Magnetic Sensor Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on February 8th, 2022 The global magnetic sensor market size is expected to reach USD 3.2 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 6.8% CAGR over the forecast period. Growing emphasis on automobile safety, coupled with steadily declining prices of sensors, has supported product demand. Integration of sophisticated technology in consumer electronics is also expected to drive the magnetic sensor market. In addition to smartphones, magnetic sensors are being increasingly integrated into wearables such as fitness bands and smartwatches. The trend of embedding these components with giant magnetoresistance (GMR) films has gained a lot of importance. This procedure aids in detecting and reading data from microelectromechanical systems (MEMS), such as MRAMs, temporary memory processing units, and hard drives. Sensors are being increasingly incorporated in automobiles to achieve fuel efficiency and ensure the safety and convenience of the occupants. Governments in several European countries are encouraging customers to adopt electric vehicles (EVs) to address the issue of air pollution. This, in turn, is driving demand for magnetic sensors, since they are integrated into EVs’ power systems for monitoring supplementary motor inverters. The Hall Effect technology is quite mature as compared to other sensing technologies. However, in spite of this, its application base continues to witness a steady increase, which can be attributed to continuous developments that still make it a preferred choice in several industry verticals. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/magnetic-sensors-market/request/rs1 Government mandates necessitating the integration of magnetic sensors in automobiles are expected to impact the market growth favorably. Magnetic sensors constitute a vital part of navigation systems used in cars and smartphones, as a result of which, their demand is expected to remain buoyant in these two sectors. Further key findings from the report suggest:
On account of growing demand for magnetic sensors in the automotive sector, the market is estimated to exhibit a healthy growth rate throughout the forecast period. Sensor manufacturers have stressed on providing efficient devices that can be integrated across a plethora of applications. These devices assist in contactless operations and wear-free measurements of angular speed and angle of rotation. Aggressive investment in R&D activities for development of advanced sensory components is also another strategy adopted by manufacturers. They aim to develop sensors incorporated with features such as motion detection, speed, and proximity in order to cater to the needs of diverse end-use verticals. Magnetic sensors form the building blocks of electronic control systems in commercial as well as passenger vehicles. These systems ensure increased safety and enhance driver convenience, as a result of which, their adoption has witnessed a surge. Such advanced sensing elements guarantee high reliability and efficiency in terms of economics and performance. Alps Electric Co. Ltd; Asahi Kasei Baumer Ltd.; Elmos Semiconductor AG; Honeywell International, Inc.; iC - Haus; Allegro Microsystems, Inc.; Memsic Corporation; MultiDimension Technology Co. Ltd; Microdevices Corporation; NVE Corporation; Magnetic Sensors Corporation; and NXP Semiconductors aGrand View Research has segmented the global magnetic sensor market on the basis of technology, application: Magnetic Sensor Technology Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Magnetic Sensor Application Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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