Magnetic Sensor Market Size & Share, by Application (Speed Sensing, Position Sensing, Detection/ Non-Destructive Testing, Navigation & Electronic Compass); Technology {Hall Effect, Anisotropic Magento Resistance (AMR), Giant Magneto Resistance (GMR)}; End-user (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, Energy & Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4866
  • Published Date: Apr 30, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Magnetic Sensor Market size is predicted to reach USD 20.18 Billion by the end of 2035, growing at a CAGR of 10.7% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of magnetic sensor was over USD 5.96 Billion.The growth of the market can be attributed to the demand for electric vehicles. The sensors are critical in identifying leakage currents that can enter the battery through the IC-CPD and then generate a Type A residual current. Despite supply chain delays and the ongoing Covid-19 epidemic, according to the International Energy Agency, global electric car sales set a new high in 2021. Sales nearly doubled to 6.6 million in comparison to 2020, increasing the total number of electric vehicles on the road to 16.5 million.

In addition to these, factors that are believed to fuel the market growth of magnetic sensors include the rising demand for automated machines in factories and the higher adoption of robots. Magnetic sensors are used in these machines for various applications, such as motion control, robotics, and precise positioning. On the other hand, the development of new materials and technologies for magnetic sensors, such as tunneling magnetoresistance (TMR), and giant magnetoresistance (GMR) is also expected to drive magnetic sensor market growth. China's manufacturers are turning to automation to update production lines while also preparing for fewer, more skilled labor. Chinese manufacturers, such as Midea, have already embraced automation to drastically cut the number of humans required.


Magnetic Sensor Market
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Magnetic Sensor Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Popularity of Autonomous Vehicles – Aside from steering, the sensor may detect position for a range of other automotive applications, such as pedals, controls, and gearbox shifters. There are presently over 30 million automated automobiles on the road worldwide.
  • Rising Automation Across the Industries– Magnets are employed to assess the precision and accuracy of the robots' motor motions. According to the International Federation of Robotics' new World Robotics 2020 Industrial Robots research, there are now around 2.7 million industrial robots working in industries all over the world, a 12% increase. In 2019, 373,000 units were shipped internationally.
  • Increasing Production of Oil and Gas – Nuclear magnetic resonance can assist oil and gas businesses in understanding both the permeability and porosity of rocks. This affects whether or not a well is acceptable for a specific location. Global oil demand is projected to grow by 1.9 million barrels per day in 2023, reaching a record 101.7 million barrels per day, with China accounting for over half of the increase following the easing of the Covid limitations.
  • Growing Demand for Medical Equipment– Magnetic field sensors can be used to reliably determine the relative location of medical equipment components. There are around 50,000 MR machines in use worldwide. Every year, around 5,000 pieces of MR imaging equipment are sold worldwide.
  • Rising Demand for Consumer Electronics– Without needing direct contact between the sensor and the target, magnetic sensors are employed in electronic items to determine speed, speed and direction, position, alignment, proximity, or rotational position. Refrigerator sales in the world resumed in 2021, with yearly sales exceeding 236 million units by 2025. Furthermore, approximately 215 million refrigerators are sold globally each year.

Challenges

  • Presence of Alternative Technologies – There are various other sensors in the magnetic sensor market, such as acoustic sensors, capacitive sensors, and optical sensors. These sensors have various advantages, such as better accuracy, high resolution, and much lower consumption of power.
  • The Sensors are influenced by environment
  • Cost of Per Unit in High Application is Really High

Magnetic Sensor Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~10.7%

Base Year Market Size (2022)

~ USD 5.96 Billion

Forecast Year Market Size (2035)

~ USD 20.18 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Magnetic Sensor Sector Segmentation

End-user (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, Energy & Power) 

The global magnetic sensor market is segmented and analyzed for demand and supply by end use into automotive, consumer electronics, industrial, aerospace & defense, healthcare, and energy & power. Out of the six end users of magnetic sensor, the energy & power segment is estimated to gain the largest market share of about ~38% in the year 2035. In oil fields, nuclear and other power plants, as well as solar and wind energy applications, magnetic sensors monitor the position or speed of moving components. The sensors can be utilized for energy and water saving via intelligent, open/close door detection, fluid levels, and contactless sensing. For instance, global demand is expected to exceed approximately 660 quadrillions Btu in 2050, representing around a 15% increase over 2021, reflecting a larger population and greater income. Moreover, strong middle-class expansion in developing countries boosts energy demand by approximately 35%.

Technology {Hall Effect, Anisotropic Magento Resistance (AMR)

The global magnetic sensor market is also segmented and analyzed for demand and supply by technology into hall effect, anisotropic magento resistance (AMR), and giant magneto resistance (GMR). Amongst these three segments, the hall effect segment is expected to garner a significant share in the year 2035. The growth of the segment is expected on the account of their reasonable price, ease of integration, and lack of interference from complex biomedical samples. Hall effect sensors are used to monitor mechanical system variables such as proximity, speed, and displacement. It is one of the most common speed-sensing technology. They are quite dependable. Provide electrical angles and outputs that can be pre-programmed and provide high-speed operation. Hall Effect sensors do not wear out; thus they have an extended shelf life and, in the case of two-part technology, a virtually endless life. They are quite dependable.

Our in-depth analysis of the global market includes the following segments:

   By Application

  • Speed Sensing
  • Position Sensing
  • Detection/ Non-Destructive Testing
  • Navigation & Electronic Compass

  By Technology

  • Hall Effect
  • Anisotropic Magento Resistance (AMR)
  • Giant Magneto Resistance (GMR)

    By End Use

  • Automotive
  • Consumer Electronics
  • Industrial
  • Aerospace & Defense
  • Healthcare
  • Energy & Power

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Magnetic Sensor Industry - Regional Synopsis

North American Market Forecast

The magnetic sensor market in North America is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for self-driven vehicles followed by rising automation in the industries. It is projected that by 2030, there will be around 21 million autonomous cars in use in the United States. Moreover, the share of businesses that have fully automated at least one function has increased more slowly, rising from 29% in 2018 to 31% in 2020. On the other hand, the rising demand for crude oil is also expected to drive the market growth. US crude oil production is expected to reach an average of around 12 million barrels per day in 2022 and 12.4 million barrels per day in 2023, exceeding the record high achieved in 2019.

Europe Market Forecast

The European magnetic sensor market is estimated to be the second largest, registering a share of about ~29% by the end of 2035. The growth of the market can be attributed majorly to the growing number of applications that need accurate measurement and detection of magnetic fields. The increased adoption of electric vehicle in has fueled the demand for magnetic sensors, as these vehicles rely heavily on precise sensing of magnetic fields for battery management and motor control. Battery electric vehicle (BEV) sales in Europe set records in 2022, accounting for around 12% of the overall market share, up from around 9% in 2021 and nearly 2% in 2019. In addition to this, Germany, in particular, sold around 200,000 units. France came in second with around 62,000 units sold, and Sweden came in third with 37,000 registered sales.

APAC Market Statistics

Further, the magnetic sensor market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising demand for energy. In 2022, the power demand in India increased by almost 8%, or roughly double the rate of the entire Asia Pacific region, reaching more than 149.7 terawatt-hours. Moreover, demand increased 10% year on year in the first two months of 2023. On the other hand, China's power consumption increased by around 4% year on year to 8,600 TWh in 2022. On the other hand, the region is also witnessing a rise in infrastructure development, particularly in the area of transportation and energy. Hence, the demand for magnetic sensors is rising in various applications in these sectors, such as railway signaling, wind turbines, and others.

Research Nester
Magnetic Sensor Market Size
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Companies Dominating the Magnetic Sensor Landscape

top-features-companies
    • Allegro Microsystems, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Alps Alpine Co., Ltd.
    • Asahi Kasei Corporation
    • AMS Technologies AG
    • Baumer Holding AG
    • Crocus Technology International, Corp.
    • Elmos Semiconductor SE
    • Honeywell International, Inc
    • Infineon Technologies AG
    • NXP Semiconductors N.V.

In-the-news

In The News

  •  Infineon Technologies AG has announced to add a new AMR-based angle sensor to its sensor range, with the goal of providing excellent accuracy in low magnetic fields. The XENSIV TLE109A16 product line is intended to meet the demand for extremely precise, quick, and cost-effective angle measurement
  • Allegro Microsystems, Inc. announced tha launch of A31316 3D Hall-effect position sensor, the latest addition to the company’s 3DMAG™ line of 3D sensors. This new sensor is suitable for automotive safety and advanced driver assistance systems (ADAS) applications that demand a significant amount of adaptability and dependable performance in harsh environments, such as powertrain and chassis applications

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4866
  • Published Date: Apr 30, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for oil and energy, and the growing popularity of self-driving vehicles are the major factors driving the market growth.

The market size of magnetic sensor is anticipated to attain a CAGR of ~10.7% over the forecast period, i.e., 2023-2035.

The high cost of magnetic sensors, competition from other alternatives, and the environment affecting the result are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Allegro Microsystems, Inc., Alps Alpine Co., Ltd, Asahi Kasei Corporation, AMS Technologies AG, Baumer Holding Ltd., Crocus Technology International Corp, Elmos Semiconductor SE, Honeywell International, Inc., Infineon Technologies AG, and NXP Semiconductors N.V.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, technology, end use, and by region.

The energy & power segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Magnetic Sensor Market Report Scope
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