According to Global Market Insights, Magnetic Sensor Market is estimated to be over USD 3.5 billion by 2025 growing at a CAGR of over 7% during the forecast period. The semiconductor industry has been witnessing extensive technological advancements with the growing demand for more capable sensors with higher sensitivity, durability, and accuracy. This has resulted in rapid product developments such as the Tunnel-Magnetoresistance (TMR) technology, which offers advantages such as less temperature drift, higher stability, fewer errors, and lesser deterioration through aging. TMR sensors can achieve an output of around 20 times more than the conventional Hall-effect and AMR sensors, making them a preferable choice for applications requiring instantaneous processing such as automated parking and driving. These components provide the required accuracy for the car's steering columns. —
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The aerospace industry is a cooperation of public and private industries and is expanding in both the sectors. The use of magnetic sensors for sensing magnetic field in aircrafts is indispensable and is providing high growth potential to the aerospace magnetic sensor market.
The consumer electronics industry has grown over the years with growing demand due to the increasing disposable income of people in developing nations. Substantial integration of navigation systems in multiple devices including smartphones, tablets, and smartwatches, among others is propelling the growth of the magnetic sensor market. The demand for higher accuracy is increasing the adoption of magnetic sensor-based navigation systems. The industrial applications will also provide a high growth potential in areas such as speed sensing and position sensing.
Magnetic sensing devices provide an effective way to measure multiple mechanical quantities including angle of rotation, position sensing and speed sensing. Magnetic sensors are highly durable, as they do not require physical contact for measurements. Likewise, there are various other advantages including sustainability at different environmental conditions, low power consumption and compact size, which have helped to augment magnetic sensor market growth.
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Asia Pacific magnetic sensor market will grow owing to the presence of large manufacturing industries and the consumer electronics market. Countries such as China and India have a large number of consumer electronic users, creating a demand for these components for navigation in smartphones and other electronic products. The implementation of these components in devices such as gaming, virtual reality headsets, gesture control, and other electronic devices will further add to the regional growth.
According to the European Automobile Manufacturers Association, in 2017, 19.6 million motor vehicles were manufactured in Europe, contributing to 20% of the global production. Europe is one of the chief regions in the magnetic sensor market due to the presence of a massive automotive industry and several automotive manufacturers including BMW, Volkswagen, Mercedes-Benz and others.
Major Key Points from Table of Content:
Chapter 4. Magnetic Sensor Market, By Technology (Revenue, Shipment)
4.1. Key trends in magnetic sensor market, by technology
4.2.1. Market estimates and forecast, 2015 – 2025
4.3.1. Market estimates and forecast, 2015 - 2025
4.4.1. Market estimates and forecast, 2015 - 2025
4.5.1. Market estimates and forecast, 2015 – 2025
4.6.1. Market estimates and forecast, 2015 - 2025
Chapter 5. Magnetic Sensor Market, By Application (Revenue, Shipment)
5.1. Key trends in magnetic sensor market, by application
5.2. Speed sensing
5.2.1. Market estimates and forecast, 2015 - 2025
5.3. Position sensing
5.3.1. Market estimates and forecast, 2015 – 2025
5.4.1. Market estimates and forecast, 2015 – 2025
5.5. Navigation & Electronic Compass
5.5.1. Market estimates and forecast, 2015 - 2025
5.6.1. Market estimates and forecast, 2015 - 2025
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