Magnetic Sensors Market – Snapshot
According to a new market report published by Transparency Market Research entitled “Magnetic Sensors Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global magnetic sensors market is projected to expand at a CAGR of 7.2% during the forecast period 2018-2026. The global magnetic sensors market was valued at US$ 2,112.6 Mn in 2017, whereas the demand was estimated at 3,488.0 thousand units in the same year. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Encouragement from governments to use eco-friendly vehicles and growth of consumer electronics and appliances has increased the penetration and growth of the magnetic sensors market globally.
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Automotive Segment to Remain Most Lucrative
Automotive segment is expected to continue to be the leading segment globally during the forecast period due to increasing use of hybrid and electric cars in order to reduce environmental pollution. The automotive segment is projected to expand at the highest CAGR of 7.6% over the forecast period from 2018 to 2026.Sensing devices are being increasingly used in the automotive sector to improve vehicles’ fuel efficiency, convenience, and safety. With the surging demand for magnetic sensors from the automotive sector, the market is expected to witness healthy growth in the coming years. Sensor vendors are emphasizing on providing efficient devices, which can serve a wide range of automotive applications.
Consumer electronics segment is projected to expand at a significant CAGR over the forecast period owing to the growing use of smartphones and consumer wearable devices such as smart watches and health monitoring devices.
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North America and Asia Pacific to Continue to Hold Significant Share in the Overall Market
North America accounted for the highest revenue share in 2017 due to numerous technological advancements and emerging trend of development and commercialization of connected cars in the region. In North America, many automotive manufacturers are increasingly integrating miniature magnetic sensing devices into vehicles to provide enhanced communication capabilities. Furthermore, the region is experiencing an increasing demand for sensing components in various industrial uses. This is helping the North America market to generate significant revenues. The market in the U.S. held the highest share in 2017 in North America and is estimated to expand at the highest CAGR during the forecast period. The market in North America is expected to expand at a significant CAGR of 7.3% during the forecast period. Countries across the European Union are now focusing on adoption of hybrid cars that require Hall Effect current sensing in the vehicle’s power systems in order to enhance the performance at low costs. The market in Europe is likely to witness significant CAGR growth over the forecast period. The U.K. contributed highest share in the Europe magnetic sensors market in 2017.
Demand for magnetic sensors in APAC is likely to remain concentrated in China and India, owing to a larger consumer base and increasing technological advancements in consumer electronics. India is estimated to expand at the highest CAGR among the countries in Asia Pacific during the forecast period due to the growing popularity of smartphones and growing adoption of advanced technologies. In Middle East &Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period as many semiconductor providers in the region are offering miniaturized magnetic sensors to improve operational efficiency. Increasing IT spending and increasing adoption of advanced technologies in South America, especially in Brazil is driving the regional magnetic sensors market. Brazil is expected to hold a significant portion of revenue of the market in the region throughout the forecast period.
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The profiling of key players in the global magnetic sensors market includes company overview, major business strategies adopted, SWOT analysis, and market revenues for years 2016 to 2018. The key players profiled in the global magnetic sensors market includes Infineon Technologies AG, Honeywell International Inc., NXP Semiconductors, Alps Electric Co. Ltd, Analog Devices, Inc., TE Connectivity Corporation, Allegro Microsystems, Inc., Asahi Kasei Corporation, Magnetic Sensors Corporation, and Elmos Semiconductor AG.Various players are establishing partnerships to provide technologically advanced sensing devices on a large scale in order to meet the continuously increasing demand for sensing accuracy and efficiency.
High Demand from Several End-users to Boost Magnetic Sensors Market
There has been an increasing use of magnetic sensors in medical fields, latest navigation systems, detection of existence (building automation-related apps), and the automotive industry. Such extensive uses are likely to contribute to a radical shift in the global magnetic sensors market.
Augmented demand for IIoT together with global manufacturing of high-quality sensing devices, electric and hybrid vehicles, and consumer electronics are shaping the implementation of magnetic sensors across multiple end-user businesses. This factor is estimated to add to the growth of global magnetic sensors market in the forthcoming years. Because of the policies of Industry 4.0, there has been a rise in the implementation of robotics for factory automation. This factor is pushing the need for magnetic sensors for various safety applications in the global market. Advancements in the country’s services sector together with high growth rate of cloud providers and data are increasing the need for these sensors to be installed in a power distribution unit (PDU). This unit plays an important role in data centers.
Innovations and Technological Advancements to Pave Way for Rapid Growth of the Market
The current outbreak of COVID-19, however, is impacting both the demand and supply side of the semiconductor industry. Asia Pacific accounts for a large share in the semiconductor and electronics industry, as a substantial number of pureplay foundries in the world are based in countries such as China, Taiwan, and South Korea.
One of the major factors hampering the market growth of magnetic sensors is the sustainability problems of magnetic sensors in high-temperature settings. A magnetic sensor is composed of a ferrite core that is demagnetized in extreme conditions when being worked on. Several companies and academic institutes are concentrating on the development of magnetic sensors with new raw materials that can withstand high temperatures to solve this issue. CORNELL University, for instance, has developed a magnetic sensor with a portion of graphene in August 2020. The new sensor can function without sacrificing its magnetic properties at a high temperature range.
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