Research firm Million Insights estimates the magnetic sensors industry raked in $1,800 million in 2014 and anticipates it to score $3.65 Billion by 2022. With decreasing sensor prices and increasing awareness regarding automobile safety, the researchers believe there has been a significant rise in the adoption of magnetic sensors across various industries over the past few years.
Demand for magnetic sensors is expected to rise in the automotive industry. Manufacturers' increasing need to integrate safety features drive demand for magnetic sensors in this industry. Sensory components such as sub-systems and modules mostly find applications in consumer electronic devices and computer peripheral including DVD players, hard disk drives, cameras, printers, washing machines and cell phones.
Increasing applications across different industries coupled with technological improvements are anticipated to fuel market growth. Mandatory regulations by government bodies such as the installation of sensing elements and safety equipment in automobiles are expected to present significant opportunities for market growth. However, stiff competition among market players and declining selling price of sensing systems may pose a challenge to market growth over the forecast period.
- On the basis of technology, the market is segmented into AMR, Hall Effect, and GMR among others.
- Demand for GMR sensors is anticipated to be high in emerging economies owing to its wide-range of applications, particularly for the interpretation of data over magnetic tapes and devices including hard disk drives.
- Based on applications, the industry is segmented into industrial, automotive, medical, aerospace & defense and consumer electronics market.
- Industrial applications segment is expected to witness an estimated growth at CAGR 13% from 2015 to 2022.
- The demand for sensing elements in 2014 was projected to exceed 2000 million units in the consumer electronics segment.
- Demand for magnetic sensor market in Asia Pacific is estimated to witness significant growth with a CAGR of 10% from 2015 to 2022.
- Growth in the North American market has resulted from increased adoption of smart devices and growing purchasing power.
- Despite the economic downturn and debt crisis in Europe, the region is expected to grow at a steady rate.
- Key industry players include organizations such as Robert Honeywell International, Bosch GmbH, Infineon Technologies and NXP Semiconductors.
Excited about magnetic sensors and their market? Then browse the 138-page "Global Magnetic Sensors Market" research report.