February 06, 2023 07:54 ET | Source: Polaris Market Research & Consulting LLP Polaris Market Research & Consulting LLP
New York, NY, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Magnetic Sensor Market Share, Size, Trends, Industry Analysis Report By Type; By Application (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, Energy & Power); By Technology; By Regions, Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the global magnetic sensor market size & share are expected to generate revenue of USD 8.02 Billion by 2030 and are estimated to be valued at USD 4.43 billion in 2021, at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030”
What is Magnetic Sensor? How Big is Magnetic Sensor Market Size & Share?
A magnetic sensor refers to a sensor that converts invisible magnetic fields into electric signals used to identify disturbances as well as changes within a magnetic field. It is also used as a detection sensor, estimating and calculating the field's total magnetic field and vector components. Different types of magnetic sensors include coils, reed switches, MR sensor elements, hall elements, and SQUID. Many manufacturing companies offer magnetic sensors
Many manufacturing companies offer magnetic sensors used in many applications where high accuracy & cost-optimized solutions are required. Some general applications of magnetic sensors include weapon detection, medical devices, and data storage. These are also used to measure magnetic flux, as well as the direction and strength of a magnetic field. The rise in the integration of magnetic devices in end-use applications such as vehicles, consumer electronics, and healthcare is driving the demand for the magnetic sensor market.
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Recent Developments Covered by Report
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Growing technological developments in sensing techniques are expected to fuel the magnetic sensor market size. Magnetic sensors comprise an important part of navigation systems used in cars and smartphones, which is anticipated to enhance the product demand in these two sectors. The magnetic sensor market sales are also thriving due to the increasing demand for consumer electronics, electric and hybrid vehicles, and high-quality sensing devices. With rising demand for magnetic sensors in the automotive sector, the market is predicted to experience a healthy growth rate during the forecast period. The use of magnetic sensors in the field of Non-destructive Testing (NDT) and medical R&D is further expected to boost the market growth.
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Recent Trends Influencing the Market
Rising investment for the development of advanced sensory components to drive the industry growth
Based on type, the hall effect segment accounted for the largest magnetic sensor market share in 2021 and is anticipated to retain its dominance over the forecast period. The increase in technological developments across the automobile sector is one of the major factors driving the segment growth in the market. Further, AMR (Anisotropic Magneto-Resistive) category is projected to show considerable growth throughout the anticipated period due to a surge in consumption of consumer electronics along with growing demand for smart devices.
By application, the automotive segment is estimated to capture the largest market share in magnetic sensor market in the coming years. The rising demand for electric cars and a rapid conversion rate of standard automobiles to electric cars are the key factors expected to boost the demand for magnetic sensors in the automotive sector. Moreover, the high demand for navigation systems in vehicles as well as a surge in the usage of linked vehicles, is augmenting the market evolution.
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Magnetic Sensor Market: Report Scope & Trends Analysis
In terms of geography, the magnetic sensor market in Asia Pacific accounted for the major market share in 2021 due to the rise in the production and expansion of the automotive aftermarket. China, India, and Japan are some of the major hubs for automotive markets globally, which fuels the consumption and demand of magnetic sensors in the region during the forecast period.
Moreover, the growing demand for electric vehicles in the region is anticipated to create growth opportunities in the market. China is one of the key manufacturers of consumer electronics across the world, which is estimated to open up lucrative opportunities in the industry in the coming years. in addition, rising manufacturing of vehicles and growing advancements in the industrial and type manufacturing sectors are expected to enhance the demand for magnetic radars in various end-use application during the projected period.
Browse the Detail Report “Magnetic Sensor Market Share, Size, Trends, Industry Analysis Report By Type; By Application (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, Energy & Power); By Technology; By Regions, Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/magnetic-sensors-market
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Polaris market research has segmented the magnetic sensor market report based on type, technology, application, and region:
Magnetic Sensor, Type Outlook (Volume – Million Units, Revenue – USD Billion, 2018 – 2030)
Magnetic Sensor, Technology Outlook (Volume – Million Units, Revenue – USD Billion, 2018 – 2030)
Magnetic Sensor, Application Outlook (Volume – Million Units, Revenue – USD Billion, 2018 – 2030)
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