The global magnetic sensors market size is
expected to reach USD 3.65 billion by 2022 according to a new report by Grand
View Research, Inc.
Technological advancements and an
increased awareness regarding vehicle safety are anticipated to drive the
global magnetic sensors market growth over the forecast period. Escalating
demand for GPS & navigation enabled smartphones and wearable devices is expected
to further incite industry growth.
Magnetic sensing devices are used
for detecting and measuring magnetic fields. These sensors assist in wear-free
measurement of angular speed and angle of rotation with contactless operation.
They are widely used in consumer electronic devices such as smartphones and
wearable devices for position sensing, switching, current sensing, and angular
sensing. In addition, they are used in white goods and heavy consumer durables
such as air conditioners and refrigerators.
However, intense competition and
a gradual decline in the average selling price have left the industry
unattractive for vendors, thereby challenging market growth.
Browse full research report on Global
Magnetic Sensors Market: http://www.grandviewresearch.com/industry-analysis/magnetic-sensors-market
Further key findings from
the report suggest:
- Magnetic sensors used across various industry verticals are based on different sensing technologies such as Hall Effect, Anisotropic Magnetoresistance (AMR), Giant Magnetoresistance (GMR), and others such as Tunneling Magnetoresistance (TMR) and Superconducting Quantum Interface Device (SQUID). Hall Effect based sensing module segment dominates the industry accounting for over 55% of the market share in 2014. They are extensively used in various automotive safety systems including Anti-lock Braking Systems (ABS) and advanced driver assistance systems.
- Magnetic sensors find numerous applications across various verticals including automotive, consumer electronics, industrial, and others such as aerospace and defense, R&D, and non-destructive testing activities. Automotive applications segment dominated the industry accounting for over 50% of the market revenue share in 2014. These sensing devices form an essential part of major safety and driver assistance systems in modern day vehicles thereby driving their demand. Moreover, such sensors and switches have become a critical part of the battery systems in hybrid and Electronic Vehicles (EV) owing to their efficient and battery saving operation.
- Asia Pacific region dominates the global market in terms of demand and is projected to grow at a CAGR of nearly 12% over the forecast period. Presence of major end-use industries in the region has led to an increasing demand for such sensing modules in the region. Countries such as China, Japan, and India house most of the technological and automotive giants leading to an escalating demand over the forecast period.
- Key industry participants include Baumer, Honeywell International Inc., iC-Haus, Infineon Technologies AG, Mesmic Corporation, NXP Semiconductors, and Robert Bosch GmbH. Major vendors are based in countries from the European Union and Asia Pacific region to cater to an ever-increasing need for such sensing devices from the growing automotive and consumer electronic industry. Manufacturers resort to mergers, alliances, and vertical integration to streamline the process of procurement and drive profitability.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/electronic-devices
Grand View Research has segmented the global magnetic
sensors market on the basis of technology, application, and region:
Magnetic Sensors Technology Outlook (Volume, Million
Units ; Revenue, USD Million 2012 - 2022)
- Hall Effect
- AMR
- GMR
- Others
Magnetic Sensors Application Outlook (Volume, Million
Units ; Revenue, USD Million 2012 - 2022)
- Automotive
- Consumer Electronics
- Industrial
- Others
Magnetic Sensors Regional Outlook (Volume, Million Units
; Revenue, USD Million 2012 - 2022)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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