The Global Magnetic Sensors Market was over US$ 2.1 billion in 2017 and is projected to expand at a CAGR over 6.8% during 2018 – 2025.
Growing awareness for the safety in automobiles, coupled with a price reduction for sensors is accentuating the magnetic sensors demand over the forecast period. Additionally, improving technological innovations in consumer electronics with expansion of IoT technologies are further attributed to favorably impact the magnetic sensors market growth over the forecast period.
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Magnetic sensors are primarily used in consumer wearables, and smartphones. Emerging market trends, incorporating magnetoresistance films on various magnetic sensors will further accelerate the market growth over the coming years. Various sensing devices are continuously used in the automotive end-use industry to enhance the automobiles’ fuel efficiency, safety, and convenience will further boost the market growth. Favorable regulations from the governing bodies regarding the use of electric vehicles, majorly in North America and Europe, are further enhancing the demand for various devices with sensors.
Technical constraints such as limited magnetic field strength will restrain the market growth significantly in the overall projected period. Currently, the manufacturers of the magnetic sensor manufacturers are working hard to overcome this issue. For instance, various producers are working on improving various parameters of magnetic sensors such as output sped, gear ratio, and number of bearing elements to analyze the various magnetic vibration patterns. This might attribute to overcome the limited field strength of the magnetic sensors over the coming years.
Hall Effect Based Magnetic Sensors Had The Highest Share Of The Global Market In 2017
Hall effect magnetic sensors are the devices which can be activated by external magnetic field. Output signal from a usual hall effect sensor will be in the form of a function of magnetic field density around the sensor. Hall effect sensors led the global magnetic sensors market by the end of 2017.
But, it is predicted that there might be a change in the manufacturers’ preference towards magneto-resistive sensors such as AMR, GMR, and TMR over the projected period. The penetration of these sensors is expected to be surpass hall effect sensors, owing to a wide operating range, coupled with properties such as low power and hysteresis, and improved measurement accuracy over hall effect sensors. Moreover, the prices of the magneto-resistive sensors are predicted to reduce over the coming years, which will further boost the market growth in various end-use applications during the projected period.
Contactless sensing is also possible through the hall effect, as it is becoming one of the key technologies for motor control and in a wide-range of appliances. This effect offers a low-cost combination of both switching and sensing, which simplifies the prices and design implementation. They also have the capability to open new design opportunities, which are currently required by the key manufacturers in the market. For instance, the use of magnetic-sensing capabilities, and thereby integrating orthogonal hall effect sensors, can have the capability of producing an effective and a low-cost compass.
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Magnetic Sensors Market For Automotive Held The Largest Share Of The Global Market In 2017
Thee magnetic sensors market for automotive had the significant market share in 2017, and will lead the global market throughout the forecast period. This is majorly due to the incorporation of these sensors in automobiles by many automakers. Rising production of automobiles acts as a significant factor for the growth of this segment over the forecast period.
In the automobiles, the magnetic sensors provide many advantages. They allow contactless, and wear-free mechanical quantities’ measurement like angle of speed and rotation. These sensors are highly robust and need very low costs to manufacture. The manufacturers of the magnetic sensors are developing new and innovative sensors, which are highly required by the automotive manufacturers.
For instance, Robert Bosch GmbH, developed magnetic sensors for electronic stability program (ESP), which avoids spinning in the vehicles. Recently, the company demonstrated that essential limitation of AMR effect to 180° can be reduced by utilizing a modulated magnetic field which is created in the sensor. This is one of the key developments in the magnetic sensors market, which can be specifically used for automotive applications.
Asia Pacific Regional Market Had The Highest Market Share In The Global Magnetic Sensors Market
The Asia Pacific magnetic sensors market is predicted to have the largest share of the global market, owing to the rising product consumption in consumer electronic devices such as laptops, cameras, smartphones, coupled with automotive. The growing demand for these consumer electronic products in the developing economies such as China and India are significantly driving the growth of magnetic sensors market in the Asia Pacific.
The automotive production in this region has been increasing from the pat few years. India and China alone are majorly attributing to the growth of vehicle production, which will have a positive impact on the consumption of magnetic sensors, thus impacting the market growth positively.
North America regional market is expected to have a moderate growth rate, owing to the saturation of the market in this region. The demand for magnetic sensors in this region will grow moderately, owing to the stagnant automotive production, coupled with a steady growth in the consumer electronic products’ sales.
Multinational players
Key players in the global magnetic sensors market include Allegro Microsystems, Inc, Asahi Kasei Micodevices Corporation, Alps Electric Co., Ltd., AMS AG, Crocus Technology, Baumer Ltd, Elmos Semiconductors Ltd., iC-Haus, Honeywell International, Inc., Infenion Technologies Ltd., Melexis Corporation, and Memsic Corporation are some of the key players in global Magnetic Sensors market.
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