The global magnetic sensors market size is expected to reach USD 3.22 billion by 2025
LONDON, June 12, 2018 /PRNewswire/ -- Magnetic Sensor Market Size, Share, & Trends Analysis Report By Technology (Hall Effect, AMR, GMR, TMR), By Application (Automotive, Consumer Electronics, Industrial), By Region, And Segment Forecasts, 2018 - 2025
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The global magnetic sensors market size is expected to reach USD 3.22 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.8% during the forecast period. Increasing awareness regarding automobile safety coupled with an overall decline in pricing of sensors is bolstering the demand for magnetic sensors. Moreover, technological advancements in consumer electronics in line with proliferation of IoT technology are expected to impact the growth of the magnetic field sensor market favorably.
Such sensors are extensively used in smartphones and consumer wearable devices such as smartwatches and health monitoring devices.An emerging trend in the industry is the incorporation of giant magnetoresistance (GMR) film on magnetic field sensors.
This process enables the sensing components to detect and read data from microelectromechanical systems (MEMS), such as hard drives, MRAMs, and temporary memory processing units.
Sensing devices are being increasingly used in the automotive sector to improve vehicles' fuel efficiency, convenience, and safety.Favorable government regulations encouraging the use of electric vehicles (EVs), particularly in Europe, are stimulating the demand for several sensing devices, including magnetic sensors.
Magnetic sensing devices are integrated into EVs' power systems to monitor auxiliary motor inverters.
Some sensing technologies, such as the Hall Effect technology, have been in the market for over two decades and their application base is increasing despite their early maturity. Although Hall Effect is a highly mature technology, continuous improvements and advancements still make it a competitive sensor technology applicable to a wide range of industry verticals.
Further Key Findings from the Report Suggest:
• Magnetic sensing components are increasingly finding applications in power distribution units (PDUs) due to increasing demand for data centers
• In the renewable energy domain, such sensors are being used in wind and solar power plants to provide switching, position and angular sensing, and current sensing
• Market incumbents are focusing on using high-quality materials to ensure superior performance, create awareness about performance and sophisticated features, and identify new markets in order to extend their customer base and remain competitive in the market
• The market is poised to witness significant growth owing to favorable government regulations encouraging the use of Anti-lock Braking System (ABS) and growing consumer preference for navigation tools, such as GPS, in automobiles
• Multinational sensor manufacturers and vendors are focusing on mergers and acquisitions as a part of their strategy to gain a competitive advantage to overcome the challenges of lack of product differentiation and market maturity
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