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The magnetic field sensor market size is projected to increase by USD 3.57 billion with growth at a CAGR of 10.87% between between 2023 and 2028. 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.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about key companies, including Allegro MicroSystems Inc., 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., and Vernier Software and Technology LLC
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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.
Market analysis and report of 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.
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.
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.
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 1.80 billion in 2018. 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.
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.
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APAC is estimated to contribute 59% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout 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.
The Magnetic Field Sensor Market is witnessing significant growth due to its wide applications in various industries, including medical devices, military devices, and automotive. In medical devices, magnetic field sensors are used for non-invasive medical operations, such as Magnetic Resonance Imaging (MRI) and Magnetic Resonance Angiography (MRA), where they help in sensing and measuring magnetic fields for accurate diagnosis and treatment. In military devices, magnetic field sensors play a crucial role in defense and ammunition applications. They are used in force sensing mechanisms for detecting the presence and location of magnetic mines, as well as in the guidance systems of missiles and torpedoes. The automotive industry is another major consumer of magnetic field sensors, with applications in Anti-Lock Braking Systems (ABS), Electrical Power Steering (EPS), and D Sensing. Magnetic sensors like Hall Effect sensors and Giant Magnetoresistance sensors are used in these applications to measure magnetic fields and provide accurate feedback for system control.
Moreover, the advent of smartphone devices and the increasing popularity of Android applications have opened up new opportunities for magnetic field sensors. They are used in various application goods, such as mobile gaming controllers, compasses, and health monitoring devices. The sensing performance of magnetic field sensors is a critical factor in ensuring the accuracy and reliability of these applications. Overall, the Magnetic Field Sensor Market is expected to grow at a significant rate in the coming years, driven by the increasing demand for advanced sensing technologies in various industries. Key players in the market include Honeywell International Inc., STMicroelectronics, and Infineon Technologies AG, among others. The Magnetic Field Sensor Market is witnessing significant growth due to its wide applications in various industries, including medical devices, military devices, and automotive. In medical devices, magnetic field sensors are used for non-invasive medical operations, such as Magnetic Resonance Imaging (MRI) and Magnetic Resonance Angiography (MRA), where they help in sensing and measuring magnetic fields for accurate diagnosis and treatment. In military devices, magnetic field sensors play a crucial role in defense and ammunition applications. They are used in force sensing mechanisms for detecting the presence and location of magnetic mines, as well as in the guidance systems of missiles and torpedoes.
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.
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.
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 market forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, 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 and trends strategies.
Global Market Customer Landscape
Magnetic field sensors have gained significant traction in various industries due to their advanced sensing capabilities. These sensors are integral to 3D magnetic sensors, which find applications in advanced technologies such as autonomous cars and automotive sector. Magnetic field sensors are used for angular detection in automobiles, including engine camshafts and crankshafts, automatic transmissions, and conventional vehicles. The automotive applications of magnetic field sensors extend to fuel efficiency and hybrid electric vehicles, contributing to the reduction of fossil fuel consumption. Beyond automotive, magnetic field sensors are employed in consumer electronics, healthcare devices, and factory automation. In the healthcare sector, these sensors are used for health monitoring devices, while in the data center industry, they are essential for efficient cooling systems. The Magnetic Field Sensor Market is experiencing significant growth due to the increasing demand for sensors in various industries, including automotive, medical, military, and BFSI. In the automotive sector, magnetic field sensors find extensive applications in speed sensing sensors, steering systems, stability controllers, braking systems, and anti-lock braking systems. These sensors help improve vehicle performance, safety, and fuel efficiency.
In the medical field, magnetic field sensors are used in magnetic resonance imaging (MRI) systems, biophysical monitoring devices, point of care devices, and biomarker detection devices. In military applications, magnetic field sensors are used in fluxgate sensors, magnetoelastic sensors, and magnetometers for the detection of magnetic mines and other surveillance systems. The BFSI industry uses magnetic field sensors in security systems, ignition systems, alignment controls, and magnetic flux sensors for fraud detection and transaction verification. Optically pumped sensors, hall effect switches, and tunnel magnetoresistance sensors are used in various electrical devices and permanent magnet synchronous motors. Advanced Driver Assistance Systems (ADAS) also use magnetic field sensors for the detection of magnetic fields generated by other vehicles or infrastructure, enabling improved safety and functionality. Coils, used in electrical devices, are also a significant part of the magnetic field sensor market. Overall, the magnetic field sensor market is expected to grow at a CAGR of over 6% during the forecast period. The Magnetic Field Sensor Market is experiencing significant growth due to the increasing demand for sensors in various industries, including automotive, medical, military, and BFSI. In the automotive sector, magnetic field sensors find extensive applications in speed sensing sensors, steering systems, stability controllers, braking systems, and anti-lock braking systems. These sensors help improve vehicle performance, safety, and fuel efficiency.
In the medical field, magnetic field sensors are used in magnetic resonance imaging (MRI) systems, biophysical monitoring devices, point of care devices, and biomarker detection devices. In military applications, magnetic field sensors are used in fluxgate sensors, magnetoelastic sensors, and magnetometers for detection of magnetic mines and other surveillance systems. The BFSI industry uses magnetic field sensors in security systems, ignition systems, alignment controls, and magnetic flux sensors for fraud detection and transaction verification. Optically pumped sensors, hall effect switches, and tunnel magnetoresistance sensors are used in various electrical devices and permanent magnet synchronous motors. Advanced Driver Assistance Systems (ADAS) also use magnetic field sensors for detection of magnetic fields generated by other vehicles or infrastructure, enabling improved safety and functionality. Coils, used in electrical devices, are also a significant part of the magnetic field sensor market. Overall, the magnetic field sensor market is expected to grow at a CAGR of over 6% during the forecast period.
The automotive industry is another major consumer of magnetic field sensors, with applications in Anti-Lock Braking Systems (ABS), Electrical Power Steering (EPS), and D Sensing. Magnetic sensors like Hall Effect sensors and Giant Magnetoresistance sensors are used in these applications to measure magnetic fields and provide accurate feedback for system control. Moreover, the advent of smartphone devices and the increasing popularity of Android applications have opened up new opportunities for magnetic field sensors. They are used in various application goods, such as mobile gaming controllers, compasses, and health monitoring devices. The sensing performance of magnetic field sensors is a critical factor in ensuring the accuracy and reliability of these applications. Overall, the Magnetic Field Sensor Market is expected to grow at a significant rate in the coming years, driven by the increasing demand for advanced sensing technologies in various industries.
Key players in the market include Honeywell International Inc., STMicroelectronics, and Infineon Technologies AG, among others. The automotive industry is another major consumer of magnetic field sensors, with applications in Anti-Lock Braking Systems (ABS), Electrical Power Steering (EPS), and D Sensing. Magnetic sensors like Hall Effect sensors and Giant Magnetoresistance sensors are used in these applications to measure magnetic fields and provide accurate feedback for system control. Moreover, the advent of smartphone devices and the increasing popularity of Android applications have opened up new opportunities for magnetic field sensors. They are used in various application goods, such as mobile gaming controllers, compasses, and health monitoring devices. The sensing performance of magnetic field sensors is a critical factor in ensuring the accuracy and reliability of these applications. Overall, the Magnetic Field Sensor Market is expected to grow at a significant rate in the coming years, driven by the increasing demand for advanced sensing technologies in various industries. Key players in the market include Honeywell International Inc., STMicroelectronics, and Infineon Technologies AG, among others.
Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 3.57 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key countries |
China, US, Germany, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegro MicroSystems Inc., 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., and Vernier Software and Technology LLC |
Market dynamics |
Parent market analysis, market growth analysismarket growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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