Magnetic Sensor Market Analysis, Trends and Anticipated Forecast 2025 In Key Regions

Posted on 2022-07-06 by researchinsights in Electronics // 0 Comments

Magnetic Sensor Industry Overview

The global magnetic sensor market size was valued at USD 2.0 billion in 2018, while demand was estimated at 3,398.3 million units that year. The market is projected to register a revenue-based CAGR of 6.8% from 2019 to 2025. Increased integration of magnetic sensors in various industry verticals, backed by significant technological advancements in sensing techniques, is expected to boost market growth.

Government mandates necessitating the integration of magnetic sensors in automobiles are expected to impact the market growth favorably. Magnetic sensors constitute a vital part of navigation systems used in cars and smartphones, as a result of which, their demand is expected to remain buoyant in these two sectors.

Gather more insights about the market drivers, restrains and growth of the Global Magnetic Sensor Market

On account of growing demand for magnetic sensors in the automotive sector, the market is estimated to exhibit a healthy growth rate throughout the forecast period. Sensor manufacturers have stressed on providing efficient devices that can be integrated across a plethora of applications. These devices assist in contactless operations and wear-free measurements of angular speed and angle of rotation. Aggressive investment in R&D activities for development of advanced sensory components is also another strategy adopted by manufacturers. They aim to develop sensors incorporated with features such as motion detection, speed, and proximity in order to cater to the needs of diverse end-use verticals.

Magnetic sensors form the building blocks of electronic control systems in commercial as well as passenger vehicles. These systems ensure increased safety and enhance driver convenience, as a result of which, their adoption has witnessed a surge. Such advanced sensing elements guarantee high reliability and efficiency in terms of economics and performance.

High penetration of sophisticated, feature-rich smartphones and tablets has necessitated the need for advanced sensing components, a trend that is expected to favorably impact the market over the next few years. Magnetic sensors have also been extensively used in the field of Non-destructive Testing (NDT) and medical R&D.

The average selling prices (ASP) of magnetic sensors are declining steadily, which is attributed to intense competition in the market. As a result, manufacturers are forced to shrink their margins in order to secure long-term deals with companies across several end-markets. While such a reduction in ASPs is anticipated to continue, growing application ranges of magnetic sensors are expected to aid the market over the next few years.

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