United States hold approximately 23% of share in the magnetic sensor market. US market is predicted to generate an absolute dollar potential of US$ 128 Mn between 2022 and 2032, growing at a 3.8% CAGR during the forecast period.
NEWARK, Del: , Sept. 15, 2022 (GLOBE NEWSWIRE) -- The global magnetic sensor market is expected to be valued at US$ 2,271.6 Mn in 2022, rising to US$ 3,668.8 Mn by 2032. The demand for magnetic sensors is anticipated to grow at a CAGR of 4.9% from 2022 to 2032.
The widespread use of magnetic sensors in modern navigation systems, presence detection, medical disciplines, and the automotive industry is driving a paradigm shift in the global magnetic sensor market.
Due to increased demand for magnetic sensors in the automotive sector, the magnetic sensor market share is likely to grow at a healthy rate throughout the forecast period. The increasing use of magnetic sensors in advanced applications such as driverless vehicles is expected to fuel global magnetic sensor market growth.
Magnetic sensors used in these systems are exceedingly efficient, precise, dependable, robust, and simple to build. The sales of magnetic sensors are therefore expected to increase quickly throughout the course of the projection period.
Furthermore, new magnetic sensor industry trends such as robotics, automation, and Industry 4.0 in the mining, oil and gas, and food and beverage manufacturing sectors are expected to boost magnetic sensor market expansion.
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As a result, the demand for magnetic sensor is expected to rise as businesses increasingly rely on industrial robots, collaborative robots, conveyor systems, and automated assemblies, all of which require a magnetic sensor for position, speed, and orientation.
While increasing demand for magnetic sensors in automated vehicles, consumer electronics, and healthcare items leads to increased shipment, price erosion severely limits sales growth. This is due in part to the increased competition among magnetic sensor manufacturers.
Rapid innovation in new portable, consumer, and IoT applications results in pricing pressure and a drop in sales of magnetic sensors, particularly for high-volume applications. As a result, manufacturers are being driven to reduce the cost of magnetic sensors.
Key Takeaways from Magnetic Sensor Market
The United States currently controls around 23% of the magnetic sensor market. Furthermore, between 2022 and 2032, the US market is expected to produce an absolute dollar potential of US$ 128 Mn, rising at a 3.8% CAGR during the projected period.
Between 2022 and 2032, China is estimated to represent 11.7% of the APAC magnetic sensor market, with a CAGR of more than 5.5%.
Germany is predicted to maintain its dominance in the European magnetic sensor market during the forecast period.
The Hall effect magnetic sensor technology category is estimated to dominate the magnetic sensor market with a 45.9% share during the forecast period.
The automobile category is expected to hold 45.3% of the magnetic sensor market.
“To advance their market position and domain expertise, manufacturers of magnetic sensors are expanding their investments in magnetic sensing technologies such 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR). – FMI Analyst
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Competition Landscape in the Magnetic Sensor Market
The magnetic sensor market is undergoing fierce competition among key companies due to a fragmented and highly concentrated competitive landscape. New product developments and recent breakthroughs in sensing technology are driving the worldwide magnetic sensor market.
Another strategy employed by magnetic sensor producers is a significant investment in R&D activities for the development of upgraded sensory components. To address the needs of diverse end-use verticals, manufacturers propose to produce sensors with functions such as motion detection, speed, and proximity.
Among the top competitors in the protein hydrolysate ingredients market are Arla Food Ingredients, Costantino & C. spa, Armor Proteines, Kerry Group Plc, Glanbia Plc, Carbery Group Limited, Davisco Foods International, Inc., Hilmar Ingredients, FrieslandCampina N.V., Tate & Lyle plc, Abbott Laboratories, Agropur Inc., Danone S.A., and Fonterra Co-operative Group Limited.
Recent Developments in the Magnetic Sensor Market:
In June 2020, Asahi Kasei Corporation unveiled the AK8781, a latch-type Hall IC with an ultra-compact package that is suitable for small DC brushless (BL) motors. It is a small, quick response time package that is perfect for high-temperature applications. The introduction of this product aims to further the micro-miniaturization and high efficacy of DCBL motors.
To provide ground-breaking medical imaging solutions for cardiac diagnostics, TDK Corporation announced in April 2020 a partnership with Genetesis, a magnetocardiography (MCG) technology company with headquarters in the United States and a world leader in non-invasive biomagnetic imaging systems.
Magnetic Sensor Market by Category
Magnetic Sensor for Consumer Electronics
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