Magnetic Sensor Market Analysis by Application (Speed Sensing, Position Sensing, Detection/ Non-Destructive Testing, and Navigation & Electronic Compass); Technology {Hall Effect, Anisotropic Magento Resistance (AMR), and Giant Magneto Resistance (GMR)}; End Use (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, and Energy & Power) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4866 | Published Date: Apr 30, 2023
Magnetic Sensor Market size is estimated to reach ~USD 20.18 Billion by the end of 2035 by growing at a CAGR of ~10.7% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of magnetic sensor was ~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 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.
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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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Growth Drivers
Challenges
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%.
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 magnetic sensor 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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The market share of magnetic sensor in North America, amongst the market in all the other regions, 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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Increasing demand for oil and energy, and the growing popularity of self-driving vehicles are the major factors driving the market growth.
Ans: The market size of magnetic sensor is anticipated to attain a CAGR of ~10.7% over the forecast period, i.e., 2023 – 2035.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by application, technology, end use, and by region.
Ans: The energy & power segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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