The Global Magnetic Sensors Market is estimated to account for US$ 2616.6 Mn in terms of value by the end of 2021. Various types of magnetic sensors are used to measure the strength, direction, and magnitude of magnetic fields. These sensors are made up of single resistors and spaced resistors. The sensors are used in applications where the magnitude of magnetic fields are high. Magnetic sensors are used for biomedical applications, as well. They measure the changes in the location of a magnet, allowing researchers to determine the permeability of free space. Magnetic induction is measured in Tesla. Solid state magnetic sensors can also be used to measure magnetic induction.
Global Magnetic Sensors Market: Drivers
Growing adoption of robotics for automation of factories is expected to boost growth of the global magnetic sensors market over the forecast period. Due to the Industry 4.0 policies, the factory automation is increasingly being adopted all around the world. This is further driving the demand for magnetic sensors in several safety applications in the global market. Moreover, the rise in development in the services segment as well as high growth of cloud and data center providers is further boosting the demand for magnetic sensors. This in turn is anticipated to propel growth of the global magnetic sensors market over the forecast period.
Global Magnetic Sensors Market: Opportunities
Increasing penetration of feature-rich, sophisticated tablets and smartphones is creating a lucrative environment for growth opportunities in the global magnetic sensors market over the forecast period. Magnetic sensors are in extensive use in non-destructive testing (NDT) field for a long time along with medical research & development activities. The penetration of consumer electronics such as tablets are smartphones is continues to grow around the world due to rise in technological development in these devices, which further increases demand for magnetic sensors. Thus, this in turn create several opportunities for market players in the global magnetic sensors market.
Global Magnetic Sensors Market: Restraints
Factors such as sustainability issues of magnetic sensors in extreme environmental conditions and effects of external environment on accuracy of measurement are expected to hinder growth of the global magnetic sensors market over the forecast period. The measurement accuracy of magnetic sensors can be affected by external factors such as extreme temperatures and moisture. This further impacts the adoption of magnetic sensors, which in turn hampers growth of the market.
Global Magnetic Sensors Market - Impact of Coronavirus (Covid-19) Pandemic:
The coronavirus outbreak in December 2019, in Wuhan China, spread across more than 200 countries around the world. This in turn impacted several industries negatively. Major industrial operations were closed down during this period, which affected the market growth of magnetic sensors adversely. Due to the lack of raw material supply and labor, production and demand declined in several industries including automotive, and consumer electronics industry. This in turn declined the production and demand for magnetic sensors. Moreover, the disrupted supply chains and distribution operations also negatively affected the magnetic sensors market. However, as the pandemic situation is returning to normal in several regions, the market is regaining growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/magnetic-sensors-market-5402
Key Takeaways:
The global magnetic sensors market was valued at US$ 2616.6 Mn in 2021 and is forecast to reach a value of US$ 3704.4 Mn by 2030 at a CAGR of 7.2% between 2022 and 2030.
Hall Effect segment held dominant position in the global magnetic sensors market in 2021, accounting for 47.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Magnetic Sensors Market Trends:
Market players are increasingly focusing on new development and innovations in Hall-effect-based sensing component to gain a competitive edge in the market, which is a growing trend in the global magnetic sensors market. For instance, in May 2021, Allegro MicroSystems, Inc. announced the launch of the novel magnetic sensing IC based on ‘Vertical Hall-effect’ technology. This novel sensor offers 3D position and small footprint sensing capabilities for industrial and automotive sectors. Thus, launch of such new products and innovations is expected to boost growth of the market during the forecast period.
Furthermore, increasing adoption of hybrid cars in Europe is another trend in the global magnetic sensors market, which is expected to fuel the market growth in the forecast period. The Europe market for magnetic sensors is expected to maintain a steady growth in the future as the region is witnessing increased adoption of Hybrid cars. These cars are integrated with Hall Effect current sensing in their power systems. And adoption of these vehicles is significantly aiding the market growth in the region. This trend is likely to continue in the market over the forecast future.
Global Magnetic Sensors Market: Competitive Landscape
Texas Instruments Inc., Infineon Technologies AG, TE Connectivity Ltd., Analog Devices, TDK Corporation, Crocus Technology, STMicroelectronics NV, Honeywell International Inc., Omron Corporation, Allegro Microsystems (Sanken Electric Company), NXP Semiconductors NV, Murata Manufacturing Co. Ltd., and NVE Corporation
Global Magnetic Sensors Market: Recent Developments
In December 2019, Allegro Microsystems introduced A19570, A19530, and A19520 magnetic sensors ICs, which are the most advanced transmission speed sensors of the company. These sensors includes Hall Effect and GMR technology, which makes them suitable for catering the demand for transmission applications.
In January 2020, Verizon announced collaboration with Honeywell for speeding up and simplifying the deployment of novel intelligent sensors and controls that are communication-enabled, for the smart electric grid.
