Global Magnetic Sensors Market By Overview
Magnetic Sensors Market was valued at US$ 5.8 billion in 2024 and is projected to grow at a CAGR of 7.9% to reach US$ 10.6 billion by 2034.
Magnetic sensor is a sensor that detects the magnitude of magnetism and geomagnetism generated by a magnet or current. Magnetic sensor is used in various applications such as cars, smart phones, refrigerators, and others. In cars, it is used for identifying the gap between two cars and controlling the speed accordingly. For instance, Infineon Technologies, a well-known manufacturer of sensors, provides solutions to meet requirements of automotive and industrial applications. The distance between a position magnet and the sensing rod's head end is measured by magnetostrictive linear position sensors. They are suited to severe industrial (automation) environments and offer position control signals that are highly accurate and dependable. A magnetic sensor is a device that detects changes in the strength, direction, and flux of a magnetic field and disturbances. Numerous manufacturers provide magnetic sensors, which are utilized in countless applications requiring high dependability and cost-effective solutions. Different sensors are available to detect various attributes, including light, pressure, and temperature.
Due to several factors, including the growing need for the adoption of magnetic sensors in medical applications, the expansion of the automotive industry, and the rise in demand for magnetic sensors in consumer electronics, the demand for magnetic sensors in the commercial sector is anticipated to increase rapidly during the forecast period. However, a significant global market growth risk is the high installation cost. The magnetic sensor market in the commercial sector is examined and estimated based on the effects of the opportunities, constraints, and drivers. This sensor detects disturbances to magnetic fields and changes to the field's flux, direction, and strength. Many manufacturing companies provide magnetic sensors, which are used in many applications requiring high reliability and economical solutions. Temperature, pressure, and light can all be used as triggers for multiple detecting sensors.
Control technology uses magnetic sensors to detect wear-free, contactless spots. When inductive sensors have reached their limits, they are accommodating. The sensors measure small distances, from a few millimeters to centimeters, are compact, and have broad sensing ranges. This kind of sensor has the benefit of being non-contact and friction- and wear-free. There is also no restriction on the number of operational cycles because vibrations do not impact it. The dead band that extends beyond the sensor's edge and cannot be reduced is an issue.
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Global Magnetic Sensors Market By Dynamics
Magnetic Sensors Market System Key Drivers:
An increase in consumer electronics demand for magnetic sensors:
- The demand for navigation on consumer electronics is growing, which puts pressure on manufacturers to invest in better navigation systems and provide connectivity accessible to consumers for items like printers, scanners, cameras, flat panels, and other items. In recent years, the demand for magnetic sensors has arisen from the expanding use of live material for direction on the Internet. Most smartphone users depend on navigation apps to locate the places they need to go.
- Many electronic products, including smartphones, come equipped with an ecompass that tracks direction using a 3D magnetic sensor. To improve the entire user interface experience and stay ahead of their competitors, smartphone manufacturing companies have been observed to incorporate advanced navigation features into their devices.
Growth in the Automotive Industry:
- Sensors are becoming an essential component of the production process because they automate procedures to increase efficiency and precision.
- Magnetic sensors monitor various data, such as speed, position, switching, current, and other variables, to control the entire process and facilitate robotics. Accelerometers in automobiles in the automotive sector use magnetic sensors such as linear angle sensors and Hall Effect switches to provide benefits, including safety and fuel efficiency.
Magnetic Sensors Market system key Restraints:
High ownership costs may prevent the market from growing:
- A range of components supplied by different providers are used in the manufacturing and assembly of sensors. These components include position sensors, sensing rods, electronics housing fittings, diagnostic light-emitting diodes (LEDs), and connectors.
- The main factors that impact profitability are the cost and availability of componentry and raw materials, along with the duration of product launch. The main obstacles that businesses in this sector must overcome are expanding their manufacturing capacity, creating products of higher quality, and lowering their total production costs.
Magnetic Sensors Market growth opportunities:
- The magnetic sensor market is growing because of its focus on creating innovative, practical solutions with cutting-edge technology. Because factory automation systems require more accuracy and precision, there is a growing demand for magnetic sensors.
- Magnetic sensors are widely utilized for proximity detection, safety switches, and position sensing to improve industrial processes. There is an excellent opportunity for magnetic sensor firms to grow in the industry and fulfil the increasing need for sophisticated magnetic sensor systems.
Global Magnetic Sensors Market By Segmentation
Magnetic Sensors Market is segmented based on type, application, end-user, and region.
Type Insights:
- Hall Effect: Throughout the forecast period, the magnetic sensors market is expected to witness significant expansion in the Hall Effect category. Due to gaming's increasing appeal and Hall Effect sensors' many advantages, including dependability, performance, and durability, the company leads the global magnetic sensor market for gaming applications. As the gaming industry grows, it is expected that Hall Effect sensors will become increasingly important in creating a more responsive and immersive gaming experience.
- Anisotropic Magneto Resistance: During the forecast period, Anisotropic Magneto Resistance (AMR) is anticipated to develop quickly within the Magnetic Sensor Market. Because of its excellent precision, durability, and compact size, the Anisotropic Magneto Resistance (AMR) is ideal for safety-critical applications in autonomous vehicles (AVs). AMR sensors are in a prime position to preserve the safety and efficiency of autonomous vehicles as they increase in the transportation sector.
- Giant Magneto Resistance: is a surface-based bio sensing technique based on computer hard drive read head elements. When the local magnetic field changes GMR sensors react by altering their electrical resistance.
- Tunnel Magneto Resistance: In magnetic tunnel junctions, when the respective magnetizations of the two ferromagnetic layers alter their alignment, the tunneling current dramatically changes and is known as tunneling magnetoresistance (TMR). Tunneling that is reliant on spin leads to TMR. They are commonly used for the position and current sensors in various automotive, industrial, and consumer applications. These higher-performance sensors are replacing Hall sensors in many applications due to their improved performance.
Application insights:
- Automotive: the automotive segment is anticipated to lead the magnetic sensor market. Since the automobile industry has adopted ADAS features, electric vehicles (EVs) have become more common, government subsidies for eco-friendly vehicles have increased, fuel efficiency has become increasingly important, and magnetic sensors rule this market segment. As transportation technology advances, magnetic sensors will play a critical role in designing safer, more affordable, and environmentally friendly cars.
- Consumer Electronics: Magnetic sensors can be found in various consumer electronics products. Exercise equipment, household appliances, digital cameras, smartphones, toys, electronic instruments, and other gadgets and equipment use Hall Effect sensors. Without direct contact between the sensor and the target, magnetic sensors can determine speed, speed and direction, alignment, proximity, and rotational position. The consumer electronics sector is home to a wide range of businesses, from modest start-ups to major technology companies, which provide a wide range of products to meet the needs of its customers, including home automation systems and personal entertainment gadgets.
- Industrial: The magnetostrictive position sensors provide the most accurate location and velocity measurement. For example, the sensors regulate the roll gap using hot rolling mills. The sensors are inserted inside the rolls, attached to cylinders that move up and down. Once the user specifies the thickness parameter, the rolls work the steel until the required thickness is reached.
Regional Insights:
Magnetic Sensors Market Regional Insights
- North American demand is anticipated to surge throughout the forecast period. The increase in North American disposable income is driving the sales of electronic items, of which the magnetic sensor is the most important component. In addition, developments in the energy and power sector facilitate the use of cutting-edge technologies, therefore contributing to market expansion. The number of cars on the road and the production of automotive components have a major impact on the growth of the magnetic sensor market in North America.
- Asia Pacific The growth of the automotive, electronics, and industrial sectors has contributed significantly to the region's market share in position sensors. Additionally, the precise and reliable position feedback that digital position sensors provide opens up a wide range of automation applications. The need for position sensors is also fueled by the expanding use of automation and robotics in Asia Pacific sectors since these sensors are essential to guaranteeing precise and accurate positioning of robotic systems.
- European Europe is one of the leading markets for sensor technology. In Europe, the automotive, robotics, consumer electronics, and construction sectors use magnetic sensors extensively. These European industries mostly rely on magnetic sensors as their primary source of market demand. Furthermore, there are numerous opportunities for the European market about mobile navigation apps for tablets and smartphones. The magnetic sensors market is expected to grow substantially in Europe. Production lines are growing as magnetic sensors used for proximity detection, safety switches, and angular and linear sensing become increasingly common throughout Europe.
- Latin America has seen huge growth across a number of industry verticals owing to the availability of cheap labor and a rise in the number of large-scale foreign investments. The use of technologically advanced sensors for automation in industries has further contributed to the growth of position sensors in Latin America.
- Middle East & Africa: A CAGR is expected in the Middle East and African wireless sensor market during the forecast period. Intelligent wireless sensors that help optimize energy consumption with a high degree of efficiency in the region have been partly developed due to the global COVID-19 pandemic and industry growth.
Report Scope:
|
Attribute |
Details |
|
Market Size 2024 |
US$ 5.8 billion |
|
Projected Market Size 2034 |
US$ 10.6 billion |
|
CAGR Growth Rate |
7.9% |
|
Base year for estimation |
2023 |
|
Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
|
Market Segmentation |
By Technology - Hall Effect, Anisotropic Magneto Resistance, Giant Magneto Resistance, and Tunnel Magneto Resistance By Application - Automotive, Consumer Electronics, and Industrial |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For this study segmented the Magnetic Sensors Market report based on type, application, end users, and region:
Magnetic Sensors Market, By Type:
- Hall Effect
- Anisotropic Magneto Resistance
- Giant Magneto Resistance
- Tunnel Magneto Resistance
Magnetic Sensors Market, By Application:
- Automotive
- Consumer Electronics
- Industrial
Magnetic Sensors Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Magnetic Sensors Market By Key Players
The key players operating the Magnetic Sensors Market System Service Include Infineon Technologies AG, Honeywell International Inc., NXP Semiconductors Inc., Alps Electric Co. Ltd., Asahi Kasei Microdevices Corp.,Analog Devices Inc, TE Connectivity Ltd., Diodes Inc., STMicroelectronics N.V, and Magnetic Sensors Corp.
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report
Global Magnetic Sensors Market By Key Issues Addressed
- In March 2022, Baumer added two new photoelectric sensors, OT300 and OT500, into its portfolio that can combine an extensive detection range with reliable object detection even on challenging surfaces.
- In September 2021, Honeywell qualified for its newest 3-axis Space Magnetometer for small satellites. The magnetometer meets the needs of the emerging new space segment, where many satellites operate in lower orbits than larger satellites.
- In April 2020, TDK Corporation announced a collaboration with Genesis. It is a magnetocardiography (MCG) technology business based in the United States. The firm focused on developing breakthrough medical imaging solutions for cardiac diagnostics. Genesis is projected to benefit from TDK Corporation's global reach and expertise in bio magnetic sensors. Moreover, this development includes piezoelectric actuators, magnetic noise suppression systems, MEMS technologies, and other areas.
- In June 2020, Asahi Kasei Corporation introduced AK8781. An ultra-compact package latch-type Hall IC appropriate for small DC brushless (BL) motors, it is a compact package with a quick response time ideal for high-temperature applications. This product's release is intended to contribute to the micro-miniaturization and high efficiency of DCBL motors.
Global Magnetic Sensors Market By Company Profile
- Infineon Technologies AG *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Honeywell International Inc.
- NXP Semiconductors Inc.
- Alps Electric Co. Ltd.
- Asahi Kasei Microdevices Corp.
- Analog Devices Inc
- TE Connectivity Ltd.
- Diodes Inc.
- STMicroelectronics N.V
- Magnetic Sensors Corp.
"*" marked represents similar segmentation in other categories in the respective section.
Global Magnetic Sensors Market By Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for Magnetic Sensors Strategies
- Key Questions this Study will Answer
- Market Snippet, By Technology
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Technology 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Hall Effect
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Anisotropic Magneto Resistance
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Giant Magneto Resistance
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Tunnel Magneto Resistance
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Application 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Automotive
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Consumer Electronics
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Industrial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Market, By Region, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Technology, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Technology, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Technology, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Technology, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Technology, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Infineon Technologies AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Honeywell International Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- NXP Semiconductors Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Alps Electric Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Asahi Kasei Microdevices Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Analog Devices Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- TE Connectivity Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Diodes Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- STMicroelectronics N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Magnetic Sensors Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
Global Magnetic Sensors Market By Highlights
FAQs
Magnetic Sensors Market is segmented into technology, application, and region.
Increasing demand for improved sensing as a result of the growing popularity of smartphones around the world is expected to propel the worldwide magnetic sensors market forward in the near future.
By region, Asia Pacific is expected to dominate the global magnetic sensors market as compared to other regions in the near future.
The Key players operating in the Magnetic Sensors Market includes Infineon Technologies AG, Honeywell International Inc., NXP Semiconductors Inc., Alps Electric Co. Ltd., Asahi Kasei Microdevices Corp.,Analog Devices Inc, TE Connectivity Ltd., Diodes Inc., STMicroelectronics N.V, and Magnetic Sensors Corp.