01 November 2019
Magnetic Sensor Market Report 2020-2030: Forecasts by Technology (Hall Effect, AMR, GMR, TMR, Others), By Range (<1 Microgauss, 1 Microgauss–10 Gauss, >10 Gauss), By Application (Consumer Electronics, Automotive, Industrial, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
In 2019, the global market size of magnetic sensors was estimated at USD 2.0 billion, while that year demand was estimated at 4,000 million units. It is expected that the market will register an 8% revenue-based CAGR from 2020 to 2030. Increased integration of magnetic sensors in various vertical industries is expected to boost market growth, backed by significant technological advances in sensing techniques.
It is expected that government mandates that require the integration of magnetic sensors in cars will have a positive impact on market growth. Magnetic sensors are a vital part of the navigation systems used in cars and smartphones, which is why their demand in these two sectors is expected to remain buoyant.
Due to the increasing demand in the automotive sector for magnetic sensors, the market is expected to exhibit a healthy growth rate throughout the forecast period. Manufacturers of sensors have emphasized the need to provide powerful instruments that can be incorporated across a wide range of applications. Such instruments enable contactless operations and wear-free angular velocity and rotation angle measurements. The approach embraced by suppliers is heavy spending in R&D programs to create innovative sensory products.
The overall magnetic sensor selling prices (ASP) are steadily declining, which is due to strong market competition. As a result, suppliers were required to shorten their margins to win long-term contracts in several end-markets for businesses. While such a decline in ASPs is expected to continue, it is expected that expanded product ranges for magnetic sensors will benefit the demand in the coming years.
In recent years, the use of robots in factory automation has gained a great deal of prominence. Factory automation solutions require both linear and angular position sensing to perform motor movements with a higher degree of precision, repeatability and accuracy. Magnetic sensors are increasingly being used for angular and linear sensing, safety switches, and proximity detection to address the growing need to improve the efficiency of production lines.
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