The global magnetic field sensor market is experiencing growth due to several factors such as rising adoption of automation and robotics in manufacturing and industrial processes and increasing demand for consumer electronics.
Wilmington, Delaware, Aug. 05, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Magnetic Field Sensors Market by Type (SQUID Sensors, Hall Effect Sensors, MEMS based Magnetic Field Sensors, Magnetoresistive Sensors, Fluxgate Sensors and Others), Range (less than 1 Microgauss (Low-Field Sensors) , 1 Microgauss –10 Gauss (Earth Field Sensors) , more than 10 Gauss (Bias Magnetic Field Sensors)), and End User (Automotive, Consumer Electronics, Industrial and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the magnetic field sensors market was valued at $6.1 billion in 2023, and is estimated to reach $11.3 billion by 2032, growing at a CAGR of 7.2% from 2024 to 2032.
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Prime determinants of growth
The magnetic field sensor market is experiencing growth due to the increasing demand for sensor integration in automotive applications such as Advanced Driver Assistance Systems (ADAS), electric vehicles (EVs), and autonomous driving systems (ADS). However, the competition from alternative sensor technologies like optical sensors and inertial sensors serves as a significant restraint factor for market growth to some extent. Moreover, the rising demand for magnetic sensors in smartphones, wearables, and other portable devices presents significant growth opportunities for the expansion of the magnetic field sensor market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size In 2023 | $6.1 Billion |
| Market Size In 2032 | $11.3 Billion |
| CAGR | 7.2% |
| No. Of Pages In Report | 250 |
| Segments Covered | Type, Range, End User, And Region. |
| Drivers |
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| Opportunities |
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| Restraint | High Initial Cost |
Segment Highlights
Based on Type, the Hall Effect sensors segment held the highest market share in 2023, and accounts for more than half of the market share and is projected to have the highest CAGR during the forecast period, owing to the rising demand for hall effect sensors from the automotive and consumer electronics industries. The automotive industry is among the major consumers of hall effect sensors; they are used in ADAS and hybrid and electric vehicles for position and speed measurement.
Based on Range, the 1 Micro-gauss –10 Gauss segment held the highest market share in 2023, accounting for nearly half of the magnetic field sensors market share due to its wide use in the automotive industry. 1 Micro-gauss –10 Gauss are also used in the infrastructure and industrial segments in packaging equipment, automation equipment, conveyors, and other applications comprising motor latches.
Based on End-user, the Automotive segment held the highest market share in 2023, accounting for nearly half of the magnetic field sensors market share due to the increasing integration of sensor technologies in vehicles for applications like vehicle electrification, advanced driver assistance systems (ADAS) , and navigation, enhancing safety, efficiency, and driving experience, thus driving demand significantly.
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Regional Outlook
On the basis of region, the magnetic field sensors market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific accounts for the largest market share and is anticipated to grow at the fastest CAGR during the forecast period owing to factors such as the presence of key manufacturing hubs, high demand for consumer electronics and automobile sector, and rapid industrialization and urbanization in countries like China, Japan, South Korea, and India. Moreover, the technological advancements in the region drive increased demand for magnetic field sensors.
Key Players:
- Sensata Technologies Inc.
- Honeywell International Inc.
- Vishay Intertechnology Inc.
- Microchip Technology Inc.
- Asahi Kasei Corporation
- Sanken Electric Co., Ltd.
- Infineon Technologies AG
The report provides a detailed analysis of these key players in the magnetic field sensor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In January 2024, Infineon launched the Xensiv TLI5590-A6W magnetic position sensor for small, high-precision consumer and industrial applications. These sensors can replace optical encoders and Hall sensors for position measurements and purportedly offer extremely high linearity compared to previous generations of magnetic sensors.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the magnetic field sensors market analysis from 2024 to 2032 to identify the prevailing magnetic field sensors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the magnetic field detector market segmentation assists to determine the prevailing magnetic detector sensor market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of regional as well as global magnetic field sensors market trends, magnetic field sensors for U.S. market, magnetic field sensors sector analysis, magnetic field sensors market data, magnetic field sensors market insights, mems magnetic field sensor, Magnetic Field Sensors Company List, Magnetic Field Sensors Market Share by Companies, market segments, application areas, and market growth strategies.
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Magnetic Field Sensors Market Key Segments:
By Type
- MEMS based Magnetic Field Sensors
- Magnetoresistive Sensors
By End User
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)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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Originally published at https://www.einpresswire.com/article/733202538/magnetic-field-sensors-market-to-reach-11-3-billion-globally-by-2032-at-7-2-cagr-allied-market-research
