USD 7.1 billion
Magnetic Sensors Market Size, Share, Growth Analysis, By Type(Hall Effect Sensors and Magneto Resistive Sensors), By Application(Position Sensing and Speed Sensing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2037 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
59
|Figures:
75
Magnetic Sensors Market Insights
Global Magnetic Sensors Market size was valued at USD 7.1 billion in 2022 and is poised to grow from USD 8.39 billion in 2023 to USD 31.98 billion by 2031, growing at a CAGR of 18.2% in the forecast period (2024-2031).
The market is expected to grow significantly as a result of their increased integration in various industries. Advancements in sensing techniques have led to the widespread adoption of these sensors, with government mandates requiring their use in automobiles expected to further drive market growth. Magnetic sensors are essential components in navigation systems used in cars and smartphones, which ensures that demand for these sensors will remain strong in these two sectors. As a result of the increasing demand in the automotive sector, the market is projected to maintain a healthy growth rate throughout the forecast period. Sensor manufacturers are focused on developing efficient devices that can be integrated into a variety of applications. These devices allow for contactless operations and wear-free measurements of angular speed and angle of rotation. Manufacturers are also investing heavily in research and development activities to produce advanced sensory components with features such as motion detection, speed, and proximity to cater to the needs of various end-use verticals. Magnetic sensors are becoming increasingly important in electronic control systems for both commercial and passenger vehicles, leading to enhanced safety and driver convenience. Additionally, the rising adoption of sophisticated smartphones and tablets is driving demand for advanced sensing components, which is expected to have a positive impact on the market in the coming years. Magnetic sensors are also being used extensively in Non-destructive Testing (NDT) and medical R&D. While the average selling prices of magnetic sensors are declining due to intense competition in the market, their growing application ranges are expected to support market growth in the near future. To secure long-term deals with companies across various end-markets, manufacturers are being forced to reduce their margins.
US Magnetic Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Application
Fastest Growth
Application
Growth Rate
18.2% CAGR
Global Magnetic Sensor Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Magnetic Sensors Market Segmental Analysis
Global Magnetic Sensors market is segmented by type, application, and region. Based on type, the market can be segmented into hall effect sensors and magneto resistive sensors. Based on application, the market is segmented into position sensing and speed sensing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Magnetic Sensors Market Analysis by Type
By type, the market can be segmented into hall effect sensors and magneto resistive sensors. Hall Effect Sensors dominated the magnetic sensors market. They have a wide range of applications and are used in various industries such as automotive, consumer electronics, and industrial. Hall Effect Sensors are preferred due to their high accuracy, fast response time, and low power consumption. They are also cost-effective and easy to integrate into various systems.
Magneto Resistive Sensors are the fastest growing segment in the global market. They are gaining popularity due to their high sensitivity, low power consumption, and ability to operate in harsh environments. Magneto Resistive Sensors are used in applications that require high accuracy and precision such as medical equipment, robotics, and automation. The increasing demand for magneto resistive sensors in various industries is expected to drive the growth of this segment in the coming years.
Magnetic Sensors Market Analysis by Application
By application, the market can be segmented into position sensing and speed sensing. Position Sensing dominated the global magnetic sensors market. Position sensing involves detecting the position of an object, and it is used in various industries such as automotive, aerospace, and defense. Magnetic sensors are preferred for position sensing due to their high accuracy and reliability, making them ideal for safety-critical applications. They are also cost-effective and easy to integrate into various systems.
Speed Sensing is the fastest growing segment in the Magnetic Sensors Market. Magnetic sensors are widely used in speed sensing applications in the automotive and industrial sectors. They are used to measure the speed of a moving object accurately, making them ideal for safety-critical applications such as braking systems and engine control. The increasing demand for speed sensing applications in the automotive and industrial sectors is expected to drive the growth of this segment in the coming years.
Global Magnetic Sensor Market
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Magnetic Sensors Market Regional Insights
North America dominated the market due to the presence of leading manufacturers of magnetic sensors, and the region has a well-established industrial base with significant demand for these sensors across various end-use industries. The region's automotive and consumer electronics sectors are particularly strong, which has led to a significant adoption of magnetic sensors in navigation systems, smartphones, and other electronic devices. Additionally, government regulations mandating the use of magnetic sensors in automobiles have further bolstered the market growth in North America.
APAC is experiencing a rapid increase in demand for magnetic sensors, driven by the growth of various industries in the region, including automotive, consumer electronics, healthcare, and aerospace. With many local manufacturers making magnetic sensors, China and Japan are two of the main markets in the area. The market expansion in APAC is anticipated to be driven by the rising use of electric vehicles and the rising demand for smartphones and other electronic gadgets.
Global Magnetic Sensor Market by Region
- Largest
- Fastest
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Magnetic Sensors Market Dynamics
Magnetic Sensors Market Drivers
Increasing demand for advanced sensing components in various industries
- One major driver of the global magnetic sensors market is the increasing demand for advanced sensing components in various industries. Magnetic sensors offer accurate and reliable measurement of angular speed and angle of rotation, making them essential in electronic control systems for commercial and passenger vehicles, navigation systems, and consumer electronics. Government regulations mandating the use of magnetic sensors in automobiles, along with the rising adoption of electric vehicles and sophisticated smartphones, are further fueling the market's growth.
Magnetic Sensors Market Restraints
Intense competition among manufacturers
- One key restraint of the global magnetic sensors market is the intense competition among manufacturers, leading to declining average selling prices (ASP) and shrinking profit margins. As the market becomes increasingly saturated with players offering similar products, manufacturers are forced to lower their prices to remain competitive and secure long-term deals with end-use companies. This trend is expected to continue, which could affect the market overall revenue growth. However, the expanding application ranges of magnetic sensors in various industries could help counterbalance this restraint.
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Magnetic Sensors Market Competitive Landscape
The global magnetic sensors market is highly competitive, with numerous regional and global players vying for market share. Manufacturers are focusing on providing efficient and reliable magnetic sensing devices that can be integrated across a wide range of applications. In addition, aggressive investment in R&D activities to develop advanced sensory components, such as sensors with features like motion detection and speed, is a key strategy adopted by manufacturers to cater to the diverse needs of end-use verticals. Furthermore, strategic partnerships, collaborations, and acquisitions are also becoming increasingly common to gain a competitive edge in the market.
Top Player’s Company Profiles in Magnetic Sensors Market
- Honeywell International Inc. (US)
- Infineon Technologies AG (Germany)
- NXP Semiconductors (The Netherlands)
- TE Connectivity (Switzerland)
- TDK Corporation (Japan)
- STMicroelectronics (Switzerland)
- Allegro MicroSystems, LLC (US)
- Asahi Kasei Corporation (Japan)
- ams AG (Austria)
- Robert Bosch GmbH (Germany)
- AKM Semiconductor, Inc. (Japan)
- MEMSIC Inc. (US)
- Sanken Electric Co., Ltd. (Japan)
- Melexis NV (Belgium)
- Micronas Semiconductor Holdings AG (Switzerland)
- Diodes Incorporated (US)
- Murata Manufacturing Co., Ltd. (Japan)
- TDK-Micronas (Switzerland)
- Magnetic Sensors Corporation (US)
- Kistler Group (Switzerland)
Magnetic Sensors Market Recent Developments
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In January 2024, Infineon launched the Xensiv TLI5590-A6W magnetic position sensor for small, high-precision consumer and industrial applications. These sensors can replace optical encoders and Hall sensors for position measurements and purportedly offer extremely high linearity compared to previous generations of magnetic sensors.
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In December 2023, Neuranics, a spin-out from the Universities of Edinburgh and Glasgow in Scotland, announced the introduction of a new magnetic sensor development kit. The kit will feature the company’s magnetic sensor that can identify tiny magnetic signals from the heart muscle.
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In August 2023, Allegro MicroSystems bought magnetic sensing pioneer Crocus Technology in a cash deal worth $420 million. The deal gives Allegro the unique Tunnel Magnetoresistance (TMR) sensing technology and products from Crocus Technology for e-mobility, clean energy and automation, supported by more than 200 patents.
Magnetic Sensors Key Market Trends
- One key market trend in the global magnetic sensors market is the increasing adoption of advanced technologies, such as Internet of Things (IoT) and Artificial Intelligence (AI), in various industries. Magnetic sensors are being used in combination with these technologies to enable predictive maintenance, efficient energy management, and real-time monitoring in industries like automotive, aerospace, and healthcare. In addition, the growing trend of smart homes and smart cities is expected to further drive the demand for magnetic sensors, as they play a crucial role in enabling automation and efficient functioning of various systems.
Magnetic Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global magnetic sensors market analysis, the market is experiencing significant growth due to increasing demand for advanced sensing components in various industries such as automotive, consumer electronics, and healthcare. Magnetic sensors play a vital role in electronic control systems for vehicles, navigation systems, and consumer electronics, providing reliable and accurate measurements of angular speed and angle of rotation. The market is highly competitive, with numerous global and regional players vying for market share. Manufacturers are focusing on providing efficient and reliable magnetic sensing devices that can be integrated across a wide range of applications, and investing aggressively in R&D activities to develop advanced sensory components. Increasing adoption of advanced technologies like IoT and AI is a key market trend that is expected to drive the market growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.1 billion |
| Market size value in 2031 | USD 31.98 billion |
| Growth Rate | 18.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Magnetic Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Magnetic Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Magnetic Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Magnetic Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Magnetic Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Magnetic Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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