Magnetic Sensor Market Size with Competitive Analysis, Future Prospects and Forecast by 2027

Magnetic Sensor Market Size with Competitive Analysis, Future Prospects and Forecast by 2027

The global magnetic sensor market has recorded year-on-year growth supported by increasing use of Unmanned Aerial Vehicles (UAVs) and surveillance drones in military application due to rising political tensions and terrorist attacks. 

As per a report by the U.S. Federal Aviation Administration, as of March’21, the country has nearly 1.1 million drones currently operational. These drones are equipped with magnetic sensors that help control the speed of the flight and help achieve uniformity of rotation in brushless DC motors and propellers.  

In addition to above, drones are also being widely used for other purposes, for instance- as of August 2021, Wing- the drone delivery entity operated by Google-parent Alphabet, is set to reach 100,000 deliveries. With operations in the U.S., Finland, and Australia, Wing has fulfilled more than 50,000 total deliveries in Brisbane, Australia alone.

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Growing adoption of drones in various sectors of the economy will consequently drive the demand for advanced magnetic sensor technology.

According to a report by Global Market Insights, Inc. magnetic sensor market is expected to cross USD 4 billion in value through 2027. Inclination towards robotics and industrial automation in the manufacturing and processing sectors will drive market growth. These sensors are largely combined into automated assembly lines, collaborative robots for position, conveyor systems, and speed sensing applications.

A major factor supporting industrial automation today is the coronavirus pandemic that has restricted the number of people working in the factories due to the need to control the spread of the lethal infection as directed by governments all over the world.

In this regard, the introduction of automated systems has not impacted staff members and the process has led to businesses investing in other ventures, creating opportunities and a chance for workers to develop skills by learning to operate computer-based machinery.

Moreover, social distancing guidelines and self-isolation rules have presented challenges for businesses, including frequent staff shortages. All this has supported the transition towards industrial automation across different sectors.

Concerning technology, the tunnel magnetoresistance (TMR) segment has witnessed notable adoption due to various high-end features offered by the technology, such as superior accuracy, high output stability, low-temperature drift, for position and speed sensing applications. The output offered by TMR sensors is reportedly six times more precise than GMR sensors and nearly 20 times more accurate than AMR sensors.

These properties enhance their adoption in the automobile and consumer electronics industry. For instance, in August 2020, Crocus Technology introduced TMR (2D) angular sensors, that are suitable for IoT and connected device applications. Crocus TMR sensors offer high sensitivity, low consumption of power, low noise output that can be used in connected vehicles, industrial IoT equipment, and smartphones by market participants will drive the magnetic sensor market growth.

Regionally, Europe has emerged as a profitable revenue pocket over time due to the presence of many automobile OEMs in the region including Audi, BMW, Daimler AG, PSA Group, and others, that are primarily focusing on the development of advanced automobile safety technology like ADAS and self-driving cars.

Moreover, the region is witnessing an increase in the adoption of electric vehicles. As per the International Energy Agency, Europe accounted for approximately 1.4 million new electric vehicle registrations in the year 2020, which was responsible for 46.6% of the total EV registration globally.

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Magnetic sensors are highly combined into battery management technology and onboard chargers of EVs, adding regional market opportunities. Firms that operate in the magnetic sensor industry are focusing on introducing new product launches to remain competitive in the industry.

Magnetic sensor producers are constantly engaging in introducing new products with improved features to meet the burgeoning demand from various sectors. Companies operating in this sector are heavily investing in R&D, partnering with other companies, merging and acquiring to meet their expansion goals and expand their geographical presence.

Other leading magnetic sensor market players include Melexis, TE Connectivity, Asahi Kasei Microdevices Corporation, Honeywell International Inc., and Infineon Technologies AG, among various others.

All in all, constant growth in consumer electronics industry over time, especially in emerging regions, will drive the adoption of magnetic sensors. Moreover, constant advancements in sensor technology will support the growth in magnetic sensor market in the coming years. 

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