Magnetic Sensor Global Market Report 2024

The magnetic sensor market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed during the historic period can be ascribed to various factors, including the phases of industry adoption, the timeline of product development, consumer behavior, investment patterns, and the expansion of applications.

The magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to industry diversification, the increasing demand for IoT devices, the growth of the automotive industry, the emergence of new applications, and the dynamics of supply chains. Key trends expected in the forecast period include trends towards miniaturization, integration of IoT, applications in the automotive sector, advancements in emerging technologies, and innovations in healthcare.

The anticipated increase in demand for smartphones is set to drive the growth of the magnetic sensor market. Smartphones, handheld devices with embedded computers and additional features, commonly incorporate a magnetic sensor, such as a magnetometer. This sensor enables the phone to detect its orientation, proving valuable in applications such as compass functionality and navigation/position determination. As indicated by a January 2022 report from the Consumer Technology Association (CTA), a US-based trade association for consumer technology companies, smartphone sales were projected to reach 154.1 million units in 2022, with shipment revenues amounting to $74.7 billion - a 3% increase compared to the 149.6 million units in 2021. Hence, the rising demand for smartphones is expected to propel the magnetic sensor market forward.

The increasing prevalence of IoT-linked devices is poised to contribute to the growth of the magnetic sensor market. IoT-linked devices, which wirelessly connect to a network and transmit data, often incorporate magnetic sensors to detect and measure magnetic fields. This makes these sensors versatile tools for various tasks. A report from IoT Analytics, a Germany-based provider of strategic business intelligence for IoT, estimated a 9% increase in global IoT device connections, reaching 12.3 billion in 2021. Projections indicate that the number of IoT device connections is expected to further rise to 27 billion by 2025. Consequently, the growing number of IoT-linked devices is a significant driver for the magnetic sensor market.

The magnetic sensor market is witnessing a trend of product innovations, with major companies focusing on developing novel products to enhance their market position. Allegro MicroSystems, a US-based semiconductor manufacturing company, introduced the A33230 3D magnetic sine/cosine Hall-effect position sensor integrated circuit in January 2022. Notably, the A33230 is the smallest 3D magnetic sine/cosine sensor currently available in the market, offering a cost-effective solution for automotive and industrial applications. Incorporating vertical and planar Hall-effect elements with orthogonal sensing axes, the A33230 provides 90° of phase separation independent of magnet pole spacing and air gap.

Major companies in the magnetic sensor market are concentrating on introducing innovative products, including linear magnetic field sensors, to gain a competitive advantage. Multidimension Technology Co Ltd., a China-based provider of magnetic sensors, launched the TMR265x Programmable TMR Linear Sensors in May 2023. These sensors are uniquely designed for high-speed current sensing applications in power electronics, featuring a 2MHz bandwidth ideal for monitoring currents in silicon-carbide (SiC) and gallium-nitride (GaN) power switches. The TMR265x sensors offer excellent temperature stability and can be programmed to provide customizable sensitivity with a measurement range of up to ±1000 Gauss.

In August 2023, Allegro MicroSystems Inc., a US-based provider of advanced semiconductor technology and application-specific algorithms, acquired Crocus Technology for $420 million. This acquisition is expected to bolster Allegro's innovation in TMR sensing technology and expand its sales into new markets. Crocus Technology, a US-based manufacturer specializing in integrated magnetic field sensors, will contribute to Allegro's advancements in this domain.

Major companies operating in the magnetic sensor market report are TE Connectivity Ltd., NXP Semiconductors N.V, Texas Instruments Incorporated, STMicroelectronics N.V., Melexis NV, Infineon Technologies AG, TDK Corporation, Allegro MicroSystems LLC, Asahi Kasei Corporation, Honeywell International Inc., NVE Corporation, AMS AG, Robert Bosch GmbH, Kohshin Electric Corporation, Micronas Semiconductor Holding AG, Sensitec GmbH, Murata Manufacturing Co. Ltd., Baumer Ltd., Elmos Semiconductor AG, Analog Devices Inc., Crocus Technology, Omron Corporation, Sensoronix Inc., Bosch Sensortec GmbH, Magnetic Sensors Corporation, Diodes Incorporated, Silicon Labs Inc., World Magnetics, MEMSIC Austria GmbH, Pepperl+Fuchs International GmbH.

Asia-Pacific was the largest region in the magnetic sensor market in 2023. The regions covered in the magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the magnetic sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of magnetic sensors include Hall effect sensors, magnetoresistive sensors, squid sensors, and flux gate sensors. A Hall effect sensor is an electronic device that identifies the Hall effect and converts its observations into electronic data. These sensors cover various ranges, including low field sensors (< 1 microgauss), earth field sensors (1 microgauss-10 gauss), and bias magnetic field sensors (>10 gausses). They are employed in applications such as speed sensors, detection or non-destructive testing (NDT), position sensors, navigation and electronic compasses, and flow rate sensors across industries such as automotive, aerospace and defense, industrial, consumer electronics, banking, financial services, and insurance (BFSI), as well as other end-user sectors.

The magnetic sensor market research report is one of a series of new reports that provides magnetic sensor market statistics, including magnetic sensor industry global market size, regional shares, competitors with magnetic sensor market share, detailed magnetic sensor market segments, market trends, and opportunities, and any further data you may need to thrive in the magnetic sensor industry. This magnetic sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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