Magnetic Sensor Market To Hit Value .2 Billion By 2025 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on December 14th, 2023 San Francisco, 14 December 2023: The ReportMagnetic Sensor MarketSize, Share & Trends Analysis Report By Technology (Hall Effect, AMR, GMR, TMR), By Application (Automotive, Consumer Electronics), By Region, And Segment Forecasts, 2019 - 2025 The global magnetic sensor market size is expected to reach USD 3.2 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 6.8% CAGR over the forecast period. Growing emphasis on automobile safety, coupled with steadily declining prices of sensors, has supported product demand. Integration of sophisticated technology in consumer electronics is also expected to drive the magnetic sensor market. In addition to smartphones, magnetic sensors are being increasingly integrated into wearables such as fitness bands and smartwatches. The trend of embedding these components with giant magnetoresistance (GMR) films has gained a lot of importance. This procedure aids in detecting and reading data from microelectromechanical systems (MEMS), such as MRAMs, temporary memory processing units, and hard drives. Sensors are being increasingly incorporated in automobiles to achieve fuel efficiency and ensure the safety and convenience of the occupants. Governments in several European countries are encouraging customers to adopt electric vehicles (EVs) to address the issue of air pollution. This, in turn, is driving demand for magnetic sensors, since they are integrated into EVs’ power systems for monitoring supplementary motor inverters. The Hall Effect technology is quite mature as compared to other sensing technologies. However, in spite of this, its application base continues to witness a steady increase, which can be attributed to continuous developments that still make it a preferred choice in several industry verticals. The market is projected to register a revenue-based CAGR of 6.8% from 2019 to 2025. Increased integration of magnetic sensors in various industry verticals, backed by significant technological advancements in sensing techniques, is expected to boost market growth. Government mandates necessitating the integration of magnetic sensors in automobiles are expected to impact the market growth favorably. Magnetic sensors constitute a vital part of navigation systems used in cars and smartphones, as a result of which, their demand is expected to remain buoyant in these two sectors. Request sample report of Magnetic Sensor Market@https://www.grandviewresearch.com/industry-analysis/magnetic-sensors-market/request/rs1 On account of growing demand for magnetic sensors in the automotive sector, the market is estimated to exhibit a healthy growth rate throughout the forecast period. Sensor manufacturers have stressed on providing efficient devices that can be integrated across a plethora of applications. These devices assist in contactless operations and wear-free measurements of angular speed and angle of rotation. Aggressive investment in R&D activities for development of advanced sensory components is also another strategy adopted by manufacturers. They aim to develop sensors incorporated with features such as motion detection, speed, and proximity in order to cater to the needs of diverse end-use verticals. Further key findings from the report suggest:
Magnetic sensors form the building blocks of electronic control systems in commercial as well as passenger vehicles. These systems ensure increased safety and enhance driver convenience, as a result of which, their adoption has witnessed a surge. Such advanced sensing elements guarantee high reliability and efficiency in terms of economics and performance. High penetration of sophisticated, feature-rich smartphones and tablets has necessitated the need for advanced sensing components, a trend that is expected to favorably impact the market over the next few years. Magnetic sensors have also been extensively used in the field of Non-destructive Testing (NDT) and medical R&D. Report Scope
The average selling prices (ASP) of magnetic sensors are declining steadily, which is attributed to intense competition in the market. As a result, manufacturers are forced to shrink their margins in order to secure long-term deals with companies across several end-markets. While such a reduction in ASPs is anticipated to continue, growing application ranges of magnetic sensors are expected to aid the market over the next few years. Based on technology, the market is segmented into Anisotropic Magneto-Resistive (AMR), Tunnel Magnetoresistance (TMR), Hall Effect, Giant Magneto-Resistance (GMR), and others. Among these technologies, the Hall Effect segment accounted for a sizeable revenue share and was valued at close to USD 640.0 million in 2018; the segment is projected to maintain its dominance throughout the forecast period. This can be attributed to the fact that they are easy to implement, are compact in design, and offer varied output options and operating voltages. Grand View Research has segmented the global magnetic sensor market on the basis of technology, application, and region: Magnetic Sensor Technology Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Magnetic Sensor Application Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
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