SELBYVILLE, Del. - October 28, 2020 - (Newswire.com)
According to the latest report "Magnetic Sensor Market by Technology (Hall Effect, Anisotropic Magneto-Resistive (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR)), Application (Speed Sensing, Position Sensing, NDT, Navigation & Electronic Compass), End-use (Aerospace, Automotive, Consumer Electronics, Industrial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of magnetic sensor will cross $3 billion by 2026.
The market is majorly driven by the continuous engagement of companies toward new innovations and development activities. For example, the integration of 3D technology into magnetic sensors will increase their adoption in automotive, industrial, and consumer applications, offering high performance, compactness, and energy efficiency.
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The anisotropic magneto-resistive (AMR) technology segment held over 30% of the magnetic sensor market share in 2019 and will observe growth of 7% till 2026 owing to the rising adoption of AMR magnetic sensors in automotive and industrial applications offering high sensitivity, performance, and flexibility in various operating conditions. These magnetic sensors showcase low temperature drift, reducing external compensation and calibration efforts. This further increases their adoption in automotive steering angle application and industrial machinery to deliver high functional safety requirement in pump, motor, electric motor, among others.
The speed sensing application in the magnetic sensor market accounted for 29% of revenue share in 2019 and is likely to grow at a CAGR of 6.8% through 2026 due to the rising adoption of magnetic sensors in automotive wheel speed and safety applications such as antilock braking systems. Magnetic sensors are gaining rising adoption from wheel speed sensing to detect the rotational speed of vehicles with non-contact measuring principle. Adding to this, rising initiatives by the governments across the globe toward safe driving and minimal accidents have propelled the adoption of several automotive safety systems.
The industrial segment held a magnetic sensor market share of around 20% in 2019 and will attain CAGR of 7% by 2026. The increasing adoption of industrial robots and industrial internet of things (IIoT) to ensure high productivity with low labor cost will propel the growth opportunities for the market. These sensors are experiencing rising integration into robots for position sensing, precision motor control, navigation, and proximity sensing. According to the International Federation of Robotics (IFR) report of September 2020, around 373,000 robots were produced and sold across the globe in 2019, with a y-o-y growth rate of 12%; therefore, the continuous growth in the robotics industry will further boost the market revenue in the coming years.
Europe magnetic sensor market captured 19% of revenue share in 2019 and is poised to expand at a CAGR of 4% from 2020 to 2026 on account of the supportive government initiatives to increase the adoption of electric vehicles in the region. For example, the European Commission (EC) has set a CO2 emission reduction objective for the transportation industry by 2050. This will accelerate the market penetration of electric vehicles between 2030 and 2050, accelerating the growth opportunities for regional magnetic sensor manufacturers. The rising penetration of electric vehicles has also impacted the deployment of charging points in the region, further growing the demand for magnetic sensors for high performance and measurement accuracy in charging networks.
Some of the key players operating in the magnetic sensor market are Infineon Technologies AG, Honeywell International Inc., Melexis, ams AG, and Diodes Incorporated. These companies are focusing on the development of application-specific magnetic sensors to accelerate their market position among end-users.
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Some major findings of the magnetic sensor market report include:
- The rising adoption of industrial robots and increasing trend toward factory automation in the manufacturing sector are the major factors driving the market expansion. These sensors are used for position, angle, and speed sensing required for robotic grippers, material handling, and automated guided vehicles.
- Declining prices of sensors owing to low cost raw materials and improvisation in packaging technology are one of the major factors for the adoption of magnetic sensors in various end-use applications.
- Hall effect technology is widely adopted in the magnetic sensor market impelled by its high sensitivity and capability to sustain in harsh environments, increasing its adoption in industrial applications.
- TMR magnetic sensors are experiencing increasing adoption from battery-operated & portable electronic products. These sensors deliver low-power consumption and high sensitivity with reduced size, accelerating their demand in the consumer electronics market.
- The growing demand for navigation and electronics systems in transportation and delivery services will accelerate the market value over the forecast timeline. The proliferation of 5G technology will further fuel the demand for magnetic sensors
- COVID-19 outbreak has restrained the research & development initiative and production capacity in various end use industries including consumer electronics, automotive, etc., negatively impacting the demand for magnetic sensors.
- The highly sensitive nature of new magnetic sensors, such as AMR, GMR, and TMR, is restraining the market demand. Also, the inability to detect current leakages, monitoring of certain temperature and humidity levels, producing false outputs are some technical challenges restraining the overall market.
Table of Contents (ToC) of the report:
Chapter 3 Magnetic Sensor Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2026
3.2.1 Sensor industry overview
3.2.2 Automotive industry overview
3.2.3 Consumer electronics industry overview
3.3 Impact analysis of coronavirus (COVID-19) pandemic on the magnetic sensor market
3.3.1 Global outlook
3.3.2 Impact by Region
3.3.3 Industry value chain
220.127.116.11 Research and development
3.3.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 Business growth
3.4 Industry ecosystem analysis
3.4.3 Distribution channel analysis
3.4.5 Vendor matrix
3.5 Technological and innovation landscape
3.5.1 3D magnetic sensor technology
3.5.2 Evolution of Squid Sensors
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls and challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Bargaining power of suppliers
3.9.2 Bargaining power of buyers
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: Magnetic Sensor Market Revenue to Cross US $3 Bn by 2026: Global Market Insights, Inc.