Magnetic Sensors Market Set to Witness Explosive Growth by 2030

The global magnetic sensors market size was valed at USD 2,376.2 million in 2020 and is expected to grow USD 3,467.2 million by 2027, at a CAGR of 6.5from 2021 to 2027The high usage of magnetic sensors in new navigation devices, presence detection (building automationrelated applications), medical areas, and the automotive sector leads to a paradigm shift in the magnetic sensors market worldwideAs the efficiency and capabilities of these sensors improve over time, their enhanced ability to measure without physical contact is leading to their crucial application in electronic systemsThere are emerging applications in automotive, used as automotive control systems, braking systems, engine control systems, etcIn contrast, these are deployed in systems in other areas, like an electronic compass in mobile phones.

The application of magnetic sensors is increasing due to their ability to convert motion into signal remotely and provide information and intelligence to objects; this is driving the demand for automotive and IoT applicationsFor instance, Infineon offers a Xensiv line of magnetic sensors specific to the automotive industry; the company’s Hall and GMRbased magnetic speed sensors find applications in safety and powertrain applications, such as ESP, ABS, camshafts/crankshafts, and automatic transmissions.

The application of magnetic sensors is increasing due to their ability to convert motion into signal remotely and provide information and intelligence to objects; this is driving the demand for automotive and IoT applicationsFor instance, Infineon offers a Xensiv line of magnetic sensors specific to the automotive industry; the company’s Hall and GMRbased magnetic speed sensors find applications in safety and powertrain applications, such as ESP, ABS, camshafts/crankshafts, and automatic transmissionsHall effect magnetic sensors are increasingly used in many switching applications, from powering devices to mode selectionThese switches based on hall effect sensors provide the water and weather barrier due to their isolative nature from their paired magnet, resulting in increased robustness by reducing metallic contact and moving parts.

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DriversIncreasing Regulations Around Energy Efficient Systems and Automobiles

According to EIA, With the increasing amount of energy consumption by the industries, governments across the globe are regulating and promoting the adoption of energyefficient solutionsFor instance, in 2018, the global industry electricity consumption stood at 36.7 quadrillion British thermal units.

For instance, the European Union’s Energy Efficiency Directive aims to achieve intelligent energy transition for sustainable, competitive, and secure energyThe regulation’s four key points are readiness indicator for intelligent applications, mandatory energy audits for large companies, energy efficiency inspections of HVAC installations, and building control and automation systems as an alternative to physical inspectionsMoreover, in the United States, the EPA issued Affordable Clean Energy (ACErule in June 2019 to replace the Clean Power Plan (CPP). Under the regulation, the regulation deals with state renewable portfolio standards and state energy efficiency programs.

RestraintsFalling Average Selling Prices (ASPSof Semiconductors and Sensors

Over the coming years, magnetic sensors are expected to undergo price erosionThe reduction in average selling price is driven by the price of enduser industry products, such as consumer electronics, automotive, industrial, and healthcare devices.

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The falling average prices align with the increasing customer’s propensity toward electronic fabrication techniques that offer significant cost benefitsDue to this, foundries worldwide are innovating their processes, and the ones that operate old equipment are forced to shut downFoundries that have incorporated innovative manufacturing solutions are passing on the cost benefits to customersEven customers are forcing down the prices due to the sheer size of the order.

Scope of the Report

The study categorizes the magnetic sensors market based on technology and application at the regional and global levels.

By Technology Outlook (Revenue, USD Million, 20172027)

  • Hall Effect
  • Anisotropic Magneto Resistance (AMR)
  • Giant Magneto Resistance (GMR)
  • Tunneling Magneto Resistance (TMR)
  • Other Technologies

By Application Outlook (Revenue, USD Million, 20172027)

  • Automotive
  • Consumer Electronics
  • Industrial (apart from Automotive)
  • Other Applications

By Region Outlook (Revenue, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The hall effect segment is projected to account for the largest market share by technology

Based on technology, the global magnetic sensors market is segmented into hall effect, anisotropic magnetoresistance, giant magnetoresistance, tunneling magnetoresistance, and other technologiesIn 2020, the hall effect segment accounted for the largest market share of 48.0in the global magnetic sensors marketThe Hall effect has been known for over a century, but it has just been used in a meaningful way in the last three decadesWith semiconductor mass manufacturing, it became possible to employ the Hall effect in highvolume goodsHall effect magnetic sensors may be found in many items in today’s market, from computers to sewing machines, vehicles to airplanes, machine tools to medical equipment.

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Furthermore, the recent outbreak of the Coronavirus distilled slothlike growth rates in consumer electronics marketsThe planned new product introductions will be impacted by the component shortages and delayed delivery of some manufacturing equipment from China.

Asia Pacific accounts for the highest CAGR during the forecast period

The worldwide magnetic sensors market has been divided into five regionsNorth America, AsiaPacific, Europe, South America, and the Middle East and AfricaAsia Pacific is expected to have the highest CAGR of 7.21in the worldwide magnetic sensors market during the projected periodIndia, Japan, South Korea, China, Australia, Southeast Asia, and the rest of AsiaPacific are all part of the areaThe region’s expansion is driven mostly by strong economic growth in rising local markets such as China, Indonesia, Malaysia, and India.

After the Asia Pacific, Middle East & Africa is the fastestgrowing region with a CAGR of 6.4during the forecast period, 20212027The Middle East & Africa comprises over 70 countries with diverse geographical conditions and demographicsThe region holds some of the countries that are major suppliers of natural resourcesVarious countries in the region are moving toward advanced technology and sustainable solutionsThis, in turn, is influencing the demand for the sensor marketFactors such as the continuous growth in the consumer electronics segment, increasing opportunities in the automotive industry, increasing demand for hybrid and electric vehicles, UAVs, sensor market growth for IoT, and growing applications, such as navigation, are driving the market growthThe key players in the market are focused on providing innovative offerings and benchmark strategies in the market.

Key Market Players

The magnetic sensors market is mildly concentrated, with few global players operating in the market such as Analog Devices, Amphenol, Honeywell International, NXP SEMICONDUCTORS N.V., Schneider Electric, Infineon Technologies AG, ST Microelectronics., TE Connectivity, TDK Corporation, and Texas Instruments. 

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