The global magnetic sensor market size was valued at $2.21 billion in 2018 and is projected to reach $4.22 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026. Magnetic sensor definition is a sensor, which is used to notice disturbances as well as changes within a magnetic field such as strength, direction, and flux. There are many manufacturing companies offering magnetic sensors that are used in many applications where high dependability & cost-optimized solutions are needed. There are different types of detection sensors, which can work on some of the characteristics such as light, pressure, and temperature.
The demand for magnetic sensor in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as a rise in demand for magnetic sensor in consumer electronics, growth in the automotive industry, and surge in need for the adoption of a magnetic sensor in medical application. However, high installation costs pose a major threat, thus hampering market growth globally. The market for magnetic sensor in the commercial sector is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities.
In the report, the global magnetic sensor market is segmented on the basis of type, application, end user, and region. By type, the market is classified into a hall effect sensor, magneto resistive sensor, squid sensor, and fluxgate sensor. On the basis of application, it is divided into speed sensing, detection, position sensing, navigation and others. On the basis of end user, the market is divided into consumer electronics, automotive, industrial, aerospace & defense, healthcare and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report include Analog Devices, Amphenol, Honeywell International, NXP Semiconductors N.V., Schneider Electric, Infineon Technologies AG, ST Microelectronics, TE Connectivity, TDK Corporation, and Texas Instruments.
GLOBAL MAGNETIC SENSOR MARKET SEGMENTATION
By Type
- Hall Effect Sensor
- Magneto resistive Sensor
- Squid Sensor
- Fluxgate Sensor
By Application
- Speed Sensing
- Detection
- Position Sensing
- Navigation
- Others
By End Use
- Consumer Electronics
- Automotive
- Industrial
- Aerospace & Defense
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- Analog Devices
- Amphenol
- Honeywell International
- NXP Semiconductors N.V.
- Schneider Electric
- Infineon Technologies AG
- ST Microelectronics
- TE Connectivity
- TDK Corporation
- Texas Instruments
Table of Contents
Executive Summary
According to the report titled, 'Magnetic Sensor Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2026,' the global magnetic sensor market size was valued at $2.21 billion in 2018 and is projected to reach $4.22 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026.
The magnetic sensor market is expected to experience growth from 2019 to 2026 due to an increase in applications of magnetic sensors in various industries such as automotive, consumer electronics, aerospace, defense, healthcare, and others. An increase in technological advancements related to the electrification of vehicles, a rise in the adoption of smart products, and robotics by industries for automation, and integration of IoT technology are the major factors responsible for the magnetic sensor market growth.
A rise in demand for magnetic sensor in consumer electronics, growth in the automotive industry, and surge in need for the adoption of magnetic sensor in medical applications are some of the factors that fuel the adoption of magnetic sensors. However, high installation cost, which acts as a restraint for the growth of the market. Growth in trend of the internet of things and developments in autonomous vehicles provides lucrative opportunities for the magnetic sensor market.
The sensors are widely used in automotive, aerospace & defense, and other industries. In the automotive sector, vehicles incorporate such as accelerometer, position sensor, proximity sensor, and others, to keep a track on parameters, and provide a centralized system for automatic control.
Technological advancements in magnetic sensor technologies offer innovative and additional features to the medical devices and equipment. Magnetic sensors are used by doctors for tracking the speed of components in medical test equipment such as measuring magnetic field in near and MRI machines. Moreover, magnetic sensors measure the position of components in blood analysis machines and the proper location of needles in medical syringes. These magnetic sensors also provide medical facilities by means of telemedicine in rural and underdeveloped areas. For instance, hall effect magnetic sensors are used in medical equipment to ensure the safety in interlocks and access panels.
Consumers are increasingly dem landing smart devices such as fitness and health devices, smart watches, and GPS-enabled devices, which have increased the dem and for accelerometers and speed sensors. These magnetic sensors need to be integrated in mobile devices such as smartphones and tablets, to enhance the screen orientation, gaming, and GPS connectivity. For instance, scientists have developed a new accelerometer technology that enables smart watches to recognize gestures such as taps and flicks, as well as identify objects held in the user’s hand, making possible new types of interactions with wearable devices. Thus, all these factors are responsible for the growth of the magnetic sensor in the near future.
The growth of the magnetic sensor market is driven by a substantial rise in demand for magnetic sensor in consumer electronics, growth in automotive industry, and surge in need for the adoption of magnetic sensor in medical applications. However, high installation cost restrains the growth of the market. Furthermore, growth in the trend of Internet of Things and developments in autonomous vehicles offers lucrative opportunities for market growth. The magnetic sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LEMEA. Asia-Pacific secured the highest revenue share in 2018.
According to Ankit Prajapati, Lead Analyst, Semiconductors & Electronics, “Sensors have become an intrinsic part of the production process, as they help increase the efficiency and precision through automation. Magnetic sensors are used to keep a track of various parameters such as speed sensing, position sensing, switching, current sensing, and other parameters to control the whole process and ease it through robots. The growth of the magnetic sensor industry is driven by a substantial rise in demand for magnetic sensor in consumer electronics, growth in automotive industry, and surge in need for the adoption of magnetic sensor in medical applications.”
KEY FINDINGS OF THE STUDY
- By type, the hall effect sensor segment generated the highest revenue in the magnetic sensor market in 2018.
- By application, the detection segment generated the highest revenue in the market in 2018.
- By end user, the automotive segment generated the highest revenue in the market in 2018.
- By region, Asia- Pacific generated the highest revenue in the magnetic sensor market in 2018.
The key magnetic sensor market size leaders profiled in the report include Analog Devices, Amphenol, Honeywell International, NXP Semiconductors N.V., Schneider Electric, Infineon Technologies AG, ST Microelectronics, TE Connectivity, TDK Corporation, and Texas Instruments. These key players adopted several strategies such as new product launch and development, acquisition, partnership &collaboration, and business expansion to increase their magnetic sensor market share.
Companies Mentioned
- Analog Devices
- Amphenol
- Honeywell International
- NXP semiconductors N.V.
- Schneider Electric
- Infineon Technologies AG
- ST Microelectronics
- TE Connectivity
- TDK Corporation
- Texas Instruments
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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