Press release
Magnetic Sensor Market: Due to Increase in Demand of Magnetic Sensors for Multiple applications in Automotive and IoT
Future Market Insights (FMI) recently published a report titled ‘Magnetic Sensor Market – Global Industry Analysis 2013-2017 and Forecast 2018-2028’. A magnetic sensor is a small-scale micro electrochemical system (MEMS) device for detecting and measuring magnetic fields. This sensor acts as a transducer which varies its output voltage in reaction to a magnetic field. These type of sensors are used for proximity switching, speed detection, positioning, and current sensing applications. Moreover, these sensors also detect changes and disturbances in a magnetic field, like flux, strength, and direction. This report includes magnetic sensors which are based on Hall Effect, AMR (Anisotropic Magneto-Resistive), GMR (Giant Magneto-Resistance), and TMR (Tunnel Magneto-Resistance) technologies.
The global magnetic sensor market is expected to expand at a CAGR of 4.8% during the forecast period. The global magnetic sensor market was valued at US$ 1,906.1 Mn in 2018, and is projected to increase significantly to reach US$ 3,053.5 Mn by 2028, due to an increase in the demand for magnetic sensors for multiple applications in automotive and IoT.
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The global magnetic sensor market is categorized by technology, application, and region. By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). The Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017. Moreover, technological advancements in vehicle technology, increasing electrifications, and the growing demand for smart products are some of the major factors which are fuelling the growth of the global magnetic sensor market.
On the basis of application, the global magnetic sensor market is segmented by industrial, automotive, consumer electronics, and others. The automotive sub-segment accounted for a relative higher CAGR of 5.3% because of an increase in the demand for connected vehicles and advanced driving assistance.
Among the regions, North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
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The rapid growth in the demand for smart devices in emerging economies such as India, China, and Japan is attracting several magnetic sensor manufacturers. Smart device and consumer electronic device manufacturers can create abundant opportunities for the development of advanced magnetic sensors. Furthermore, with the growth of industrial automation systems, collaboration with electronic device manufacturers can generate potential opportunities for magnetic sensor manufacturers to provide magnetic sensors with advanced features which have high sensitivity and reliability.
Some of the popular vendors in the magnetic sensor market are Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors, STMicroelectronics, TE Connectivity, Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., and Diodes Incorporated.
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Email: sales@futuremarketinsights.com
Web: https://www.futuremarketinsights.com/
About Us
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
The global magnetic sensor market is expected to expand at a CAGR of 4.8% during the forecast period. The global magnetic sensor market was valued at US$ 1,906.1 Mn in 2018, and is projected to increase significantly to reach US$ 3,053.5 Mn by 2028, due to an increase in the demand for magnetic sensors for multiple applications in automotive and IoT.
Request to View Sample of Research Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5217
The global magnetic sensor market is categorized by technology, application, and region. By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). The Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017. Moreover, technological advancements in vehicle technology, increasing electrifications, and the growing demand for smart products are some of the major factors which are fuelling the growth of the global magnetic sensor market.
On the basis of application, the global magnetic sensor market is segmented by industrial, automotive, consumer electronics, and others. The automotive sub-segment accounted for a relative higher CAGR of 5.3% because of an increase in the demand for connected vehicles and advanced driving assistance.
Among the regions, North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
Need more information about Report methodology @ https://www.futuremarketinsights.com/askus/rep-gb-5217
The rapid growth in the demand for smart devices in emerging economies such as India, China, and Japan is attracting several magnetic sensor manufacturers. Smart device and consumer electronic device manufacturers can create abundant opportunities for the development of advanced magnetic sensors. Furthermore, with the growth of industrial automation systems, collaboration with electronic device manufacturers can generate potential opportunities for magnetic sensor manufacturers to provide magnetic sensors with advanced features which have high sensitivity and reliability.
Some of the popular vendors in the magnetic sensor market are Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors, STMicroelectronics, TE Connectivity, Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., and Diodes Incorporated.
Ask for country-specific data of this report @ https://www.futuremarketinsights.com/ask-country-specific/rep-gb-5217
Contact Us
U.S. Office
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
Email: sales@futuremarketinsights.com
Web: https://www.futuremarketinsights.com/
About Us
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
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