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Magnetic Sensors Market Demand, Growth, Size, Share & Forecast By 2023-2030

Magnetic sensors are used in control technology to detect contactless and wear-free locations. They're particularly useful in applications where inductive sensors have reached their limits. The sensors are compact, have wide sensing ranges and measure short distances ranging from a few millimeters to centimeters.
Published 08 December 2023

Magnetic Sensors Market Overview

Magnetic Sensors Market: Projected 5.7% CAGR Over 2023-2030 Period

The global Magnetic Sensors Market is anticipated to witness a steady growth trajectory, projecting a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period of 2023-2030. Magnetic sensors play a crucial role in detecting disruptions and changes in magnetic fields, with applications ranging from consumer electronics to industrial settings.

A magnetic sensor, known for its ability to detect disruptions and changes in magnetic fields, is set to soar at a CAGR of 5.7% over the forecast period from 2023 to 2030. These sensors are instrumental in control technology, offering contactless and wear-free location detection, especially in scenarios where inductive sensors face limitations.

Market Summary Metrics:

Market CAGR: 5.7%

Segments Covered: By Product, By Range, By Application, By End-User, and By Region

Report Insights Covered: Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region: Asia Pacific

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Market Dynamics:

The global magnetic sensors market is driven by the increasing adoption of these sensors in consumer electronics. They are extensively utilized in wearable electronics, cellphones, gaming consoles, and Augmented Reality/Virtual Reality devices. The market, however, faces challenges due to fiercely competitive pricing, with manufacturers focusing on cost-effective solutions. On the positive side, investments in new technologies for magnetic sensors are expected to create opportunities for market growth.

Recent Developments:

In September 2021, Honeywell qualified for its newest 3-Axis Space Magnetometer for small satellites.

In November 2021, TDK Corporation expanded its Micronas direct-angle Hall-effect sensor portfolio with the launch of HAR 3927.

In January 2022, Allegro MicroSystems, Inc. announced the launch of the new A33230 3D sine/cosine Hall-effect position sensor IC.

Segmentation Analysis:

The global magnetic sensors market is segmented based on product type, range, application, end-user, and region. Major end-user segments include transportation, consumer electronics, healthcare, aerospace and defense, industrial, BFSI, and others.

Geographical Share:

According to the DataM Intelligence market research report, the global magnetic sensors market is divided into North America, South America, Europe, Asia-Pacific, Middle East, and Africa. The U.S. in North America, Europe, and the rapidly industrializing Asia-Pacific region are key contributors to market growth.

Competitive Landscape:

The market is fiercely competitive, with key players such as Infineon Technologies AG, Asahi Kasei Corporation, Allegro Microsystems, TDK Corporation, Melexis, TE Connectivity, Honeywell International Inc., NVE Corporation, NXP Semiconductors, and Kohshin Electric Corporation continuously innovating to maintain market leadership.

Related Reports:

Smart Lighting Market

Infrared Sensors Market

Motion Sensors Market

Hospital Lighting Market

Wearable Sensor Market

Medical Sensors Market

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