Press release
Magnetic Sensors Market Size, Share Analysis and Forecast Report 2023-2030
DataM Intelligence
A magnetic sensor is a device that detects interruptions and changes in the intensity, direction, and flux of a magnetic field. Detection sensors can detect qualities including light, pressure, and temperature.' In control technology, magnetic sensors are used to identify contactless and wear-free locations. They are especially helpful in situations where inductive sensors have reached their limitations.
The sensors are small, have broad detecting ranges, and measure tiny distances from a few millimetres to centimetres. Magnetic sensors have a long operational life and are exceedingly sturdy. They are wear-free, contactless, and omnipolar (can detect both the north and south poles) since they have no moving components.
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Market Growth Analysis
According to DataM Intelligence's latest report, the "Global Magnetic Sensors Market" is estimated to reach a CAGR of 5.7% during the forecast period 2023-2030.
Market Drivers
The rising demand for improved sensing components in different sectors is a primary driver of the global magnetic sensors market. Magnetic sensors detect angular speed and angle of rotation accurately and reliably, making them indispensable in electronic control systems for commercial and passenger cars, navigation systems, and consumer electronics. Government mandates requiring the use of magnetic sensors in cars, as well as the increasing usage of electric vehicles and advanced cell phones, are driving market growth.
Key Market Trends
The rising usage of sophisticated technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) in various sectors is a prominent market trend in the global magnetic sensors market. In sectors such as automotive, aerospace, and healthcare, magnetic sensors are used in conjunction with these technologies to provide predictive maintenance, efficient energy management, and real-time monitoring.
Furthermore, the increasing trend of smart homes and smart cities is likely to fuel demand for magnetic sensors, as they play an important role in allowing automation and efficient system operation.
Segmentation Analysis
The global magnetic sensors market is segmented by product, range, application, end user, and region.
By Product
Hall Effect Sensors
Magnetoresistive Sensors
Squid Sensors
Fluxgate Sensors
Others
By Range
Microgauss
Microgauss-10 Gauss
10 Gauss
By Application
Speed-Sensing
Detection/NDT
Position Sensing
Navigation and Electronic Compass
Others
By End-User
Transportation
Consumer Electronics
Healthcare
Aerospace and Defense
Industrial
BFSI
By Region
North America
Europe
South America
Asia Pacific
Middle East, and Africa
Product Insights
In terms of product, the hall effect sensors segment dominated the magnetic sensors market. They have several applications and are utilized in various sectors, including automotive, consumer electronics, and industrial. Hall Effect Sensors are recommended due to their great accuracy, quick reaction time, and low power consumption. They are also inexpensive and simple to incorporate into many systems.
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Recent Developments of the Magnetic Sensors Market
In April 2023, Bosch Sensortec GmbH announced the release of a new family of magnetic sensors for use in consumer electronics and industrial applications.
Texas Instruments Incorporated announced the purchase of Lumotive, Inc. in February 2023 in order to enhance its range of sensor solutions for automotive and industrial applications.
In January 2023, Asahi Kasei Corporation announced the launch of a new series of magnetic sensors for use in automotive and industrial applications.
Geographical Penetration
North America led the magnetic sensors market due to the presence of prominent magnetic sensor manufacturers, and the region has a well-established industrial base with considerable demand for these sensors across numerous end-use sectors.
The automotive and consumer electronics industries in the area are especially robust, which has resulted in the widespread use of magnetic sensors in navigation systems, cell phones, and other electronic gadgets. Furthermore, government rules requiring the use of magnetic sensors in automobiles have boosted market growth in North America.
Market Leaders of Magnetic Sensors Market
1. Infineon Technologies AG
2. Asahi Kasei Corporation
3. Allegro Microsystems
4. TDK Corporation
5. Melexis
6. TE Connectivity
7. Honeywell International Inc.
8. NVE Corporation
9. NXP Semiconductors
10. Kohshin Electric Corporation
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About DataM Intelligence
DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We at DataM Intelligence leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of Syndicate Reports & and; Customized Reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries, catering to the key business research needs that influence the growth trajectory of our vast clientele.
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