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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~10.7% |
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Base Year Market Size (2022) |
~ USD 5.96 Billion |
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Forecast Year Market Size (2035) |
~ USD 20.18 Billion |
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Regional Scope |
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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:
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By Application |
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By Technology |
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By End Use |
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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.
Author Credits: Abhishek Verma
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