Magnetic Sensors Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Hall Effect, Anisotropic Magneto Resistance (AMR), Giant Magneto Resistance (GMR), Tunneling Resistance (TMR), Others), By Application (Automotives, Consumer Electronics, Medical And Healthcare, Others), And By Geography - Forecasts From 2023 To 2028

The magnetic sensors market is projected to show steady growth during the forecast period.

A magnetic sensor measures the strength of the geomagnetism and magnetism produced by a current or a magnet. There are several variants and versions of magnetic sensors. The most basic magnetic sensors that can track changes in magnetic flux density are coils. A coil is not typically decimated due to its simplistic construction. However, the magnetic flux's rate of change affects the output voltage. A stationary magnet or magnetic flux that fluctuates extremely slowly might not be detectable by a coil. A sensor called a reed switch has metal pieces (reed) projecting from the left and right sides that are enclosed in a glass tube with a gap where the reeds overlap. Magnetic sensors are frequently employed in security and military applications such as navigation, location monitoring, antitheft systems, and the detection, differentiation, and positioning of ferromagnetic and conducting items.

The expanding use of these sensors in the electronics industry as well as technological advancements by key firms has positively impacted the magnetic sensors market.

The market for energy-saving and high-performing appliances has gradually increased in recent years, which has resulted in a large increase in the sales of smart home gadgets. This feature is anticipated to fuel the growth of the magnetic sensor market and to encourage the incorporation of the product into numerous consumer electronic devices, including service robots, smart door locks, and wireless security systems. Additionally, key firms in the electronics segment have seen a rise in sales in recent years, which has significantly impacted the magnetic sensors market. As per their annual reports, Apple Inc. saw an increase of almost 33% in their revenues from 2020 to 2021, increasing from US$ 274 billion to US$ 365 billion, with the smartphone and tablet segment accounting for almost 52.48% of the total revenue in 2021; the segment also saw an increase of 39% as per the reports. Initiatives undertaken by key firms to innovate existing technology have also fuelled the growth of this market. For instance, in January 2023, TDK Corporation, one of the key global suppliers of magnetic sensors, partnered with Texas Instruments to develop the TDK i3 Micro Module, a module that combines the edge AI, mesh network capability, and high-performance SmartIndustrialTM MEMS accelerometer and digital output temperature sensor from TDK into a single component.

Key developments.

• The A31316 3D Hall-effect position sensor, a 3D magnetic sensor, was introduced in November 2022 by Allegro MicroSystems, Inc., a world leader in sensing and power solutions for motion control and energy-efficient systems. It is convenient for automobile security and advanced driver assistance systems (ADAS) applications that demand high levels of flexibility and dependable performance in challenging environments, such as powertrain and chassis applications, as well as industrial applications. They had it in their lineup of 3D sensors called 3DMAGTM. It was included in their 3DMAG™ line of 3D sensors. An extra PCB or other components are not required with the A31316 3D Hall sensor. This sensor combines the chip and capacitors in a single package for meeting the demand for high performance and to develop small-footprint position sensors that can withstand severe environments. The Allegro 3DMAG family of rotary and linear magnetic position sensor ICs are primarily used for automotive and industrial applications. The A31316 is the most recent member of Allegro's 3DMAG series of magnetic sensors and the company's first magnetic position sensor to offer multi-direction sensing in a PCB-less SIP device.
• A team from the University of Birmingham in the UK announced their research on a new magnetic sensor that may detect weaker brain waves in November 2020. A new optically pumped magnetometer (OPM) sensor, developed by the researchers, is able to measure weak magnetic brain impulses that are easier to locate than the electrical signals detected by electroencephalograms, the report claims. Magnetoencephalography (MEG) measures these magnetic signals, which are helpful for early and more precise diagnosis and may help healthcare professionals better understand brain connectivity and identify symptoms of severe cerebral damage, Alzheimer, and psychosis.

Asia Pacific region currently holds a substantial share of the global magnetic sensor market, while North America also holds similar shares and is expected to further grow during the projected period.

Due to the existence of numerous growing economies like China and South Korea, two of the world's most prominent producers of consumer electronics, the Asia Pacific region commands sizeable market shares of the worldwide magnetic sensors market. One of the main industries in the area, particularly in nations like India and Japan, is the automobile sector. The demand for magnetic sensors is significant in this industry and the market is anticipated to expand even more over the projected period due to the rising use of applications, such as anti-braking systems (ABS) and anti-locking systems, where magnetic sensors are extensively used. Meanwhile, North America also represents a sizable portion of the magnetic sensors market owing to the presence of several key manufacturers of magnetic sensors, including Diodes Inc. Allegro Microsystems, and Honeywell Inc., which are significant global suppliers of these sensors.

Magnetic Sensors Market Scope:

Market Segments

• By Technology
  • Hall Effect
  • Anisotropic Magneto Resistance (AMR)
  • Giant Magneto Resistance (GMR)
  • Tunneling Resistance (TMR)
  • Others
• By Application
  • Automotives
  • Consumer electronics
  • Medical and Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • UAE
    • Other
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Others