Magnetic Field Sensor Market by Application, Technology, and Geography - Forecast and Analysis 2023-2027

Magnetic Field Sensor Market Forecast 2023-2027

The global magnetic field sensor market size is estimated to grow by USD 2.72 billion between 2022 and 2027 at a CAGR of 9.29%. Market growth hinges on a multitude of factors, chief among them being the heightened efficiency witnessed in the automotive sector. This efficiency boost not only enhances performance but also drives innovation and market expansion. Moreover, there's a surging demand for electronic compasses (e-compasses) driven by various industries, including automotive, marine, and aerospace, among others. The precision and reliability offered by e-compasses are increasingly valued in modern navigation systems. Additionally, the rapid emergence of self-driven car technology, including autonomous vehicles and driver-assistance systems, is reshaping the automotive landscape. These advancements not only improve safety but also pave the way for more sophisticated and efficient transportation solutions, contributing significantly to the market's growth trajectory.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

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.

Market Dynamics

The market is driven by the increasing demand for magnetic sensors across various industries such as vehicles, consumer electronics, and healthcare. Key trends include the integration of magnetic devices in navigation systems for autonomous cars, advancements in 3D magnetic sensors for improved accuracy and reliability, and the growth of the IIoT sector leading to enhanced efficiency in industrial applications. Challenges include ensuring robust design for complex environments, addressing accuracy issues in presence detection, and meeting the evolving demands of the automotive sector for electric vehicles and hybrid vehicles. 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.

Key Market Driver

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.

Moreover, the development of self-drive car technology will require numerous 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 these devices. Thus, the demand for sensors is anticipated to grow over the forecast period.

Significant Market Trends

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 these devices. This enables real-life tracking of shipments, cargo trucks, ATM delivery services, and many other applications.

Moreover, cellphone operators need static deliverance to track or locate; this is provided by GPS, but real-time tracking requires advanced technology and these devices 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 these devices during the forecast period.

Major Market Challenge

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 these devices 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.

Moreover, 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 these devices for application-specific requirements. This is expected to increase the time-to-market for these devices significantly. The above factors will hinder the demand for magnetic field sensors during the forecast period.

Market Segmentation by Application, Technology, Geography

The market is a dynamic industry witnessing significant growth across various segments. It plays a pivotal role in this market, enabling precise detection sensor capabilities across different applications. They are extensively utilized in vehicles, ranging from traditional automobiles to modern autonomous cars for navigation systems, presence detection, and enhanced efficiency. In the realm of consumer electronics, magnetic sensors are crucial components integrated into devices like navigation devices and smartphones for accurate positioning and detection. The healthcare sector also benefits from magnetic field sensors, particularly in medical areas where they contribute to innovative sensing devices and robotics for enhanced accuracy and reliability in medical procedures. The integration of magnetic devices extends to the automotive sector as well, where they are vital for the functioning of electric vehicles and hybrid vehicles, ensuring optimal performance and efficiency. Moreover, with the rise of IIoT (Industrial Internet of Things), magnetic field sensors find applications in various industrial settings, contributing to improved design, robustness, and reliability of sensing systems.

Application Analysis

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 1.68 billion in 2017 and continued to grow until 2021. In the automotive industry, these devices are mainly used in safety systems, powertrains, fuel systems, and driver assistance systems. The important applications of these devices in automobiles include airbag safety systems and electronic stability control (ESC), all of which come under driver safety systems. 

Technology Analysis

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 these devices. Thus, the demand for these devices in the segment is expected to grow during the forecast period.

Regional Analysis

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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.

Moreover, 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. 

Who are the Major Market Players?

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.

Pepperl and Fuchs SE - The company offers magnetic field sensors such as KMZ41. 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 companies, including:

• 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
• Sensitec GmbH
• TDK Corp.
• TE Connectivity Ltd.
• Vernier Software and Technology LLC
• Honeywell International Inc.

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.

Key Market Customer Landscape

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 Market Customer Landscape

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook 
  • Automotive
  • Consumer electronics
  • Industrial
  • Others

• Technology Outlook 
  • Hall-effect sensors
  • Magnetoresistive sensors
  • MEMS sensors
  • Others

• Region Outlook 
  • APAC
    • China
    • India
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing significant growth driven by various factors across multiple sectors. One key driver is the increasing demand for 3D magnetic sensors that offer advanced sensing capabilities and are widely used in ADAS (Advanced Driver Assistance Systems), enhancing safety in the automotive sector. Moreover, the rise of advanced applications and technologies is fueling the adoption of this in various industries, including healthcare, robotics, and manufacturing. The automotive sector, particularly the growing popularity of electric vehicles and hybrid vehicles, is a major contributor to the market. These sensors play a crucial role in anti-lock braking systems (ABS), engine camshafts/crankshafts, and safety and navigation features, ensuring efficient and safe vehicle operation. 

In addition, advancements in magnetic sensing technologies such as GMR-based magnetic sensors and Hall-based on these devices are driving market growth. These sensors are used in navigation devices, medical R&D components, and health monitoring devices, contributing to the development of sophisticated driving assistance and healthcare devices. However, challenges such as raw material shortage and supply chain disruption pose constraints to market growth. Despite these challenges, the Magnetic Field Sensor Market is expected to witness steady growth due to increasing technological advancements and demand for reliable and robust sensing devices across various sectors.

Furthermore, the rise of electric cars and hybrid electric vehicles is further propelling the demand for  these devices due to their crucial role in battery operation and power electronics. Moreover, the focus on green vehicles and fuel efficiency is driving innovation in thistechnology, leading to the development of sophisticated magnetic radars for speed detection and speed measurement in vehicles. In the consumer electronics segment, the demand for luxury smartphones and smart devices is creating opportunities for magnetic field sensors to enable features like angular detection and presence detection. Additionally, advancements in IoT (Internet of Things) and IIoT are driving the integration of magnetic devices into lab-on-chip devices and portable devices for position detection and position measurement.

Market Scope
Report Coverage	Details
Page number	176
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 9.29%
Market growth 2023-2027	USD 2.71 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	8.82
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 56%
Key countries	US, China, Japan, South Korea, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
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.
Market dynamics	Parent market analysis, market growth analysis, Market forecasting, 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.
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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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough market research report analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

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