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Global Magnetic Sensor Market Report, Market Size, Share, Trends, Analysis and Forecast to 2028
The direction, flux, and strength of a magnetic field can be measured and monitored using magnetic sensors. In terms of contactless and wear-free measurements of several mechanical parameters, such as the angle of rotation and angular speed, these sensors offer an advantage. Due to their role in automating processes to improve efficiency and precision, sensors have become an essential component of the manufacturing process. Real-time data processing using a magnetic sensor alerts to speed-related issues. Moreover, they help in communication between the vehicle's suspension, braking, and other controls.
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North America is projected to have the highest CAGR over the forecast period, owing to connected cars. Miniature magnetic sensors assist in imparting such capabilities, while keeping basic functionalities of the car intact. Sensing components for a variety of applications, including position sensing, flow rate detection, and speed sensing, are also gaining popularity in the region. Since smartphones use hall-effect sensors to support compass applications, the proliferation of smartphones is the key factor driving the growth of the market.
Some of the key players profiled in the Magnetic Sensor Market include Honeywell International Inc., Texas Instruments, Analog Devices, NXP Semiconductors, Allegro Microsystems, Inc., Diodes Incorporated, Asahi Kasei Corporation, Melexis Corporation, STMicroelectronics, Inc., TE Connectivity Ltd, AMS AG, Alps Electric Co. Ltd, NVE Corporation, Infineon Technologies, Omron Corporation, TDK Corporation and Robert Bosch GmbH.
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