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The global magnetic field sensor market size is estimated to grow by USD 2,718.4 million between 2022 and 2027 at a CAGR of 9.29%. The growth of the market depends on several factors, including improved efficiency in the automotive segment, growing demand for e-compasses, and the emergence of self-driven car technology.
This report extensively covers market segmentation by application (automotive, consumer electronics, industrial, and others), technology (hall-effect sensors, magnetoresistive sensors, MEMS sensors, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for e-compasses is notably driving the market growth.
Magnetic field sensors are a vital component of e-compasses. They enable the compass to determine the direction, which is its primary function. The global demand for e-compasses has been on the rise due to their ability to improve navigation for the user. The growing use of GPS for navigation is the main reason for the escalating growth in this market. Compasses are an important component of GPS technology, contributing to the former ability to determine the direction of electronic devices.
The development of self-drive car technology will require numerous magnetic field sensors that must be incorporated into the vehicle to ensure that the vehicle moves in the right direction. E-compasses are also being used as navigation tools in gaming devices, tablets, and smartphones. The development of standards like long-term evolution (LTE) and long-term evolution advanced (LTE-A) will present new opportunities for location-based tracking that uses magnetic field sensors. Thus, the demand for magnetic field sensors is anticipated to grow over the forecast period.
Location-based tracking through LTE and LTE-A is the primary trend in the market.
Mobile networks earlier provided SS7 networks that were used for GPS tracking. The increase in smartphone penetration and developments in technology standards like LTE and LTE-A will present new opportunities for location-based tracking using magnetic field sensors. This enables real-life tracking of shipments, cargo trucks, ATM delivery services, and many other applications.
Cellphone operators need static deliverance to track or locate; this is provided by GPS, but real-time tracking requires advanced technology and magnetic field sensors to have the frequency to measure and locate long-distance objects. The trend of the future is the evolution of location-based tracking for monitoring and locating. The above factors will increase the demand for magnetic field sensors during the forecast period.
The long-drawn design phase is increasing the time-to-market for magnetic field sensors which is the major challenge in the market.
The fabrication of thin-film magnetic microstructures requires the deposition of conductors, insulators, and other materials to ensure that the magnetic field sensors are efficient and capable of performing the desired functions and tasks. However, most manufacturers are using thin-film metal alloys, which lack the requisite characteristics, as bulk ferromagnetic materials. This results in eddy currents and an adverse hysteresis effect, which increases the core loss and decreases the inductance. Manufacturers must attend to this problem, thereby resulting in a long design stage.
Magnetic field sensor manufacturers are adding in-house calibration routines into their manufacturing processes that allow individual sensor calibration. This enables a company to control the necessary hardware required for value addition to these sensors. This calibration technique may be used by companies to customize magnetic field sensors for application-specific requirements. This is expected to increase the time-to-market for magnetic field sensors significantly. The above factors will hinder the demand for magnetic field sensors during the forecast period.
The market share growth of the automotive segment will be significant during the forecast period. Magnetic field sensors are increasingly used in automotive applications to enable a variety of functions, such as light detection. One of the major factors driving this segment is the increased investments in autonomous cars. The types of sensors that are widely used in the automotive segment nowadays are gear detection sensors, which result in more digital pulsing outputs used to track speed and the direction of motion, for tracking the rotational position of system components, and monitoring crane and winch speed in vehicles and construction equipment. These factors will fuel the market growth during the forecast period.
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The automotive segment was valued at USD 1,681.77 million in 2017 and continued to grow until 2021. In the automotive industry, magnetic field sensors are mainly used in safety systems, powertrains, fuel systems, and driver assistance systems. The important applications of magnetic field sensors in automobiles include airbag safety systems and electronic stability control (ESC), all of which come under driver safety systems.
Micro-electro-mechanical system (MEMS) sensors are composed of a suspended mass between a pair of capacitive plates. When the tilt is applied to the sensor, the suspended mass creates a difference in electric potential. It is a small device based on microelectromechanical properties for measuring magnetic fields. MEMS are small and do not require any microfabrication of magnetic material, which makes them easier to use, thereby lowering the cost easily. It is mostly used for temperature sensing and optical shifts. It is one of the fastest-growing segments of magnetic field sensors. Thus, the demand for magnetic field sensors in the segment is expected to grow during the forecast period.
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APAC is estimated to contribute 56% 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.
Automotive manufacturers present in the region include Toyota Motor, Nissan Motor, and Mitsubishi Motors. The abundant availability of raw materials and the low establishment and labor costs have encouraged companies to set up their production centers in the region. The consumption of cars, smartphones, and tablets has increased in these countries due to a phenomenal increase in the disposable income of the population. This drives the demand for magnetic field sensors that are integrated into these products.
With the increasing number of vehicle safety regulations and pollution mandates, automotive manufacturers in the region are focusing on implementing several safety techniques, such as quick airbag deployments, tire pressure sensor systems, and pollution reduction measures, in their automobiles. This will contribute to the demand for magnetic field sensors during the forecast period.
The COVID-19 outbreak had an adverse impact on several countries in APAC. However, the resumption of manufacturing plants in the second half of 2021 helped the market recover in 2021 and 2022. These initiatives are expected to help vendors remain operational and allow the regional market to recover slowly and grow during the forecast period. Such factors are expected to drive the growth of the magnetic field sensor market in APAC during the forecast period.
Vendors 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.
Pepperl and Fuchs SE - The company offers magnetic field sensors such as KMZ41. Under this segment, the company is involved in offering a wide range of products in the category of industrial sensors and explosion protection systems such as ultrasonic sensors, proximity sensors, vibration monitors, electrical explosion protection equipment, signal conditioners and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The 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 growth strategies.
Global Magnetic Field Sensor Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Magnetic Field Sensor Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.29% |
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Market growth 2023-2027 |
USD 2,718.4 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.82 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allegro MicroSystems Inc., ams AG, Analog Devices Inc., Asahi Kasei Corp., Balluff GmbH, Baumer Holding AG, Crocus Technology International Corp., Diodes 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, and Honeywell International Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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