Global Magnetic Sensors Market accounted for US$ 4.23 billion in 2020 and is estimated to be US$ 8.70 billion by 2030 and is anticipated to register a CAGR of 7.50%. A magnetic sensor is a sensor that operates by measuring changes in the magnetic field. Magnetic current, speed, location, and displacement are all measured with these sensors. Magnetic sensors can be broadly divided into two types. This classification is based on whether they are measuring the entire magnetic field or the vector components of it. Magnetic sensors are used in a variety of industries, including power distribution, robotics and factory automation, energy and water appliances, and renewable energy.
The report " Global Magnetic Sensors Market, By Technology (Hall Effect, Anisotropic Magneto Resistance, Giant Magneto Resistance, and Tunnel Magneto Resistance), By Application (Automotive, Consumer Electronics, and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2029’’
• Infineon Technologies AG bought Cypress Semiconductor Corporation, a semiconductor development and manufacturing business based in the United States, in April 2020 to bolster its power semiconductors, automotive microcontrollers, sensors, and security solutions portfolio. Furthermore, the company focuses on meeting the needs of ADAS/AD, IoT, and 5G mobile infrastructures.
• Melexis released a high-linearity, low-drift linear Hall sensor IC in March 2020 for safety-critical automotive torque-sensing applications such electric power-assisted steering (EPAS).
• Allegro MicroSystems, LLC released the ATS19580, a fully integrated, back-biased GMR transmission speed and direction sensor, in February 2020. This sensor decreases the size, complexity, and cost of the system, resulting in better fuel efficiency.
Increasing demand for improved sensing as a result of the growing popularity of smartphones around the world is expected to propel the worldwide magnetic sensors market forward in the near future. In addition, magnetic sensors are increasingly being used in a variety of healthcare applications, including electrocardiograms, thermometers, and blood pressure monitors. While the extensive use of magnetic sensors in automated vehicles, consumer electronics, and healthcare devices results in higher shipments of these sensors, price erosion limits sales growth. This is due in part to the fierce competition between the growing number of sensor manufacturers. Several firms are focusing their R&D efforts on developing cost-effective solutions for existing magnetic sensing technologies such as position, speed, and angle sensors made with MEMS and 3D sensing technology. Rapid innovation in new portable, consumer, and IoT applications results from aggressive R&D activities, putting pricing pressure on high-volume applications in particular. As a result, producers are under pressure to lower the potential price of magnetic sensors.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Magnetic Sensors Market, By Technology (Hall Effect, Anisotropic Magneto Resistance, Giant Magneto Resistance, and Tunnel Magneto Resistance), By Application (Automotive, Consumer Electronics, and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2029”
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Key Market Insights from the report:
Global Magnetic Sensors Market accounted for US$ 4.23 billion in 2020 and is estimated to be US$ 8.70 billion by 2030 and is anticipated to register a CAGR of 7.50%. The global magnetic sensors market has been segmented on the basis of technology, application, and region.
• Based on Technology, Global Magnetic Sensors Market is segmented into Hall Effect, Anisotropic Magneto Resistance, Giant Magneto Resistance, and Tunnel Magneto Resistance.
• Based on Application, Global Magnetic Sensors Market is segmented into Automotive, Consumer Electronics, and Industrial.
• By Region, the Global Magnetic Sensors Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Magnetic Sensors Market:
Key players operating in the global magnetic sensors market includes Infineon Technologies AG., Honeywell International Inc., NXP Semiconductors Inc., Alps Electric Co. Ltd., Asahi Kasei Microdevices Corp., Analog Devices Inc., TE Connectivity Ltd., Diodes Inc., STMicroelectronics N.V., and Magnetic Sensors Corp.
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The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.