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Global Magnetic Sensors Market to Reach US$ 5.7 Billion by 2027, Impelled by Escalating Demand for Vehicles

Published on Oct 19, 2022

The latest report by IMARC Group, titled " Magnetic Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global magnetic sensors market size reached US$ 3.6 Billion in 2021. Magnetic sensors refer to advanced devices used to detect the magnitude of magnetism and geomagnetism produced by a magnet or current. These systems ensure increased safety and enhance driver convenience. They are available in several types with unique features that can detect changes in magnetic flux density. Owing to these properties, magnetic sensors are gaining traction across the globe for advanced intelligent measurement and control systems.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??

Global Magnetic Sensors Market Trends:

The market is primarily driven by the escalating demand for vehicles across the globe. Magnetic sensors offer various advantages, such as allowing contactless and wear-free measurement of mechanical quantities like the angle of rotation and speed. In addition, the growing prevalence of medical conditions is escalating the usage of magnetic field sensors in the biomedical sector for manufacturing point-of-care (POC) devices. Besides this, with the emergence of giant magnetoresistance (GMR) thin-film systems, manufacturers are developing advanced magnetic sensors that provide advantages, including large working distances and precise angular position measurement. This, coupled with the rising crime rates and cross-border security issues, is positively influencing the market growth. Furthermore, magnetoelectric (ME) composites with high coefficients are utilized to make sensitive magnetic field sensors for next-generation multifunctional devices, representing another major factor propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 5.7 Billion by 2027, exhibiting a CAGR of 7.87% during the forecast period (2022-2027).

Market Summary:

  • Based on technology, the market has been classified into hall effect, magnetoresistive, squid, fluxgate sensor, and other sensors.
  • On the basis of the application, the market has been segmented into speed sensing, detection, position sensing, navigation, and others.
  • Based on the end use, the market has been categorized into aerospace and defense, automotive, consumer electronics, healthcare, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Amphenol Corporation, Analog Devices Inc., Asahi Kasei Microdevices Corporation (Asahi Kasei Corporation), Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., Schneider Electric, ST Microelectronics, TDK Corporation, TE Connectivity, and Texas Instruments Incorporated.
     

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