FELTON, California, March 21, 2018 /PRNewswire/ --
The Magnetic Sensors Industry size was estimated at USD 1,800 million in 2014 and is anticipated to reach USD 3.65 billion by 2022. With decreasing prices of these sensors and increasing awareness regarding automobile safety, there has been a significant rise in the adoption of magnetic sensors across various industries over the past few years.
With increasing disposable income in various demographics of the society and rising adoption of smartphones and other smart devices such as tablets, laptops and phablets, the magnetic sensors market is expected to witness a considerable growth over the forecast period. In addition, advanced features such as navigation and GPS have emerged as vital elements in smart devices. This coupled with the rising need for accuracy in sensing positions and mapping directions have spurred growth in this market.
Demand for magnetic sensors is expected to rise on account of growing demand from the automotive industry. Manufacturers' increasing concern towards integrating features that can enable assurance regarding the safety of their customers is expected to drive demand for magnetic sensors in this industry. Sensory components such as sub-systems and modules mostly find their applications 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.
Browse 138 page research report with TOC on "Global Magnetic Sensors Market" at: https://www.millioninsights.com/industry-reports/magnetic-sensors-market
On the basis of technology, the market is segmented into AMR, Hall Effect, and GMR among others. In 2014, Hall Effect magnetic sensors emerged as the most dominant segment and are expected to continue the trend over the forecast period. This can be attributed to high adoption rates on account of reduced power consumption which is a prominent feature of this technology. Advanced operational capabilities that offer better magnetic resistance, cost effective features and greater flexibility are expected to fuel market demand for AMR sensors. The market is expected to grow at an estimated CAGR of 12% in the review period.
On the other hand, the 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. In 2014, automotive application segment captured approximately 50% of the global market share and emerged as the leading segment. It is expected to continue the trend over the coming years.
Industrial applications segment is expected to witness an estimated growth at CAGR 13% from 2015 to 2022. It is anticipated to influence the market favorably owing to dynamic usage of magnetic sensors in the automotive segment related to current sensing, force & torque sensing, speed detection, steering angle sensing, engine control, Anti-Lock Braking Systems (ABS) and positioning.
The demand for sensing elements in 2014 was projected to exceed 2000 million units in the consumer electronics segment. It is anticipated to showcase considerable growth over the next seven years. Sensing modules and sub systems are employed in the consumer electronics segment in a variety of device fabrications including tablets, smart phones and laptops.
Demand for magnetic sensor market in Asia Pacific is estimated to witness significant growth with a CAGR of 10% from 2015 to 2022. Widespread presence of sensory vendors in Japan and China is expected to serve as a driver for the industry in this region.
Growth in the North American market has resulted from increased adoption of smart devices and growing purchasing power. In 2014, regional market in North America was estimated to exceed USD 500 million in 2014 and is anticipated to grow substantially over the review period.
Despite of the economic downturn and debt crisis in Europe, the region is expected to grow at a steady rate. Subsequent investments in new outlets along with development and expansion of retail sector have provided the industry with the necessary momentum resulting in the recovery of this industry. Europe is the primary hub for the designing work of Hall ICs. In addition, it procures sensory components from countries including Japan, China and India in order to assemble the ending product using those components.
Competitive Market Share Insights
Key industry players include organizations such as Robert Honeywell International, Bosch GmbH, Infineon Technologies and NXP Semiconductors. These participants emphasize on developing products that can be utilized in multiple applications simultaneously in addition to contributing to environmental protection, energy efficiency and resource maintenance and conservation. Other participants include Micronas Semiconductor Holding, Allegro Microsystems, NVE Corporation, Rotary Linear Motion Sensors (RLS) and Elmos Semiconductor.
Browse more market research reports available with Million Insights:
- Anesthesia CO2 Absorbent Market
- Biosensors Market
- Operating Room Equipment Market
- X-ray Photoelectron Spectroscopy (XPS) Market
Magnetic Sensors Technology Outlook (Volume, Million Units ; Revenue, USD Million 2012 - 2022)
• Hall Effect
Magnetic Sensors Application Outlook (Volume, Million Units ; Revenue, USD Million 2012 - 2022)
• Consumer Electronics
Magnetic Sensors Regional Outlook (Volume, Million Units ; Revenue, USD Million 2012 - 2022)
• North America
• Asia Pacific
• Latin America
About Million Insights:
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Research Support Specialist, USA
Toll Free: 1-866-831-4085
SOURCE Million Insights