Magnetic Field Sensor Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, Germany, Japan, South Korea - Size and Forecast 2024-2028

Magnetic Field Sensor Market Size 2024-2028 

The magnetic field sensor market size is forecast to increase by USD 3.57 billion, at a CAGR of 10.87% between 2023 and 2028. The market is witnessing significant growth due to the increasing adoption of magnetic field sensors in various applications, including automotive and consumer electronics. In the automotive sector, the integration of Advanced Driver-Assistance Systems is driving the demand for magnetic field sensors, particularly for 3D sensing applications such as Tunnel magnetoresistance (TMR) and Giant magnetoresistance (GMR) sensors. These sensors offer improved efficiency and accuracy, making them essential components in various safety systems. In the consumer electronics segment, the emergence of wearable technologies and the integration of magnetic field sensors in electrical devices, such as smartphones, are contributing to market growth. However, the long-drawn design phase and the complex manufacturing process increase the time-to-market, posing a significant challenge to market participants. Magnetic field sensors find extensive applications in various industries, including automotive, consumer electronics, and industrial automation, among others.

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Magnetic field sensors have gained significant traction in various industries, including consumer electronics, medical devices, and transportation. In consumer electronics, magnetic field sensors are used in speed-sensing applications, such as in motors and fans, to ensure optimal performance. In the healthcare sector, magnetic sensors play a crucial role in medical devices, enabling non-invasive patient monitoring and magnetic flux sensing for magnetic resonance imaging machines. The automotive industry is another major consumer of magnetic field sensors, with applications ranging from electric vehicles (EVs) and hybrid vehicles to factory automation, robotics, and navigation systems. Magnetic sensors are used in EVs and hybrid vehicles for motor control and battery management systems.

Further, in robotics, they are used for position sensing and motion control. In navigation systems, magnetic sensors are used in combination with GPS to improve accuracy and reliability. Magnetic sensors are also used in security systems, medical operations, and safety systems. Three-dimensional (3D) magnetic sensors, based on technologies such as tunnel magnetoresistance (TMR) and giant magnetoresistance (GMR), are gaining popularity due to their ability to provide 3D sensing capabilities. Magnetic sensors are also used in autonomous cars for Adas (Advanced Driver Assistance Systems) and coils in electrical devices, smartphones, and android applications. The magnetic sensor ecosystem continues to expand, driven by advancements in sensor technology and increasing demand for applications in various industries.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • Automotive
  • Consumer electronics
  • Industrial
  • Others
• Technology
  • Hall-effect sensors
  • Magnetoresistive sensors
  • MEMS sensors
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

By Application Insights

The automotive segment is estimated to witness significant growth during the forecast period. Magnetic field sensors play a pivotal role in various industries, including robotics, navigation systems, military devices, and the BFSI sector. These sensors are integral to robotic applications, enabling precise positioning and movement. In the field of navigation systems, magnetic sensors assist in determining the direction and location of vehicles or vessels. In military devices, they are employed for the detection and location of magnetic mines and other explosives. In the BFSI industry, magnetic sensors are utilized for biophysical monitoring devices, such as magnetic resonance imaging machines. Two common types of magnetic field sensors are optically pumped sensors and fluxgate sensors. Optically pumped sensors use laser beams to magnetically polarize a gas, creating a magnetic field that can detect changes in the environment. Fluxgate sensors, on the other hand, use a core material with high magnetic susceptibility to detect changes in magnetic fields.

Moreover, magnetoelastic sensors are gaining popularity due to their ability to detect both magnetic and mechanical forces. These sensors are particularly useful in harsh environments where other sensors may fail. In the automotive industry, magnetic sensors are increasingly used for various applications, including cam and crankshaft monitoring. Hall effect sensors are commonly used for these applications, providing engine and transmission speed/direction information from various powertrain components. Gear detection sensors, which result in more digital pulsing outputs, are used for tracking speed and direction of motion, monitoring rotational position of system components, and tracking crane and winch speed in vehicles and construction equipment.

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The automotive segment accounted for USD 1.80 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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This region's dominance can be attributed to the presence of numerous consumer electronics and automotive manufacturers. The availability of raw materials and relatively low production costs have attracted companies to establish their production centers in the region. The increasing disposable income of the population in countries like China, South Korea, and Japan has led to a swell in demand for consumer electronics, including robotics, navigation systems, and biophysical monitoring devices. Additionally, magnetic field sensors play a crucial role in these applications, with technologies such as optically pumped sensors, fluxgate sensors, and magnetoelastic sensors being widely used in robotics for navigation and positioning. In military devices, magnetic field sensors are employed for mine detection and magnetic anomaly detection systems. The BFSI industry also utilizes magnetic field sensors for fraud detection and credit card transaction verification.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

Improved efficiency in the automotive segment is the key driver of the market. Magnetic field sensors play a significant role in various industries, particularly in consumer electronics, medical devices, and automotive sectors. In the automotive industry, these sensors enable contactless and wear-free measurement of mechanical quantities such as angle of rotation and angular speed in applications like speed sensing in consumer electronics, electric vehicles, and hybrid vehicles.

Additionally, they are utilized in factory automation for position sensing and motor control. Magnetic field sensors, primarily hall-effect sensors, are widely used in the automotive sector due to their richness and cost-effectiveness. In the vehicle body, there are over thirty-five application areas for sensors, including magnetic field sensors, to enhance safety, handling, stability, performance, comfort, and convenience.

Market Trends

The emergence of wearable technologies is an upcoming trend in the market. Magnetic field sensors play a crucial role in various industries, including consumer electronics and automotive, among others. These sensors are essential components in speed sensing applications, enabling accurate measurement and monitoring in various systems. In the consumer electronics sector, magnetic sensors are used in wearable devices, such as smartwatches and fitness trackers, to monitor daily activities and provide communication services. In the automotive industry, magnetic sensors are used in electric vehicles and hybrid vehicles for motor control and speed sensing.

Furthermore, in factory automation, magnetic sensors are utilized for position and speed sensing in conveyor belts and other industrial machinery. Manufacturers, such as Infineon Technologies, are developing advanced 3D magnetic sensors to cater to the growing demand for precise and reliable sensing solutions. The market for magnetic field sensors is expected to expand significantly due to the increasing adoption of these sensors in various industries.

Market Challenge

The long-drawn design phase increases time-to-market is a key challenge affecting market growth. Magnetic field sensors play a crucial role in various industries, including consumer electronics, medical devices, electric vehicles, hybrid vehicles, and factory automation. These sensors detect and measure magnetic fields, enabling applications such as speed sensing. However, the fabrication of efficient magnetic field sensors remains a challenge for manufacturers. Thin-film magnetic microstructures, commonly used, often suffer from eddy currents and hysteresis effects due to the use of thin-film metal alloys as bulk ferromagnetic materials. This results in increased core loss and decreased inductance, prolonging the design process.

To address this issue, magnetic field sensor manufacturers are implementing in-house calibration routines during production. This empowers companies to individually calibrate sensors, ensuring optimal performance and enabling value addition.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Allegro MicroSystems Inc. - The company offers magnetic field sensors such as 1D Linear Position Sensors, 2D Angle Position Sensor Ics, and 3D Magnetic Sensors.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ams OSRAM AG
• Analog Devices Inc.
• Asahi Kasei Corp.
• Balluff GmbH
• Baumer Holding AG
• Crocus Technology International Corp.
• Diodes Inc.
• Honeywell International Inc.
• iC Haus GmbH
• Infineon Technologies AG
• Lake Shore Cryotronics Inc.
• Melexis NV
• NVE Corp.
• NXP Semiconductors NV
• Pepperl and Fuchs SE
• Sensitec GmbH
• TDK Corp.
• TE Connectivity Ltd.
• Vernier Software and Technology LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Magnetic field sensors have gained significant traction in various industries due to their ability to detect magnetic fields and convert them into electrical signals. These sensors play a crucial role in numerous applications, including speed sensing in consumer electronics, medical devices, and automotive industries. In consumer electronics, magnetic field sensors are used in smartphones for magnetometer functions, hall effect switches, and security systems. In the automotive sector, they are integral to steering systems, stability controllers, braking systems, and electronic stability control in electric vehicles and hybrid vehicles.

Furthermore, magnetic sensors are employed in factory automation, robotics, navigation systems, military devices, and the BFSI industry for force sensing mechanisms, alignment controls, magnetic flux sensors, and magnetic sensor ecosystems. Further, advanced technologies like 3D magnetic sensors, optically pumped sensors, fluxgate sensors, magnetoelastic sensors, biophysical monitoring devices, and biomarker detection devices are also gaining popularity. Magnetic sensors are also essential in autonomous cars for 3D sensing, ADAS, and coils in electrical devices. The magnetic sensor market is vast and diverse, encompassing various applications in electronics, healthcare, security, military, and defense industries.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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