Global Magnetic Sensors Market Size, By Technology(Hall Effect, AMR, GMR, TMR), By Application (Automotive, Consumer Electronics,Industrial), Regional Analysis (North America - U.S, Canada, Other) (Asia-Pacific -India, Japan, China,Australia, Other) (Europe - UK, Russia, France, Brazil, Other) (Middle East andAfrica) - Global Industry Insights, Trends and Forecast, 2017-2025
Global Magnetic Sensors Market Size was valued nearly USD 2.91 billion by 2017 and is estimated toreach up to USD XX.XX billion by 2025. According to latest study conducted byour analysts and industry experts, the global market is expected to grow at aCAGR of 6.3% during the forecast period, i.e. 2017-2025.
"Magnetic sensors are the components thathave high OEM applications, as well as rugged magnetic modules for applicationswhere a turnkey solution is required. Magnetic sensor is because of the widerange of applications that each sensor has. Some of these industrialapplications include linear, angular position and rotation sensing. It is forthis reason that contactless sensors are particularly popular"
Magnetic Sensors marketis estimated to grow at a healthy CAGR of 6.3% from 2017-2025. The market isexpected to grow at an exponential rate owning to the continuous advancementsin the sensing technologies in addition to the increased use of sensing devicesin various industries. Furthermore, government regulations pertaining toinstallation of magnetic sensors in automobiles and their safety equipment arealso anticipated to provide an up thrust to the market in the coming years.Magnetic sensors form an essential component of navigation systems used inautomobiles and smartphones.
In addition, influx ofsophisticated smartphones. The trend will continue to boost the market positivelyduring the forecast period. Magnetic sensing devices are also used extensivelyin the field of medical R&D and Non - Destructive Testing (NDT), which hasalso influenced the market growth in the coming years.
Moreover, increasingsuppliers of the sensors and adoption of adoption of electronic control systemsin passenger and commercial vehicles is growing worldwide also stimulating themarket growth in the coming years.
Based on thetechnology type, the Magnetic Sensors market is segmented as Hall Effect,Anisotropic Magnetoresistance (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance(TMR). The Hall Effect to be the dominating segment in the coming years.
On the basis of application,the Magnetic Sensors is segmented Automotive, Consumer Electronics, andIndustrial. The automotive segment is poised to emerge as the highest revenuegenerating segment over the forecast period.
North America holdsdominant position in the global magnetic sensors market owning to increasingdemand for sensing components in various industrial use - cases, including positionsensing, flow rate detection and sensing, and speed sensing.
Whereas, Asia Pacificbe at forefront during the forecast period. Strong presence of major sensorvendors in Asian countries such as China and Japan has impacted the regionalmarket growth positively. Moreover, surging demand for smartphones andautomobiles across the region is estimated to spur the demand for magnetic sensorsin the region. Middle East and Africa market gainingattraction of the investment for the companies for more scope in the regionsand expected to rise healthy growth over the forecast period.
Magnetic Sensors Market:Secondary Research
To recognize and collect authentic andmarket-oriented information crucial for the research study, several secondarysources have been approached and referred. Press releases, white papers,companies annual reports, investor presentations, and articles present ontrustworthy websites, databases, and certified publications are some of thesignificant secondary research sources that have been used to prepare thereport. The data collected as secondary data have been obtained from variousreliable journals and associations such as Smart Ticketing Alliance,Association of Professional Social Compliance Auditors, General ServiceAdministration, Department of Transportation, and Association for IntelligentTransport Systems to reach to the market numbers or size. The data obtainedthrough secondary sources has been validated through primary research.
Magnetic Sensors Market:Primary Research
For conducting primary research, severalprimary sources of the demand as well as supply sides have been approached andinterviewed for obtaining quantitative and qualitative information crucial forthe report. Vice Presidents, CEOs, technology directors, Product Managers,Marketing Directors and other executives of giant market players andorganizations operating in magnetic sensors market are included as primarysources of the supply side.
After performing comprehensive engineering ofmagnetic sensors market (which includes market size estimations, calculationsregarding market statistics, market forecasting, data triangulation, and marketbreakdown), detailed and vast primary research has been carried out to collectinformation along with verifying and validating the significant and criticalmarket numbers arrived at.
Major playersoperating in global Magnetic Sensors Market include Alps Electric Co. Ltd,Asahi Kasei Baumer Ltd., Elmos Semiconductor AG, Honeywell International, Inc.,iC – Haus, Allegro Microsystems, Inc., Memsic Corporation, MultiDimensionTechnology Co. Ltd, Microdevices Corporation, NVE Corporation, Magnetic SensorsCorporation, and NXP Semiconductors.
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