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 Magnetic Sensors Market: https://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: https://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.
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