Magnetic Sensor Market is estimated at US$ 2,271.6 Mn in 2022, likely to surge at a vigorous 5.1% CAGR during the assessment period 2022 – 2028. The magnetic sensor market accounted for almost 10% market share of global IoT sensors market. The magnetic sensor market is anticipated to show significant growth in coming years, due to high demand of sensing applications across industries.
This attributes to increasing adoption of Hall-effect magnetic sensor, Giant Magnetoresistance (GMR) sensors, 3D Magnetic Hall Effect Sensor, Anisotropic Magneto-Resistive (AMR) sensors, Tunnel Magneto Resistance (TMR) sensors technologies in major industries including automotive, consumer electronics, industrial and others.
The global magnetic sensor market is categorized by technology, application, and region. By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). The Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017.
Among the regions, North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
The rapid growth in the demand for smart devices in emerging economies such as India, China, and Japan is attracting several magnetic sensor manufacturers. Smart device and consumer electronic device manufacturers can create abundant opportunities for the development of advanced magnetic sensors. Furthermore, with the growth of industrial automation systems, collaboration with electronic device manufacturers can generate potential opportunities for magnetic sensor manufacturers to provide magnetic sensors with advanced features which have high sensitivity and reliability.
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Key Segments Covered
- Hall Effect
- Consumer Electronics
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Key Regions covered
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA & Others of APAC
- Rest of MEA
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