The magnetic sensor market is projected to witness noteworthy growth on account of surging product demand from the semiconductor industry. With rapid technological advancements, the demand for highly capable sensors that offer remarkable accuracy, durability and sensitivity has increased as a substantial rate. Magnetic sensors detect magnetic fields through several materials like wood, plastic, stainless steel and aluminum.
They have long operational life and are extremely proficient to take up heavy-duty tasks. The demand for Tunnel-Magnetoresistance (TMR) sensor has grown exponentially in recent years as they provide various benefits like higher stability, less temperature drift, lesser deterioration through aging and fewer errors.
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Considering the technology spectrum, the report predicts that the AMR technology segment would grow at a rate of 7 per cent through 2026, post its dominance of 30 per cent market stake in 2019. This growth can aptly be defined due to the increasing deployment of AMR magnetic sensors in industrial and automotive applications, offering superior performance, flexibility, and high sensitivity in diverse operating conditions.
Adding to this, AMR sensors also impart low temperature drift and reduce calibration efforts and external compensation- a factor that eventually supports its adoption in industrial machinery and automotive steering angle application.
Speaking of the prolific use in automotive sector, magnetic sensor market from speed sensing segment is poised to depict a CAGR of 6.8 per cent over the forecast timeframe; courtesy: the product’s heightened adoption in automotive wheel speed and safety application like antilock braking systems. It is rather evident that magnetic sensors are witnessing increasing acceptance from wheel speed sensing to monitor the rotational speed of vehicles with no contact measuring principle.
Not only this, surging initiatives by various central governments toward minimal accidents and safe driving have indeed offered a boost to adoption of automotive safety systems, accentuating the demand for these sensors. Citing an instance for the same, Indian government had in April 2019 announced equipping all PVs and CVs with anti-lock braking systems to ensure proper driver safety.
Let alone the automotive sector, industrial segment is also likely to gain hefty demand for magnetic sensors in the years to follow. Thanks to the growing adoption of IIoT and industrial robots to ensure increased productivity with relatively lower labor coast. As a matter of fact, it was reported by International Federation of Robotics that industrial robot sales across the European region increased by 30 per cent in 2017. In this regard, it would be safe to declare that rising adoption and sales of industrial robots worldwide would offer a positive impetus to magnetic sensor market in the near future. As per estimates, the industrial segment would grow at a magnificent rate of 7 per cent through 2026.
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Strong presence of consumer electronic companies and large manufacturing industries might positively impact the Asia Pacific magnetic sensor market outlook. Countries like India and China contribute to a large portion of the global consumer electronic sector. The demand for navigation components used in electronic products is immense across these regions. Adoption of advanced sensors in advanced appliances like virtual reality and gaming headsets, gesture control devices may fuel regional market growth over the forthcoming years.
Prominent players in the magnetic sensor market like Analog Devices, Allegro Microsystems, Infineon Technologies, Asahi Kasei Microdevices (AKM), TE Connectivity Corp., Texas Instruments Inc., Magnetic Sensors Corporation, STMicroelectronics, NXP Semiconductors, Memsic and Honeywell International are focusing on conducting new R&D activities and product development projects to expand their product portfolio.
Major Key Points from Table of Content:
Chapter 5 Magnetic Sensor Market, By Technology
5.1 Key trends, by technology
5.2 Hall effect
5.2.1 Market estimates and forecast, 2015 – 2026
5.3.1 Market estimates and forecast, 2015 – 2026
5.4.1 Market estimates and forecast, 2015 – 2026
5.5.1 Market estimates and forecast, 2015 – 2026
5.6.1 Market estimates and forecast, 2015 – 2026
Chapter 6 Magnetic Sensor Market, By Application
6.1 Key trends, by application
6.2 Speed sensing
6.2.1 Market estimates and forecast, 2015 – 2026
6.3 Position sensing
6.3.1 Market estimates and forecast, 2015 – 2026
6.4.1 Market estimates and forecast, 2015 – 2026
6.5 Navigation & electronic compass
6.5.1 Market estimates and forecast, 2015 – 2026
6.6.1 Market estimates and forecast, 2015 – 2026
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