May 20, 2021
According to the research report titled ‘Magnetic Sensor Market Size By Technology, By Application (Speed Sensing, Position Sensing, Detection/Non-Destructive Testing (NDT), Navigation & Electronic Compass), By End-use (Aerospace, Automotive, Consumer Electronics, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global magnetic sensor market is anticipated to grow momentously through 2026.
Various government initiatives for expansion of manufacturing sector, coupled with intensifying integration of product in an array of end user industries like aerospace, automotive, and consumer electronics are stimulating the growth of global magnetic sensor market.
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For the record, magnetic sensors are solid state devices gaining popularity due to their use in various applications like sensing position and velocity or directional movement. It also detects the magnitude of geomagnetism and magnetism that is generated either by current or magnet.
Based on technology, global magnetic sensor market is segmented into TMR, AMR, GMR, hall-effect, and others. The report cites that GMR (giant magnetoresistance) segment held 5% market share in 2019 and is slated to grow lucratively during the forecast period, owing to the increasing adoption of GMR technology in medical diagnostics and implant communication as well as automotive electrical equipment.
Speaking of application range, the marketplace is divided into detection/ NDT, navigation & electronic compass, speed sensing, and position sensing among others. The detection/non-destructive testing application segment accounted for 5% industry share in 2019, owing to increasing adoption of magnetic sensors for determining various defects relating to size, shape, and orientation in industrial applications.
Moving on to end user spectrum, magnetic sensor industry sphere is fragmented into consumer electronics, industrial, aerospace, and automotive among others. The report states that market share from aerospace segment was 5% in 2019 and is likely to accrue profits over the analysis timeframe, on account of extensive integration of magnetometer and compass, gyroscope, and many other navigation applications in aircrafts.
As per regional framework, Latin America magnetic sensor market recorded 4.58% revenue share in 2019, owing to increasing government initiatives for development of manufacturing sector.
Leading players in worldwide magnetic sensor industry include TT Electronics plc, Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), Silicon Laboratories Inc., Sensata Technologies Inc., RLS d.o.o., Omron Corporation, NXP Semiconductors N.V., NVE Corporation, MultiDimension Technology Co. Ltd., Monolithic Power Systems Inc., MEMSIC Inc., Melexis N.V., Littelfuse Inc., Infineon Technologies AG , iC-Haus GmbH, Honeywell International Inc., Diodes Incorporated, Crocus Technology, Coto Technology Inc., Broadcom Inc., Asahi Kasei Microdevices Corporation, ams AG, Amphenol Corporation, Alps Electric Co. Ltd., Allegro Microsystems LLC, and ABLIC Inc.