The global magnetic sensor market size was valued at USD 2,828.45 million in 2022. It is estimated to reach USD 4,943.38 million by 2031, growing at a CAGR of 6.4% during the forecast period (2023–2031). The increasing demand for magnetic sensors in consumer electronics and the growth in the automotive industry is expected to stimulate market growth.
A sensor that transforms the strength and changes of a magnetic field into electric signals is typically referred to as a magnetic sensor. Earth's magnetic field (earth magnetism) and magnetic fields, in general, are well-known yet unseen phenomena. Research on magnetic sensors that transform undetectable magnetic fields into electric signals and observable consequences has been ongoing for a long time. It is a sensor that detects disruptions in magnetic fields and changes to the field's intensity, direction, and flux. Magnetic sensors are employed in several applications where high reliability and cost-effective solutions are required, and numerous manufacturing businesses offer them. Several detecting sensors can function based on temperature, pressure, and light.
|Market Size||USD 4,943.38 million by 2031|
|Fastest Growing Market||Europe|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Manufacturers are under pressure to invest in better navigation systems and offer connections to customers as the need for navigation on consumer electronic items such as printers, scanners, cameras, flat panels, and others grows. Magnetic sensors have become necessary due to the growing use of live material for guidance on the Internet in recent years. Most smartphone users rely on navigational tools to find the places they need. Encompass functionality is included in many electronic devices, including smartphones, and it exploits the capabilities of a 3D magnetic sensor to maintain orientation. To improve the entire user interface experience and stay ahead of their rivals in the market, smartphone manufacturing firms have been noted to include advanced navigation functions in their handsets.
Due to their role in automating processes to improve efficiency and precision, sensors have become an essential component of the manufacturing process. To regulate the entire process and make it easier for robots, magnetic sensors keep track of various data, including speed sensing, position detecting, switching, current sensing, and other factors. To give advantages like safety and fuel efficiency, magnetic sensors like hall effect switches and linear angle sensors are utilized in accelerometers that are installed in automobiles in the automotive sector.
Magnetic sensors also make a significant contribution to the electrification of automobiles. This, in turn, stimulates demand for autonomous vehicles, powertrain and auxiliary motors, and magnetic sensors. Additionally, a magnetic sensor analyzes real-time data and alerts users to speed-related issues. Additionally, they help in communication between the vehicle's suspension, brakes, and other controls.
Although the shipment of magnetic sensors has expanded due to their broad use in autonomous cars, consumer electronics, and healthcare equipment, price erosion has greatly slowed the growth rate of these sales. The fierce rivalry among the growing number of sensor manufacturers contributes to some of this. Many businesses are focusing their R&D efforts on developing affordable alternatives to current magnetic sensing technologies, such as position, speed, and angle sensors made with MEMS and 3D sensing technology. Rapid innovation in new portable, consumer, and loT applications results from aggressive R&D activities, which puts pressure on prices, particularly for high-volume applications.
As a result, producers are forced to lower the possible cost of magnetic sensors. The extremely competitive market for magnetic sensors is hampered by this price decline, which also lowers supplier profit margins. The three biggest problems facing businesses in this sector are enhancing their manufacturing skills, delivering items of higher quality, and lowering their overall production costs.
Hybrid and electric cars are becoming more popular because they are more technologically advanced than standard cars, use less fossil fuels like gasoline and diesel, do less environmental harm, and have higher fuel efficiency. The demand for hybrid, electric, and autonomous cars has also slowed due to COVID-19 in the automotive sector. However, compared to other vehicle types, the demand for hybrid, electric, and autonomous vehicles will probably be stronger in the years after COVID-19. The rise in demand for these vehicles may be ascribed to evolving lifestyles, governmental initiatives to promote eco-friendly vehicles, and the development of cutting-edge technologies.
One of its main benefits is that electric vehicles produce no pollution. Several large automakers, including GM (US), Ford (US), and Renault (France), are also growing their hybrid and electric vehicle divisions. Power electronics, a crucial hybrid technology, add 20% to the overall cost of hybrid cars. In applications for position, speed, and angle detection and measurement, this presents strong development prospects for magnetic sensors.
Based on region, the global magnetic sensor market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific is the most significant Magnetic Sensor Market shareholder and is estimated to grow at a CAGR of 7.6% over the forecast period. The increasing number of periodontal diseases and dental caries, along with the rising spending power of consumers on dental healthcare, is expected to favorably impact the overall demand for oral healthcare products among consumers in the region during the forecast period. The increasing discoloration of teeth among individuals due to overconsumption of stain-causing drinks and food, poor dental hygiene, and fluoride in water are considered viable factors for the increasing demand for teeth whitening solutions.
In addition, smoking has a major impact on dental aesthetics, proving to be the cause of several oral diseases. In North America, smoking has decreased; however, according to the Centers for Disease Control and Prevention (CDC), 2017, nearly 34 million American adults were still active smokers. Smoking is expected to lead to staining of the tooth edges and the gum line. Hence, using teeth whitening products can reduce these to a maximum extent, thereby driving regional market growth.
Europe is anticipated to exhibit a CAGR of 5.8% over the forecast period. One of the major markets for sensor technology is Europe. Magnetic sensors are widely utilized in Europe's consumer electronics, construction, automation, and automotive industries. Magnetic sensors are widely used in these European industries as the primary market driver. Additionally, mobile navigation apps for tablets and smartphones provide a variety of prospects for the European market. In Europe, the magnetic sensors market is anticipated to expand significantly. The popularity of magnetic sensors for proximity detection, safety switches, and angular and linear sensing is increasing throughout Europe, causing a rise in production lines.
Additionally, the adoption of hybrid vehicles by the European populace is currently a top priority. Hall effect current sensing in the vehicle's power systems is necessary to improve performance and guarantee cost-effectiveness.
The North American market is expected to surge in demand during the forecast period. The sale of electronic products, where the magnetic sensor is the most crucial integral component, is driven by the increase in the population's disposable income in North America. Additionally, market expansion is aided by developments in the energy and power sector that allow for the implementation of cutting-edge technologies. The expansion of the magnetic sensor market in North America is significantly influenced by the rise in the number of cars on the road and the manufacturing of automotive components. The market for magnetic sensors is expanding in North America due to technical developments, high per capita income, and early adoption of automation.
In LAMEA, increased functionality, including the capacity to detect closeness, velocity, and motion, is anticipated due to vigorous expenditures in research and development. Emerging economies may be found across the LAMEA region. LAMEA's share of the worldwide magnetic sensor market is modest compared to other regions. Infrastructure investments and technological advancements drive the magnetic sensors market in Latin America, the Middle East, and Africa (LAMEA). Magnetic sensors are commonly utilized throughout the Middle East to regulate traffic and monitor air quality. Dubai was officially recognized as the "first Internet of Things network city" in 2016.
The global magnetic sensor market is bifurcated into type, application, and end-user.
Based on type, the global magnetic sensor market is bifurcated into hall effect, magnetoresistive, squid, and fluxgate sensors.
The Hall effect sensor segment dominates the global market and is projected to exhibit a CAGR of 5.7% over the forecast period. A tool used to gauge a magnetic field's strength is a Hall effect sensor. The magnetic field has a direct correlation with the output voltage. Applications for hall-effect sensors include proximity sensing, location, speed detection, and current sensing.
Additionally, these sensors are linear transducers because they need a linear circuit for signal processing, which enhances the output signal while providing continuous current to the sensors. These sensors detect magnetic fields with extremely low levels, such as 1uG (1 Gauss is equal to 10-4 Tesla. SQUID, fiber optics, and nuclear procession are the finest illustrations. The Hall effect sensors are mostly employed in proximity detectors, brushless DC motors, flow meters, pulse counters, and other devices to measure magnetic field strength, speed, and accuracy.
Based on application, the global magnetic sensor market is bifurcated into speed sensing, detection, position sensing, navigation, and others.
The detection segment owns the global market and is predicted to exhibit a CAGR of 5.7% over the forecast period. Accessing information is the act of detection. Systems having detectors built-in may identify the presence of a target object close to the sensor. Applications for the detector include roller coasters, conveyor systems, vibration monitoring systems, assembly line testing, ground proximity warning systems, anti-aircraft warfare, parking sensor systems, and mobile devices, among others.
The market for modern detectors is developing in its life cycle. Its market share in the magnetic sensor industry has grown rapidly due to the development of industrial and process automation systems. Large corporations have started including detectors in their goods. For instance, sensor manufacturing firm AMS AG introduced the new in-display ambient light and detector solution for smartphones with OLED displays in January 2019.
The global magnetic sensor market is segmented into consumer electronics, automotive, industrial, aerospace and defense, healthcare, and others based on end-users.
The automotive segment dominates the global market and is predicted to exhibit a CAGR of 5.3% during the forecast period. To offer an automatic setup and improve the user experience, the sensors employed in the automobile industry include those frequently utilized in autonomous cars and other high-end luxury vehicles. Car manufacturing businesses use more magnetic sensors to improve comfort and boost total automation. Applications for magnetic sensor ICs include rotation detection, fans, roof windows, electric power steering, and wiper motors, among others. For instance, the magnetic sensors produced by Robert Bosch GmbH, a German business, are used in the LWS3 steering wheel sensor, which prevents automobiles from spinning.