Magnetic Sensors Market worth USD 3,467.2 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Magnetic Sensors Market by Technology (Anisotropic Magneto Resistance (AMR), Hall Effect, Giant Magneto Resistance (GMR), Tunneling Magneto Resistance (TMR), and Other Technologies), by Application (Automotive, Consumer Electronics, Industrial (apart from Automotive), and Other Applications), by Region – Global Share and Forecast to 2027". By 2027, the global magnetic sensors market size is expected to grow USD 3,467.2 million by 2027 from USD 2,376.2 million in 2020, at a CAGR of 6.5% during the forecast period. The application of magnetic sensors in the consumer electronics space is expected to augment the demand over the coming years further. The new emerging application of magnetic sensors in motion gaming, navigation, and IoT is expected to influence the demand. In motion gaming, the sensors find applications as magnetometers that enable devices to measure the terrestrial magnetic field at low power. For instance, Bosch offers motion sensor solutions for smartphones, drones, AR and VR, and gaming. The application is increasing in data centers as part of PDU, vital in every data center. They are incorporated as part of almost every rack for power supply. For instance, Rittal's data center PDUs are equipped with magnetic protective circuit breakers. Vendors are increasingly adopting sensor-based solutions in power management units, as data centers reduce their downtime and energy efficiency.

Global Magnetic Sensors Market Segmentation

The magnetic sensors market has been segmented into technology, application, and region.

• By Technology (Anisotropic Magneto Resistance (AMR), Hall Effect, Giant Magneto Resistance (GMR), Tunneling Magneto Resistance (TMR), and Other Technologies)
• By Application (Automotive, Consumer Electronics, Industrial (apart from Automotive), and Other Applications)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Automotive, by application, is estimated to hold the largest market share during the forecast period

Based on application, the global magnetic sensors market is segregated into automotive, consumer electronics, industrial (apart from automotive), and other applications. The automotive segment generated the highest revenue of 46.2% of the global magnetic sensors market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. In the case of automotive applications, TMR and GMR sensors have demonstrated less power consumption than mW and µW during continuous operation. They are also easily accommodated in smaller packages than their counterparts, thus increasing the deployment of these sensors into auto parts.

Magnetic sensors are also deployed in the automotive industry for various applications, such as rotational speed, angle, and position. However, multiple technical requirements must be satisfied to make the GMR technology compatible with automotive applications, which might act as a challenge. The Hall and GMR-based magnetic sensors are increasingly used for three-wheel, motorcycles, and all-terrain vehicle applications. These sensors are developed for switching applications in these vehicles and the position and speed measurement.

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The Asia Pacific accounts for the largest market share in the magnetic sensors market 2020

Based on the regions, the global magnetic sensors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 31.8% in the global magnetic sensors market and was anticipated to maintain its dominance throughout the forecast period. China is one of the most promising automotive and consumer electronics manufacturing nations. Due to the increased use of applications, such as anti-braking systems (ABS) and anti-locking systems, magnetic sensors are widely utilized.

Moreover, Japan is a supplier of industrial robots and their components, such as servo motors, reducers, and various sensors. The recent development in industrial robots involves precision in positioning accuracy. It requires accurate detection of joint angles. The market is also growing due to innovations by other existing vendors, which is helping to increase the market demand. For instance, in July 2019, TDK Corporation expanded its Micronas magnetic sensor portfolio with the CUR 423x sensors developed for current measurements in automotive and industrial applications.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the magnetic sensors market. It also consists of leading companies such as Honeywell International, NXP SEMICONDUCTORS N.V., Analog Devices, Amphenol, Schneider Electric, Infineon Technologies AG, TE Connectivity, TDK Corporation, Texas Instruments, and ST Microelectronics.

Browse complete report: https://www.marketstatsville.com/magnetic-sensors-market

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