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.
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Further key
findings from the report suggest:
- TMR is projected to emerge
as the fastest growing technology segment over the forecast years, owing
to high sensitivity, efficiency, and usability in a wide range of end-use
industries
- The automotive segment is
expected to keep driving the market over the forecast period, which can be
attributed to high demand for safety equipment and high-quality sensors in
automobiles
- Rapidly growing demand for
smartphones and automobiles in Asia Pacific is expected to support the
market in the region
- Key industry players include
NXP Semiconductors; NVE Corporation; MultiDimension Technology Co. Ltd;
Microdevices Corporation; Memsic Corporation; Magnetic Sensors
Corporation; and Honeywell International, Inc.
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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)
- Hall Effect
- Anisotropic
Magnetoresistance (AMR)
- Giant Magnetoresistance
(GMR)
- Tunnel Magnetoresistance
(TMR)
- Others
Magnetic Sensor
Application Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
- Automotive
- Consumer Electronics
- Industrial
- Others
Magnetic Sensor
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
(MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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