The global magnetic sensor market size is set to reach USD 2,382.91 million in 2023. Overall sales of the magnetic sensor are likely to surge at 4.9% CAGR. By 2033, the market is expected to be worth USD 3,844.70 million.
Factors that influence the market growth include:
Industries such as packing, material handling, and pick & place applications require high-performance magnetic sensors. With the integration of magnetic sensors, automated equipment can detect objects and positions with greater accuracy. It can enhance productivity and safety in a variety of industrial operations. As a result, magnetic sensor manufacturers are significantly investing in magnetic sensing technologies. These include 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR). Magnetic sensors are implemented to improve market position and meet the needs of various end-use markets.
With all these factors at play, the magnetic sensor market is poised for exceptional growth in the coming years.
| Attributes | Details |
|---|---|
| Magnetic Sensor Market CAGR (2023 to 2033) | 4.9% |
| Magnetic Sensor Market Size (2023) | USD 2,382.91 million |
| Magnetic Sensor Market Size (2033) | USD 3,844.70 million |
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According to Future Market Insights, the magnetic sensor market accounted for USD 2,270.73 million in 2022. The market is set to reach USD 3,844.70 million by 2033.
Short-term Growth: The surging demand for these sensors in the automotive industry is a significant trend in the market. Magnetic sensors are used extensively in electric vehicles for measuring motor speed and position, battery state of charge, and other parameters. Magnetic sensors are increasingly being used in advanced driver assistance systems (ADAS) to enable several features. Including automatic emergency braking, lane departure warning, and adaptive cruise control.
Mid-term Growth: Magnetic sensors are finding increasing use in consumer electronics devices, including smartphones, wearables, and smart home devices. For instance, they are used in smartphones for compass and motion-sensing applications. Similarly, they are used in wearables for fitness tracking and navigation. Additionally, magnetic field sensors are used in smart home devices such as smart thermostats and security systems to detect motion and position.
Long-term Growth: The expansion of the Internet of Things (IoT) market may drive the magnetic sensor market during the time frame. IoT devices typically require sensors for measuring and detecting various parameters. Magnetic sensors are finding increasing use in a wide range of IoT applications, including smart cities, smart homes, and industrial IoT.
The rising demand for magnetic sensors in automated vehicles, consumer electronics, and healthcare products has been witnessed for higher shipment. Although, sales growth is considerably hampered by price erosion. This is due to the tight competition among magnetic sensor manufacturers.
Aggressive R&D activities result in quick innovation in new portable, consumer, and IoT applications. This results in pricing pressure and a decline in sales of magnetic sensors, particularly for high-volume applications. As a result, producers are forced to reduce the cost of magnetic sensors.
This price decrease not only impedes revenue growth in the market but also affects suppliers' profit margins. The primary challenges for manufacturers are to expand their manufacturing capabilities, produce higher-quality products, and reduce total production costs.
The magnetic sensor industry is thriving with a focus on developing cost-effective solutions using cutting-edge technologies. The demand for magnetic sensors is on the rise, driven by the need for greater accuracy and precision in factory automation systems. Magnetic sensors are being used extensively for position sensing, safety switches, and proximity detection to enhance production processes. As a result, magnetic sensor companies are presented with a golden opportunity to expand their market presence. Moreover, meet the growing demand for advanced magnetic sensing solutions.
With innovation at the forefront of their research and development, these companies are poised to revolutionize the industrial automation sector.
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Thriving Automotive Industry is Driving Sales of Magnetic Sensors in the United States
Currently, the United States holds around 23% of the share of the market. The market is predicted to generate an absolute dollar potential of USD 128 million between 2023 and 2033. Moreover, the market in the country is likely to capture a 3.8% CAGR during the forecast period.
The presence of a well-developed automotive sector, increasing use of new technologies, and the strong presence of prominent competitors may contribute to the market growth. According to the United States government, light vehicle sales hit 17.2 million units in 2018 in the country.
China is expected to hold 11.7% of the share in the Asia Pacific region with a CAGR of more than 5.5% between 2023 and 2033. The country's magnetic sensor industry is expected to grow 1.4X by 2033. China is experiencing rapid growth in the consumer electronics, industrial, and automobile industries.
Furthermore, Shenzhen Xinyak Sensor Technology, Shenzhen Meian Technology, and Shenzhen Deana Technology are some rising force sensor manufacturers in China. Thus, demand for magnetic sensors is predicted to be driven by the developing automotive and consumer electronics industries.
India is expected to thrive at a CAGR of 6.7%. Due to its fast-growing population, economic prosperity, and increasing penetration of contemporary technology. The country is emerging as a significant market for consumer electronics. This includes televisions, headphones, and smart gadgets – cameras, tablets, smartphones, and other home products.
During the projected period, Germany is expected to maintain its dominance in the European market. The country is expected to increase 1.5X by 2028, resulting in an absolute dollar potential of USD 49.9 million.
The presence of developed infrastructure is expected to drive significant growth in sales of force sensors in Germany. For instance, automotive, healthcare, consumer electronics, energy & utility, and military & aerospace industries.
To suit client expectations, manufacturers across the country are constantly producing new items. The new product is resistant to moisture and dust and has high sensing accuracy. Such product development by prominent vendors drives the magnetic field sensor market in European countries.
Hall effect sensor segment by technology is expected to dominate the magnetic field sensor market with a share of 45.9% during the forecast period. The segment is forecast to record a 5.2% CAGR from 2023 to 2033.
Hall effect sensors are generally used to time the speed of shafts and wheels. Such as internal combustion engine ignition timing, anti-lock braking systems, and tachometers. They also find applications in brushless DC electric motors to detect the position of the permanent magnet. They also help with the electrification of engines and functional safety systems.
Thus, the rising adoption of hall effect sensors in automobile applications may boost the market growth globally.
The automotive sector is likely to continue dominating the worldwide market over the forecast period. During the projection period, the segment is expected to develop at a CAGR of 5.7%.
Magnetic sensors have become ubiquitous in various industries, from automotive and healthcare to aerospace and defense. Force sensors are increasingly relied upon for their sensitivity, reliability, and ease of integration. As the technology continues to evolve, magnetic field sensor manufacturers are finding new ways to meet the unique needs of each industry. Such as developing sensors that can withstand harsh environments, operate at extreme temperatures, or detect subtle changes in magnetic field sensors. With a wide range of applications and the potential for significant growth, the force sensor market is poised for continued expansion in the coming years.
The magnetic sensor market is not for the faint-hearted. With cut-throat competition among fabricators, only those who continuously innovate and incorporate advanced technologies can survive. The good news is that improved production techniques and the deployment of TMR technology offer a wealth of opportunities for startups in this market.
One such startup is Sonera Magnetics, which is developing a groundbreaking magnetic sensor. This sensor has the potential to revolutionize high-performance brain imaging by making it more affordable and portable. The sensor is converging different industries and cutting-edge technology. As Sonera Magnetics has the power to transform the healthcare industry and improve the lives of millions. In the world of magnetic sensors, the possibilities are endless, and the impact can be life-changing.
Due to a fragmented and highly concentrated competitive landscape, the force sensor industry is facing strong competition among key players. The global magnetic sensor market is being driven by new product developments and recent advances in sensing technology.
Another technique used by force sensor manufacturers is an aggressive investment in research and development activities. In order to create enhanced sensory components. Manufacturers intend to provide sensors with functions such as motion detection, speed, and proximity for various end-use verticals.
Recent Developments in the Market include:
Top Five Vendors in the Global Magnet Sensor Market
Allegro MicroSystems
Allegro MicroSystems was formed in 1990 and is based in Worcester, United States. The company is a subsidiary of Sanken Electric, one of Japan's leading analog IC product producers.
Its products are classified into six categories:
Asahi Kasei
Asahi Kasei was established in 1922 and is based in Tokyo, Japan. The company's core business is chemicals. It is one of Japan's prominent chemical businesses. It operates in four business segments: chemical and fabric, housing and building materials, electronics, and healthcare.
Infineon Technologies, Inc.
Infineon Technologies was founded in 1999 and is based in Neubiberg, Germany. The firm provides semiconductor and system solutions for the automotive and industrial industries. It is a pioneer in the development of chip cards and security systems for these industries. The company is well-known for its excellent quality, dependability, and innovation of cutting-edge technologies in analog solutions. Moreover, in radio frequency and power control systems.
Micronas Semiconductor
Micronas Semiconductor, headquartered in Zurich, Switzerland, was formed in 1989. The company is a prominent provider of intelligent and sensor-based system solutions for automotive and other industrial applications. Hall switches, linear Hall sensors, direct angle sensors, current transducers, gas sensors, and embedded microcontrollers are among the company's products.
Bosch Sensortec
Bosch Sensortec motion sensor range include: Accelerometers, Gyroscopes, Geomagnetic sensors, eCompass, Inertial Measurement Units, Absolute Orientation sensors, Smart Hubs & Nodes, and Sensor Fusion software. Motion sensors are developed for a wide range of applications. Including mobile devices, wearables, IoT and smart home, gaming and imaging devices, and industrial applications.
How can Manufacturers/Service Providers Scale their Businesses in the Magnetic sensor Market?
To scale their businesses in the magnetic sensor industry, manufacturers and service providers can focus on several strategies, including:
Diversification of Product/Service Offerings: One strategy for scaling in the magnetic sensor market is to diversify product and service offerings. This can involve expanding into new application areas and developing new testing methodologies. Besides, offering value-added services such as data analysis and interpretation. For example, a company called Sensor Technology Ltd offers a range of magnetic sensor services. It includes bespoke testing for specific applications, magnetic materials characterization, and failure analysis.
Investing in Research and Development: Another strategy for scaling is to invest in research and development to develop new and innovative testing solutions. This can involve the development of new testing methodologies, new test equipment, or the use of advanced simulation and modeling tools. For example, a company called Magnetic Sensors Ltd has developed a patented force sensor system. It uses a non-contact method to measure the magnetic properties of materials.
Collaboration with Industry Partners: Collaboration with industry partners can also be an effective strategy for driving the business. This can involve partnering with sensor manufacturers to develop new testing solutions. Similarly, partnering with end-users to develop testing methodologies that are tailored to specific applications. For example, the UK National Physical Laboratory (NPL) has collaborated with industry partners to develop a range of force sensor solutions. This includes a magnetic field camera for testing high-precision magnetic sensors.
Investing in Marketing and Sales: Finally, investing in marketing and sales can also be an effective strategy for scaling in the force sensor market. This can involve building brand awareness through targeted advertising and public relations. In addition, building relationships with key customers through networking and trade shows. For example, a company called TDK-Micronas has invested heavily in marketing and sales to become a leading provider of force sensor services. It now has a global customer base that includes leading automotive manufacturers.
The market is estimated to secure a valuation of USD 2,382.91 million in 2023.
The market is estimated to reach USD 3,844.70 million by 2033.
United States may witness significant growth in the magnetic sensor market.
Hall effect sensor segment holds 49.2% of the global market share.
From 2018 to 2022, the global market exhibited 4% CAGR.
| Market Share (2023) | USD 88.1 billion |
|---|---|
| Market Share (2033) | USD 153.0 billion |
| Market CAGR (2023 to 2033) | 5.7% |
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