Northbrook, IL 60062 — (SBWIRE) — 04/06/2022 — The magnetic sensor market size is projected to reach USD 6.2 billion by 2025 from an estimated USD 4.3 billion in 2020, at a CAGR of 7.7% from 2020 to 2025. Intensifying focus of manufacturers towards producing 3D magnetic sensors and increasing investments in magnetic sensor ecosystem are among the factors driving the growth of the market.
Rising adoption of magnetic sensors in advanced applications, such as autonomous cars, is expected to spur the growth of magnetic market across the globe. Magnetic sensors used in these systems are highly efficient, highly accurate, reliable, robust, and simple in design. Magnetic sensor manufacturers are increasingly investing in different magnetic sensing technologies, such as 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), to enhance their domain expertise and strengthen their market position.
Download PDF Brochure:
Speed sensing application is projected to register the highest CAGR from 2020 to 2025
The magnetic sensor market for speed sensing applications is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the rising demand for highly accurate, small size, simple design, reliable, and pocket-friendly magnetic speed sensors in the automotive industry. In the automotive industry, speed sensors are found in anti-lock braking system (ABS), engine camshafts/crankshafts, speedometers, and automatic transmissions.
Transportation segment lead magnetic sensor market in 2019
In 2019, the transportation segment held the largest share of the magnetic sensor market. The surge in demand for safety and navigation features in the automotive industry has increased the usage of magnetic sensors in this industry. Additionally, safety-related mandates in regions such as North America and Europe are acting as drivers for the adoption of magnetic sensors in the transportation industry. Moreover, modernization of rail networks and deployment of innovative navigation systems in next-generation submarines are also among the factors driving the growth of market in the transportation industry.
APAC to lead magnetic sensor market during forecast period
In 2019, APAC held the largest share of the overall market; it is expected to grow at the highest CAGR during the forecast period. Growing demand for magnetic sensors in cars and consumer electronics is driving the growth of the market in APAC. Also, the increasing number of small and medium-sized enterprises (SMEs) and increasing investments by these companies in developing improved magnetic sensors for varied applications are driving the growth of market. Furthermore, China, Japan, India, and South Korea are among the top 20 countries in terms of automotive production worldwide; thus, this region presents huge growth opportunities for the magnetic sensor market.
Key Market Players
Asahi Kasei Corporation (Japan), Allegro MicroSystems, LLC (US), Infineon Technologies AG (Germany), TDK Corporation (Japan), Melexis (Belgium), Honeywell International Inc. (US), TE Connectivity (Switzerland), ams AG (Austria) are some of the key players in the magnetic sensor market.
For more information on this press release visit: http://www.sbwire.com/press-releases/increasing-investments-in-magnetic-sensor-ecosystem-1355826.htm
Media Relations Contact
Email: Click to Email Amish Keswani