Rise in demand for magnetic sensor in consumer electronics, surge in need for the adoption of magnetic sensors in medical applications, and growth in automotive industry are crucial in contributing toward the growth of the market.
Allied Market Research published a research report on the magnetic sensor market. The findings of the report states that the global market for magnetic sensor generated $2.21 billion in 2018, and is expected to garner $4.22 billion by 2026, witnessing a CAGR of 6.9% from 2019 to 2026.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Ankit Prajapati, the Lead Analyst, Semiconductors & Electronics at Allied Market Research, highlighted, “Sensors have become an intrinsic part of the production process, as they help increase the efficiency and precision through automation. Magnetic sensors are used to keep a track of various parameters such as speed sensing, position sensing, switching, current sensing, and other parameters to control the whole process and ease it through robots. The growth of the magnetic sensor industry is driven by substantial rise in demand for magnetic sensor in consumer electronics, growth in automotive industry, and surge in need for the adoption of magnetic sensor in medical application.”
The research offers an extensive analysis of drivers, restrains, and opportunities to enable market players gain insights for strategizing and tapping on new opportunities. Rise in demand for magnetic sensor in consumer electronics, surge in need for the adoption of magnetic sensors in medical applications, and the growth in automotive industry are crucial in contributing toward the growth of the market. However, high installation cost limits the market growth. On the contrary, increasing developments in autonomous vehicle and growth in trend of Internet of Things (IoT) present lucrative opportunities in the next few years.
The research offers an extensive scenario of Covid-19 along with outlining its impact on the magnetic sensor across the world. The outbreak of Covid-19 had a substantial impact on participants in the magnetic sensor value chain. During the initial days of the pandemic, many industries have stopped their manufacturing operations. In addition, the global supply chain is disrupted due to the prolonged lockdown. These factors impacted the production of magnetic sensors. Moreover, the decline in demand for smart phones during the pandemic affected the magnetic sensors market as it was the prime driving factor for the market growth.
The report offers a detailed analysis of segments of the global magnetic sensors market based on type, application, end-user, and region. This analysis offers insights for new entrants, investors, stakeholders, and market players to determine the largest revenue generating and fastest growing segments to devise strategies according for the future.
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By type, the hall effect sensor segment held the major share in 2018, accounting for nearly three-fifths of the global magnetic sensor market, owing to rise in need for proximity detectors, speed detectors, pulse counters, brushless DC motors, and other devices to detect the accurate position, speed, current, and magnitude of magnetic field in various industries. However, the magnetoresistive sensors segment is anticipated to witness the fastest CAGR of 8.7% during the forecast period. This is owing to surge in demand for sensors that are suitable to operate in harsh environments and conditions such as high or low temperature, radiation, pressure or mechanical shock.
By application, the detection segment held the largest share of the global magnetic sensor market in 2018, accounting for nearly two-fifths of the market. Consumers have been demanding smart devices such as fitness and health devices, GPS-enabled devices, and smart watches, which have enhanced the demand for accelerometers and speed sensors. However, the navigation segment is expected to grow with the highest CAGR of 10.9% during the forecast period, due to rapid adoption of position sensors in the gaming industry, rise in use of smartphones, tablets, mobile devices, and integration of gyroscopes in mobile devices.
The global magnetic sensor market across Asia-Pacific, followed by North America, dominated in 2018, contributing for half of the market. Moreover, this region is expected to portray the fastest CAGR of 8.1% during the forecast period, owing to increase in domestic automotive demand in the emerging markets of India and China.
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Leading players of the global industrial refrigeration market analyzed in the research include Amphenol Corporation, NXP semiconductors N.V., Schneider Electric, ST Microelectronics, TDK Corporation, Analog Devices, Inc., Honeywell International, Infineon Technologies AG, TE Connectivity, and Texas Instruments.
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