With global shipments anticipated to grow at a CAGR of 5% over 2019-2025, magnetic sensor market is projected to witness a rapid momentum in the ensuing years. Proliferating technological advancements in semiconductor industry led by the increasing demand for highly accurate and durable sensors is providing a substantial impetus to magnetic sensor market outlook. Furthermore, rising deployment of these sensors in virtual reality headsets, gaming consoles, gesture control, and other electronic devices is further boosting the product penetration. In terms of revenue, global magnetic sensor market share is forecast to exceed USD 3.5 billion by the end of 2025.
Magnetic sensors find mainstream applications across the automotive, aerospace, and semiconductor industries. Frequent product developments equipped with cutting edge technology is a major parameter underlining the strategic landscape. The same can be evidenced by the launch of hall effect technology-based range of sensors by Variohm Eurosensor in 2019.
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High adoption of magnetic sensor-based navigation systems across a range of consumer electronics devices and constant demand from Non-Destructive Testing (NDT) applications are other influential factors propelling market size.
With magnetic sensors being applied across a multitude of automotive components, the sector has emerged as a major application ground for magnetic sensor market. Against the backdrop of mounting vehicle safety concerns, GMR and TMR technology-based sensors have gained noteworthy penetration in the automotive sector as they aid in significantly improving vehicle monitoring and performance. Moreover, intensifying demand for autonomous and electric vehicles are slated to intensify the product landscape of magnetic sensor market.
The emergence of Giant Magnetoresistance (GMR) technology has opened up a plethora of growth avenues for the magnetic sensor market. GMR technology-based sensors provide better feasibility of fabrication and are highly desirable in biosensors, hard disk drives, CMOS standard microelectronics, current strips, coils and microelectromechanical systems. The technology is massively deployed in electric and autonomous vehicles. These magnetic sensors feature superior capabilities which allow precise angular measurements and larger working distances. Moreover, the product on account of increasingly being paired with several other contemporary technologies is further witnessing a massive popularity across a slew of verticals.
The aerospace industry is demonstrating prolific growth momentum, especially in the US. As per estimates of the U.S. Department of Commerce, the U.S. aerospace industry accounted for export sales worth USD 151 billion in 2018.
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Magnetic sensors are a key enabling technology for the aerospace industry. These products play a vital role in aircraft operations and are incorporated with various aircraft equipment to facilitate functions such as proper component positioning and determination of aircraft direction. Additionally, the product also witnesses prominent deployment for execution of tasks such as tracking position of rotating components and measuring the alignment between moving aircraft components.
Europe magnetic sensor market growth is favored by the presence of an established automotive industry in the region. Estimates of the European Automobile Manufacturers Association suggest that almost 20% of the global automotive production took place in Europe in 2017, which was equal to 19.6 million. The region being economically sound experiences a considerably high sale of premium cars, which are invariably equipped with robust components. Moreover, the continent houses some of the major premium automakers such as Volkswagen, Mercedes-Benz, BMW, and others, who have the propensity to manufacture high-end vehicles with premium features. Such factors along with the growing popularity of connected vehicles, autonomous driving, and IoT are likely to bolster Europe magnetic sensor market size through 2025.
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Glimpse of Table of Content (ToC)
Chapter 3. Magnetic Sensor Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2025
3.2.1. Sensors industry overview
3.2.1.1. North America
3.2.1.2. Europe
3.2.1.3. Asia Pacific
3.2.1.4. Latin America
3.2.1.5. MEA
3.2.2. Automotive industry overview
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Consumer electronics industry overview
3.2.3.1. North America
3.2.3.2. Europe
3.2.3.3. Asia Pacific
3.2.3.4. Latin America
3.2.3.5. MEA
3.3. Industry ecosystem analysis
3.3.1. Suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. End-use landscape
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing applications of magnetic sensors in the automotive sector
3.6.1.2. Growing consumer electronics industry in Asia Pacific
3.6.1.3. Declining prices of sensors
3.6.1.4. Growing adoption of TMR magnetic sensor technology
3.6.1.5. Implementation of tracking and navigation systems by transportation and delivery services
3.6.1.6. Deployment of magnetic sensors in space applications
3.6.1.7. Growing use of magnetic sensors in robotics and factory automation
3.6.1.8. Development of 3D-magnetic sensor
3.6.2. Industry pitfalls and challenges
3.6.2.1. Effect of external factors on measurement accuracy
3.6.2.2. Sustainability issues in extreme environmental conditions
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. Competitive landscape, 2018
3.9.1. Company market share
3.9.2. Strategy dashboard
3.10. PESTEL analysis
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