, in turn, puts pressure on prices, particularly for high-volume applications. Due to the fact that they are more digitally connected than standard automobiles, hybrid and electric vehicles are gaining popularity.

The region with the largest market share, APAC, is anticipated to grow at the highest CAGR during the forecast period. The expansion of the market in APAC is being driven by rising demand for magnetic sensors in automobiles and consumer electronics. The expansion of the market is also being driven by an increase in the number of small and medium-sized firms (SMEs) and their investments in creating better magnetic sensors for a variety of applications. Furthermore, the top 20 automobile-producing nations globally are China, Japan, India, and South Korea; as a result, this area offers the magnetic sensor market tremendous growth potential.

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Magnetometer Sensor Market Report Highlights

• In February 2020, Allegro MicroSystems, LLC launched ATS19580, a fully-integrated, back-biased GMR transmission speed and direction sensor for automotive applications.
• In June 2020, Asahi Kasei Corporation announced launch of AK8781, an ultra-small package latch-type Hall IC, suitable for small DC brushless (BL) motors.

MAGNETOMETER SENSOR MARKET SEGMENTATION

The research report published by Market Research Strategy contains industry segments, as below-

Magnetometer Sensor Type Outlook (Revenue, USD Million, 2017 - 2032)

• Hall Effect
• Anisotropic Magneto-Resistive (AMR)
• Giant Magnetoresistance (GMR)
• Tunnel Magnetoresistance (TMR)

Magnetometer Sensor Application Outlook (Revenue, USD Million, 2017 - 2032)

• Speed Sensing
• Position Sensing
• Detection/ Non-Destructive Testing (NDT)
• Navigation & Electronic Compass

Magnetometer Sensor Regional Outlook (Revenue, USD Million, 2017 - 2032)

• North America (U.S., and Canada)
• Europe (Germany, U.K., France, Italy, Spain etc.)
• Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
• South America (Brazil, Mexico, Argentina etc.)
• Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

List of Key Players- Magnetometer Sensor Market

• Asahi Kasei Corporation
• Allegro MicroSystems
• Infineon Technologies
• TDK Corporation
• Melexis
• Honeywell International Inc.
• TE Connectivity
• Ams AG

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