Research Nester assesses the growth of the global magnetic sensors market which is anticipated to be on account of the growing demand for electric vehicles worldwide.
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
The global magnetic 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.
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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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