Magnetic Sensor Market to Hit USD 9 Billion by 2032, Says Global Market Insights Inc.
Major magnetic sensor market participants include Honeywell International, Inc., Melexis, Diodes Incorporated, Infineon Technologies AG, ams AG, Asahi Kasei Microdevices Corporation, and NXP Semiconductors.
Selbyville, Delaware, Dec. 14, 2022 (GLOBE NEWSWIRE) —
The magnetic sensor market valuation is poised to reach USD 9 billion by 2032, as reported in a research study by Global Market Insights Inc.
Robotics and automation are rapidly emerging as prominent trends in the manufacturing sector to increase overall operational efficiency and performance. These technologies are also used to lower labor costs while improving productivity, leading to better profit margins. Magnetic sensors are often used in industrial robots, autonomous guided vehicles (AGVs), material handling robots, and robotic grippers for position, speed, and angle sensing applications.
The sales of smart home devices have picked up significant pace over the coming years, with the demand for energy-efficient and high-performing appliances growing steadily. The magnetic sensor market revenue suggests that this factor will spur the product installation in a variety of consumer electronic gadgets, including wireless security systems, smart door locks, and service robots.
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The magnetic sensor market size from TMR sensors segment will exceed USD 250 million by 2032. Some of the major benefits of tunnel magnetoresistance (TMR) sensors in industrial applications include high output, great accuracy, low temperature drift, and minimal deterioration due to aging. In addition, the output of these sensors is 500 times higher than that of their hall element counterparts and they also consume less power, making them ideal for use in industrial operations.
The detection/NDT applications segment is expected to witness 5% growth rate through 2032. Power generation companies are increasing their dependence on Non-Destructive Testing (NDT) methods to identify structural deficiencies or potential weaknesses in their machines. This can help mitigate the occurrence of excessive downtime or loss of power generation capabilities. NDT inspection is also used for equipment requiring regular maintenance, such as oil rigs, pipelines, bridges, and trains as well as high-speed amusement park rides. The method is also used to ensure the efficiency and durability of the equipment while providing security, which may further encourage the necessity of magnetic sensors.
The North America magnetic sensor market accounted for USD 1 billion revenue in 2022. Early acceptance of new technologies is a prevalent trend among consumers in the region. According to the Consumer Technology Association, in January 2021, close to 89% (227 million) of households across the U.S. owned some form of smart home technology. The growth in the production of smart home appliances and IoT-connected solutions across the globe will thus create a high demand for magnetic sensors, in turn contributing to regional market development.
Some of the leading companies involved in the magnetic sensor market include Honeywell International, Inc., Melexis, Diodes Incorporated, Infineon Technologies AG, ams AG, Asahi Kasei Microdevices Corporation, and NXP Semiconductors, among many others. These companies are exploring various strategies to address the high requirement for magnetic sensors and other components, including the delivery of improved versions of their product offerings, as per the business needs.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Magnetic sensor industry 3600 snapshots, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 – 2032
2.3 Regional trends
2.4 Technology trends
2.5 Application trends
2.6 End-use trends
Chapter 3 Magnetic Sensor Market Insights
3.2 COVID-19 impact
3.2.1 Global outlook
3.2.2 Impact by region
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.3 Russia-Ukraine war impact
3.4 Impact of U.S & China trade war
3.5 Magnetic sensor industry ecosystem analysis
3.5.3 Distribution channel analysis
3.5.4 End use landscape
3.5.5 Vendor matrix
3.6 Profit margin analysis, 2022
3.7 Technology & innovation landscape
3.7.1 3D magnetic sensor technology
3.7.2 Evolution of squid sensors
3.8 Patent landscape
3.9 Key initiative & news
3.10 Regulatory landscape
3.10.2 North America
3.10.4 Asia Pacific
3.10.5 Latin America
3.11 Industry impact forces
3.11.1 Growth drivers
126.96.36.199 Proliferation of magnetic sensors in robotics and factory automation applications
188.8.131.52 Surge in deployment of magnetic sensors in space applications
184.108.40.206 Rising adoption of TMR technology in industrial applications
220.127.116.11 Increasing consumer electronics industry in Asia-Pacific
18.104.22.168 Development of 3D magnetic sensor
22.214.171.124 Rising applications of magnetic sensors in automotive applications
3.11.2 Industry pitfalls & challenges
126.96.36.199 Effect of external factors on measurement accuracy
188.8.131.52 Sustainability issues in extreme environmental conditions
3.12 Investment portfolio
3.13 Growth potential analysis
3.14 Porter’s analysis
3.14.1 Threat of new entrant
3.14.2 Bargaining power of supplier
3.14.3 Bargaining power of buyer
3.14.4 Threat of substitution
3.14.5 Competitive rivalry
3.15 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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