Magnetic Sensor Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe 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.
Further key findings from the report suggest:
- TMR is projected to emerge as the fastest growing technology segment
over the forecast years, owing to high sensitivity, efficiency, and
usability in a wide range of end-use industries
- The automotive segment is expected to keep driving the market over
the forecast period, which can be attributed to high demand for safety
equipment and high-quality sensors in automobiles
- Rapidly growing demand for smartphones and automobiles in Asia
Pacific is expected to support the market in the region
- Key industry players include NXP Semiconductors; NVE Corporation;
MultiDimension Technology Co. Ltd; Microdevices Corporation; Memsic
Corporation; Magnetic Sensors Corporation; and Honeywell International,
Inc.
Access full
research report on global magnetic sensor market:
www.grandviewresearch.com/industry-analysis/magnetic-sensors-market
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Created on Apr 13th 2020 03:37. Viewed 243 times.