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Magnetic Sensor Market Overview
Magnetic sensors are used to measure and monitor changes and disturbances in a magnetic field, such as direction, flux, and strength. These sensors provide an edge in terms of contactless and wear-free measurements of numerous mechanical quantities, such as the angle of rotation and angular speed.
Increased integration of magnetic sensors in the consumer electronics and automotive industries and rising penetration of internet of things (IoT) technologies in various applications are some of the key factors driving the growth of the global magnetic sensor market.
The magnetic sensor market based on type is classified into Hall effect sensors, magnetoresistive sensors, squid sensors, flux gate sensors, and others. Among these, Hall effect sensors held the largest share in the market in 2019 and are expected to maintain their dominance over the forecast period. These are widely used in automotive applications, such as wheel speed measurement in the anti-lock braking system (ABS), position measurement of crankshaft and camshaft, and torque detection in the steering wheel, among others. Also, these sensors give accurate readings in adverse weather conditions and high temperature. Despite all these facts, the magnetoresistive sensors category is expected to witness the fastest growth during the forecast period.
Magnetoresistive sensors are classified into anisotropic magnetoresistive (AMR) sensors, giant magnetoresistive (GMR) sensors, and tunnel magnetoresistive (TMR) sensors. Among these, the TMR sensor category is projected to exhibit the highest volume-based growth over the forecast period. The AMR sensors category is also projected to grow significantly over the forecast period.
The magnetic sensor market in terms of range is classified into <1 microgauss (low-field sensors), 1 microgauss–10 gauss (earth field sensors) and >10 gauss (bias magnetic sensors). Among these, the >10 gauss (bias magnetic sensors) category dominated the market, owing to their wide use in the automotive industry. These are also used in the infrastructure and industrial segments in packaging equipment, automation equipment, conveyors and other applications comprising motor latches.
The magnetic sensor market based on application is classified into speed sensing, detection/non-destructive testing (NDT), position sensing, navigation and electronic compass, flow rate sensing, and others. As per the analysis, the detection/ NDT category is expected to grow fastest over the forecast period. NDT is used for monitoring faults and structural integrity mainly in factory buildings and industrial machinery. Stringent government regulations, industrial automation, and robotics are the few key factors driving the growth of the NDT market.
The magnetic sensor market in terms of end-user is classified into automotive; aerospace & defense; industrial; consumer electronics; banking, financial services, and insurance (BFSI); and others. Among these, the automotive sector is the major growth driver for the magnetic sensor market due to increasing use of magnetic sensor devices in vehicles for enhanced communication. Besides, rising demand for electric vehicles and hybrid electric vehicles, and the use of more advanced and accurate navigation systems are also fueling the demand for magnetic sensors globally. As per the analysis, the automotive sector is expected to maintain its dominance over the forecast period. Rising adoption of robotics for factory automation in the industrial sector is also driving the need for magnetic sensors. To address the need of precision and efficiency at production lines, magnetic sensors are being used for proximity detection, linearity, and angular sensing. The high growth rate of cloud service providers and data centers and growing service sector all over the globe are further augmenting the demand for these sensors for use in power distribution units, which are one of the most essential parts of data centers.
Among all regions, the Asia-Pacific (APAC) region led the magnetic sensor market in 2019 and is expected to grow at the highest CAGR in the forecast period, owing to the demand for consumer electronic products, growth of the automotive sector, and the presence of major electronic companies. China, South Korea, India, and Japan are among the top-20 automotive manufacturers globally. Also, China and Japan are home to major sensor manufacturers. High penetration of feature-rich smartphones and rising disposable income of the middle class in the region are fueling the market. On the other hand, the market in Europe is expected to witness significant growth in the forecast period due to its increasing focus on the manufacturing of hybrid vehicles, which will incorporate magnetic sensors to enhance performance and safety of the vehicle and driver.
Magnetic Sensor Market Dynamics
Advancement in small-scale “Micro Electro Mechanical Systems” (MEMS) technology to detect and measure magnetic fields; increasing integration of magnetic sensors in consumer electronics, such as smartphones tablets, laptops, scanners, flat panels, game controllers, printers, and cameras; and significant technological advancements in sensing techniques are the major factors driving the growth of the magnetic sensor market.
The automotive industry is among the major end-users for the magnetic sensor market and is expected to become the largest demand-generating segment in the forecast period, having major applications, such as ABS systems and engine control management systems. It forms the building blocks of electronic control systems in passenger as well as commercial vehicles. Additionally, developed countries, such as the U.S. Germany, the U.K, Japan, South Korea, and Australia are strongly focusing on safety and security of vehicle and passengers. It has led to increasing demand for magnetic sensors for important applications, such as tire pressure monitoring systems (TPMS), detection of vehicle position, electronic stability control (ESC) systems, inspection of automated machines, navigation system, and other vehicle manufacturing systems.
Magnetic Sensor Market Competitive Landscape
Due to the presence of various players, the magnetic sensor market is highly competitive in nature. These players are increasingly launching new products to remain competitive in the market. For instance, in 2019, Allegro MicroSystems LLC launched the industry’s first gear tooth sensor IC, which provides an incremental position for electric vehicle traction motors operating up to 30,000 rotations per minute (RPM). It has high-temperature operating functionality along with ISO 26262 safety standards.
Some of the key players operating in the global magnetic sensor market are Infineon Technologies AG, TDK Corporation, Melexis NV, Honeywell International Inc., Te Connectivity Ltd., NXP Semiconductors, Kohshin Electric, Allegro MicroSystems LLC, Diodes Incorporated, Murata Manufacturing Co. Ltd., NVE Corporation, Robert Bosch GmbH, and Texas Instruments Incorporated, among others.
The report provides a country-wise analysis of the magnetic sensor market. The major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Thailand, Indonesia, Malaysia, Singapore, Mexico, Brazil, Argentina, Colombia, South Africa, Turkey, the U.A.E., Saudi Arabia, and Qatar.
Market Size Breakdown by Segment
Based on Type
Based on Range
Based on Application
Based on End User