Magnetic Field Sensor Market Size to grow by USD 3570.4 million between 2024-2028
According to a research report “ Magnetic Field Sensor Market” by Application (Automotive, Consumer electronics, Industrial, Others) Technology (Hall-effect sensors, Magnetoresistive sensors, MEMS sensors, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3570.4 million, at a CAGR of 10.87% during the forecast period. In the automotive industry, the demand for sensors is escalating due to consumer preferences for enhanced vehicle features, including safety, handling, stability, performance, comfort, and convenience. Magnetic field sensors, specifically hall-effect sensors, provide significant advantages, such as contactless and wear-free measurement of mechanical quantities like angle of rotation and angular speed. These sensors are robust and cost-effective to manufacture, making them an attractive option for both vehicle body and powertrain applications. In the vehicle body (cabin), over 35 application areas exist for magnetic field sensors, primarily hall-effect sensors, alongside micro switches, reed switches, and potentiometers..
Browse market data tables, figures, and in-depth TOC on “Magnetic Field Sensor Market” by Application (Automotive, Consumer electronics, Industrial, Others) Technology (Hall-effect sensors, Magnetoresistive sensors, MEMS sensors, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Application, the Automotive segment is projected to dominate the market size in 2024
In the automotive industry, magnetic field sensors play a pivotal role due to their application in various functions, such as light detection. The market growth for magnetic field sensors is significantly driven by the increasing investments in autonomous vehicles. Autonomous cars require numerous sensors to continuously monitor their surroundings, making magnetic field sensors an essential component. Hall effect sensors, specifically, are utilized in cam and crankshaft monitoring applications, providing valuable engine and transmission speed/direction information from various powertrain components. Notably, gear detection sensors are gaining popularity due to their ability to generate digital pulsing outputs for tracking speed and direction of motion, enabling rotational position detection for system components, and monitoring crane and winch speeds in vehicles and construction equipment.
By Technology, Hall-effect sensors segment is expected to hold the largest market size for the year 2024
In the realm of magnetic field sensing technology, Hall-effect sensors stand out for their robustness and versatility. These sensors, which consist of a rectangular piece of p-type semiconductor material such as gallium arsenide (GaAs), indium antimonide (InSb), or indium arsenide (InAs), are renowned for their immunity to environmental contaminants, making them ideal for use in harsh and extreme conditions. They operate by passing a continuous current through the semiconductor material and measuring the resulting voltage changes when the device is exposed to a magnetic field. Hall-effect sensors find extensive applications in various industries, including automotive (ignition systems, speed controls), security systems, alignment controls, metrology (micrometers, mechanical limit switches), computing (computers, printers, disk drives), and manufacturing (machine tools, key switches, push-button switches).
APAC is forecasted to hold the largest market size by region in 2024
The Magnetic Field Sensor Market represents a significant business opportunity for technology providers due to the increasing demand for precise magnetic field measurement in various industries. Applications include automotive, healthcare, industrial, and consumer electronics sectors. Market growth is driven by factors such as technological advancements, rising demand for contactless payment systems, and stringent regulatory compliance. Companies must stay abreast of emerging technologies and customer needs to maintain a competitive edge.
The Magnetic Field Sensor Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Magnetic Field Sensor Market is experiencing significant growth due to the increasing demand for safety systems, medical operations, security, and healthcare applications. Magnetic sensors find extensive use in various industries, including electronics, automotive, and consumer electronics. In the automotive sector, magnetic sensors are used in Anti-lock Braking Systems (ABS), Airbag systems, and Advanced Driver Assistance Systems (ADAS), enhancing vehicle safety. In healthcare, magnetic sensors are used in medical devices for speed sensing and magnetic flux measurements. Electrical devices, such as smartphone devices and Android-powered devices, incorporate magnetic sensors for features like proximity sensing and magnetic field detection. Hall effect sensors and Giant Magnetoresistance (GMR) sensors are popular types of magnetic sensors used in various applications. The Magnetic sensor ecosystem also includes 3D magnetic sensors, used in 3D sensing applications, and Magnetic Flux sensors, used in navigation systems, robotics, factory automation, hybrid vehicles, and electric vehicles. The market for magnetic sensors is expected to grow further with the increasing adoption of autonomous cars and the development of new technologies like Tunnel Magnetoresistance (TMR) sensors.
Market Research Overview
The Magnetic Field Sensor Market encompasses a wide range of applications in various industries, including Defense, Military, Electronics, Safety Systems, Healthcare, and Consumer Electronics. Sensing performance is a critical factor in magnetic field sensors, which find extensive use in ammunition and military devices for force sensing mechanisms and alignment controls. In the defense sector, magnetic sensors are used in ignition systems, braking systems, stability controllers, and steering systems. Beyond defense, magnetic sensors play a significant role in safety systems, medical operations, and healthcare. Hall effect sensors, giant magnetoresistance, and tunnel magnetoresistance are commonly used magnetic sensing technologies in safety systems. In healthcare, magnetic sensors are employed in biomarker detection devices and biophysical monitoring devices. The Magnetic sensor ecosystem also includes 3D magnetic sensors for applications in autonomous cars, navigation systems, robotics, factory automation, hybrid vehicles, and electric vehicles. Magnetometers, Hall Effect switches, fluxgate sensors, optically pumped sensors, and magnetoelastic sensors are some of the magnetic sensor types used in these applications. Moreover, magnetic sensors are increasingly used in consumer electronics, including smartphones and Android devices, for speed sensing and other electrical devices. The Magnetic Field Sensor Market is expected to grow significantly due to the increasing demand for magnetic sensors in various industries, including the BFSI industry and the automotive industry with Advanced Driver Assistance Systems (ADAS).
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