New York – June 1,
2023 - Research Nester’s recent market research analysis on “Magnetic Sensors Market: Global Demand Analysis &
Opportunity Outlook 2035” delivers a detailed competitors analysis and a
detailed overview of the global magnetic sensors market in terms of market
segmentation by application, technology, end-user, and by region.
Growing Investment in Magnetic Sensors to
Drive Growth of Global Magnetic Sensors Market
sensor market is expected to rise on account of high investment in magnetic sensors. Escalating the adoption of magnetic sensors in multiple applications
such as autonomous cars is anticipated to boost the market expansion worldwide.
Highly efficient, reliable, accurate, fast, and simple magnetic sensors are
used for these purposes. However, market players for magnetic sensors are now
investing in the development of new technologies in this sector such as TME,
GMR, and 3D sensing in order to improve their services and vitalize their
market status. Additionally, the market players are investing in incorporating
new products in this domain in order to offer the best services to end-user
industries. For instance, Allegro MicroSystems LLC, in 2020 launched
ATS19580 an integrated back-biased GMR transmission direction and speed sensor
for automotive purposes.
The increasing prevalence of large and
complex smart devices are expected to increase the need for advanced sensing
capabilities in components, which is estimated to further impact demand and
production during the forecast period. According to market trends, magnetic
radar is widely used in non-destructive testing (NDT) and medical research and
development components. The growing global demand for IoT and consumer
electronics, electric and hybrid vehicles, and high-end sensor device
manufacturing is impacting the adoption of magnetic sensors in multiple end-use
industries. This is expected to drive the growth of magnetic sensors during the
forecast period.
Some of the major
growth factors and challenges that are associated with the growth of the global
magnetic sensors market are:
Growth
Drivers:
· A surge in the Demand for Medical Equipment
· Rising Need for Consumer Electronics
Challenges:
There are many
other sensors on the market, such as acoustic sensors, capacitive sensors, and
optical sensors. These sensors have various advantages, such as higher
accuracy, higher resolution, and significantly lower power
consumption. Besides, the high cost of application of these sensors per
unit and concern regarding the environment are some of the major factors
anticipated to hamper the growth of the global magnetic sensors market.
Access our detailed report at: https://www.researchnester.com/reports/magnetic-sensor-market/4866
By application, the global magnetic sensors
market is segmented into Speed Sensing, Position Sensing, Detection/
Non-Destructive Testing, and Navigation & Electronic Compass. The speed
sensing segment is to account for the highest revenue by the end of 2035 by
growing at a significant CAGR over the forecast period. The growth of this
segment can be ascribed to the escalating demand for small in size, hugely
accurate, reliable, simple design, and pocket-friendly, magnetic sensors for
the automotive industry. Speed sensors can be accessible in anti-lock braking
systems, engine camshafts, speedometers, and automatic transmissions in the
automotive industry.
In end-user segmentation, the energy and
power segment is projected to witness the largest value by the end of 2035.
Magnetic sensors monitor the position and velocity of moving components in oil
fields, nuclear power plants, and other power plants, as well as solar and wind
energy applications. Moreover, in technology segmentation, the Hall effect
segment is assumed to observe the largest share throughout the estimated
period. Competitive pricing, easy integration, and lack of interference from
complex biomedical samples are expected to drive growth of this segment.
By region, the
Latin America magnetic sensors market is to generate
notable revenue by the end of 2035. This growth is anticipated by several
factors such as technological advancement, industrial growth, automobile
manufacturing, and consumer electronics demand. Latin American region is
anticipated to grow significantly majorly on account of expanded industrial
activities and infrastructural development. This expansion has resulted in high
demand for magnetic sensors in this region for machinery monitoring, speed
identification, position sensing, and for other industrial applications.
Furthermore, the automotive sector in Mexico and Brazil region has been hugely
growing which is also projected to drive the magnetic sensor market in the
Latin American region leading to its huge application for various purposes such
as speed sensing, motor control, and vehicle navigation system.
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This report also provides the existing
competitive scenario of some of the key players of the global magnetic sensors market which includes company profiling of Allegro
Microsystems, Inc., Alps Alpine Co., Ltd, Asahi Kasei Corporation, AMS
Technologies AG, Baumer Holding Ltd., Crocus Technology International Corp,
Elmos Semiconductor SE, Honeywell International, Inc., Infineon Technologies
AG, and NXP Semiconductors N.V.
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