Magnetic Field Sensors Market

Market Study on Magnetic Field Sensors: Applications in Consumer Electronics and Healthcare Industry to Trigger Market Sales

Magnetic Field Sensors Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, SQUID Sensors)

Report ID: PMRREP3222

Number of Pages: 250

Format: PPT*, PDF, EXCEL

Industry: Semiconductor Electronics

Published Date: March-2023

Report Price

$4900*

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Magnetic Field Sensors Market Outlook (2023 to 2033)

Global Magnetic Field Sensors Market Sales totaled revenue of US$ 4.4 billion in 2022. Between 2023 and 2033, global magnetic field sensor demand is set to rise at 7.5% CAGR. The global magnetic field sensors market size is forecast to reach US$ 12.4 billion by 2033.

In 2023, the worldwide magnetic field sensors industry valuation is set to reach US$ 6.0 billion. Speed sensing sensors demand is likely to remain high in the market through 2033. The speed sensing segment is forecast to expand at around 7.3% CAGR between 2023 and 2033.

  • Growing usage of magnetic field sensors in consumer electronics and medical devices to drive market
  • Rising popularity of 3D magnetic sensors will expand magnetic field sensors market size
  • Surging investments in magnetic system ecosystem to speed up market development
  • Increasing production of electric and hybrid vehicles to bolster sales
  • High penetration of industry 4.0 and factory automation to elevate demand
  • Adoption of robotics across industries to trigger magnetic field sensor sales
  • Usage of magnetic field sensors in navigation systems to create growth prospects

Devices that can detect and measure magnetic fields around permanent magnets, electrical devices, and current conductors are referred to as magnetic sensors. These sensors can provide crucial data. This data can be utilized to monitor directions, positions, rotations, and angles of objects.

Data obtained from magnetic field sensors can also help to detect presence of current, and other parameters. Hence, they are being widely used in automotive, robotics, military devices, medical devices, etc.

Rising adoption of magnetic field sensors in navigation, scientific measurements, and industrial applications is expected to boost the market.

Magnetic field sensors play a key role in keeping robots and machines in the factory running smoothly. They help in monitoring the motor movement of robots in terms of accuracy and precision. Thus, rapid adoption of automation and robotics will elevate magnetic field sensor demand.

Growing demand for electric vehicles and advanced medical devices is set to boost sales over the next ten years. Besides this, burgeoning demand for consumer electronics will create opportunities for magnetic field sensor manufacturers.

According to Persistence Market Research (PMR), North America will continue to remain at the top of the ladder in magnetic field sensor market. In 2022, magnetic field sensor sales across North America will total US$ 2.30 billion in 2023.

By the end of 2033, North America magnetic field sensors market size is set to reach US$ 4.73 billion in 2033. Rising penetration of automation, increasing popularity of electric vehicles, and growing adoption of consumer electronics are few of the key factors driving demand across North America.

Development of new magnetic field sensors will also boost North America market. Various USA-based companies are introducing novel solutions to meet changing end user demand.

For instance, in November 2022, Allegro Microsystems developed a PCB-less 3D magnetic sensor. It is named A31316 Hall effect position sensor. This sensor is expected to be a part of portfolio of 3DMAG line of sensors.

The new sensor will be used for vehicle safety and ADAS applications as they require high reliability. Thus, such products launched by USA-based companies will trigger growth in the market.

Attributes

Key Insights

Global Magnetic Field Sensors Market Estimated Value (2023)

US$ 6.0 billion

Projected Market Size (2033)

US$ 12.4 billion

Value-based CAGR (2023 to 2033)

7.5%

USA Market CAGR (2023 to 2033)

6.3%

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2018 to 2022 Magnetic Field Sensors Sales Outlook Compared to Demand Forecast from 2023 to 2033

Global sales of magnetic field sensors increased at around 8.3% CAGR during the historical period (2018 to 2022). Between 2023 and 2033, global magnetic field demand is set to increase at 7.5% CAGR. This will create an absolute $ opportunity of US$ 6.4 billion.

Magnetic field sensors are widely used in numerous industries such as healthcare, aerospace & defense, industrial, transportation, consumer electronics, and BFSI. Hence, expansion of these industries will fuel magnetic field sensor sales through 2033.

In healthcare industry, magnetic field sensors are primarily used for measuring magnetic fields produced by human organs and detecting magnetically labeled biomolecules.

Magnetic field sensors such as optically pumped, Fluxgate are used in sensing biomagnetic signals such as MCG, MEG, MMG and MNG, and GMI. Magnetoelastic sensors are used in point-of-care devices such as biophysical monitoring and biomarker detection devices.

In automotive industry, these sensors are used in numerous applications such as steering systems and stability controllers. They also find application in braking systems such as Anti-Lock Braking Systems (ABS) and Electronic Stability Control (ESC).

Magnetic field sensors such as ADI MagIC+ are used in sensing technologies, deep domain applications and signal conditioning. ADI MagIC+ provides improved motor efficiency and consumes low power. Thus, it is used in Electrical Power Steering (EPS) and Starter Generator Motors (SGM).

Smartphones have magnetometer that can sense its orientation in space. For instance, in android developed by Google, magnetometers are present which are magnetic field sensors that report magnetic fields as measured along 3 sensor axes. Using apps such as compass, users can determine their location with respect to magnetic north or magnetic south direction.

In military and defense industry, magnetic field sensors such as Hall Effect switches are used in calculating rotating speed of helicopter blades. Similarly, analog Hall Effect sensors are used for detecting change in positions of rotating shafts.

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Country-wise Insights:

How is the United States Magnetic Field Sensors Market Shaping?

The United States magnetic field sensors market is forecast to exhibit a CAGR of 6.3% through 2033. Between 2018 and 2022, magnetic field sensors demand across the United States of America surged at 6.8% CAGR.

By 2033, the United States of America magnetic field sensors industry is set to reach US$ 3.7 billion. Total magnetic field sensor sales in the country will create an absolute $ opportunity of US$ 1.7 billion.

Rising applications of magnetic field sensors in healthcare and defense sectors is a key factor driving the United States of America market. Besides this, development of multipurpose sensors will boost the market through 2033.

The United States is home to various prominent magnetic sensor manufacturers. These manufacturers are focusing on developing sensors with multifunctional features.

For instance, recently, Texas Instruments developed DRV50xx series of hall effect sensors. These sensors can be used in applications such as speed, position, acceleration detection, object recognition, index counting, and numerous automotive applications. Development and popularity of such multipurpose sensors will bode well for the market.

Why is Demand for Magnetic Field Sensors Surging across the United Kingdom?

Magnetic field sensor demand across the United Kingdom is set to rise at 6.6% CAGR through 2033. Total market valuation in the country will reach US$ 621.7 million by the end of 2033.

Between 2023 and 2033, the United Kingdom magnetic field sensors market will create an absolute $ opportunity of US$ 295.1 million. Magnetic field sensors industry in the United Kingdom has grown at a CAGR of 7.1% from 2018 to 2022.

Rising production of electric vehicles and expansion of BFSI sector will generate high demand for magnetic field sensors across the United Kingdom.

Presence of several magnetic field sensor companies is also positively impacting the United Kingdom market. Farnell United Kingdom, the United Kingdom-based electronics devices and components supplier supplies Hall Effect sensors such as SS443A and AH180-WG-7. Also, Sussex-based Telcon manufactures and supplies Hall Effect sensors across the globe.

What is the Demand Outlook for Japan Magnetic Field Sensors Market?

Japan magnetic field sensors market is set to progress at 6.9% CAGR between 2023 and 2033. By the end of 2033, Japan’s market will total a valuation of US$ 896.8 million. It will create an absolute $ opportunity of US$ 437.4 million till 2033.

Magnetic field sensor demand in Japan increased at a CAGR of 7.5% from 2018 to 2022. Growing demand for consumer electronics and electric vehicles will drive the Japan market forward.

Besides this, increasing penetration of industry 4.0 is likely to bolster magnetic field sensor sales across Japan. To meet growing demand, Japanese magnetic field sensor manufacturing companies are launching new solutions.

For instance, in July 2022, TDK Corporation launched small redundant angle analog TMR angle sensor called TAS4240. This sensor is used for angle and position detection. It enables precise angle measurements in high-performance applications.

It is used in applications such as power steering, brake boosters and traction motors. Also, it is expected to be used in permanent magnet synchronous motors commutation in a safety relevant environment, industrial servo motors, robotics, encoders, and automation.

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Category-wise Insights:

Which is the Most Sought After Magnetic Field Sensor Type in the Market?

Hall Effect sensor is likely to remain a highly sought-after type in the global market. from 2018 to 2022, Hall Effect sensors demand grew at a CAGR of 8.2%. Between 2023 and 2033, demand for hall effect sensors is set to rise at 7.4% CAGR.

Rising usage of hall effect sensors in applications such as security systems, ignition systems, and alignment controls is driving growth of the target segment.

Development of new hall effect sensors will also boost growth of the target segment through 2033. Several leading magnetic field sensors are launching new solutions for specific applications.

For instance, Texas Instruments recently developed TMCS1100/TMCS1100-Q1. This hall-effect current sensor measures DC or AC having high-temperature stability, excellent linearity, and high accuracy.

Competitive Landscape:

Key magnetic field sensor manufacturers and suppliers include Alps-Alpine, Baumer Ltd, Infineon Technologies, AMS AG, Melexis, Allegro Microsystems, TE Connectivity, Asahi Kasei Microdevices Corporation, Texas instruments, Analog devices, and TDK Corporation

New product launches and investments in research and development are key strategies adopted by leading companies. Several companies also opt for mergers, acquisitions, partnerships, and acquisitions to expand their footprint.

Recent Developments:

  • In November 2022, iSentek, a Taiwan-based MEMS sensor developer announced that it is committed to perceiving the world with innovative technologies and spreading intelligence across the globe. The company’s magnetic sensing technologies such as planar Hall, vertical Hall, anisotropic magnetoresistive (AMR), tunnelling magnetoresistive (TMR), and fluxgate and are used in myriad applications.
  • In March 2020, TE Connectivity, a Switzerland-based sensor manufacturer acquired the majority shares of company First Sensor AG.
  • In February 2018, TDK Corporation acquired Chirp Microsystems Inc. Chirp produces high-performance ultrasonic sensors with smaller sizes. Chirp’s sensors are used in applications such as Augmented Reality and Virtual Reality. Chirp’s acquisition will help TDK strengthen its portfolio of sensor solutions. It will also help TDK to become a prominent member of MEMS technology.

Scope of the Report:

Attribute

Details

Estimated Market Size (2023)

US$ 6.0 billion

Projected Market Size (2033)

US$ 12.4 billion

Anticipated Growth Rate (2023 to 2033)

7.5% CAGR

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Million for Value
  • MT for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Nordic
  • Russia
  • Poland
  • China
  • India
  • Thailand
  • Indonesia
  • Australia
  • New Zealand
  • Japan
  • GCC countries
  • North Africa
  • South Africa
  • Others

Key Segments Covered

  • Type
  • Magnetic Sensors
  • End User
  • Region

Key Companies Profiled

  • TE Connectivity
  • AMS AG
  • TDK Corporation
  • Melexis
  • Alps-Alpine
  • Allegro Microsystems
  • Asahi Kasei Microdevices Corporation
  • Baumer Ltd.

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Drivers Restraints Opportunity Trends Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Global Magnetic Field Sensors Market Segmentation:

By Type:

  • Hall Effect Sensor
  • Magnetoresistive Sensor
  • SQUID Sensors
  • Others

By Magnetic Sensors:

  • Speed Sensing
  • Detection/NDT
  • Position Sensing
  • Navigation and Electronic Compass
  • Flow Rate Sensing
  • Others

By End User:

  • Consumer Electronics
  • Healthcare
  • Aerospace and Defense
  • Industrial
  • BFSI
  • Transportation

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Companies Covered in This Report

  • TE Connectivity
  • AMS AG
  • TDK Corporation
  • Melexis
  • Alps-Alpine
  • Allegro Microsystems
  • Asahi Kasei Microdevices Corporation
  • Baumer Ltd.

Frequently Asked Questions

The global magnetic field sensors market size is set to reach US$ 6.0 billion in 2023.

The global magnetic field sensors industry is likely to reach US$ 12.4 billion in 2033.

From 2018 to 2022, the global magnetic field sensors industry expanded at 8.3% CAGR.

Magnetic field sensor demand is forecast to rise at 7.5% CAGR between 2023 and 2033.

Hall effect sensor type will dominate the global market through 2033, exhibiting a CAGR of 7.4%.

Speed sensing sensors demand is forecast to increase at 7.3% CAGR from 2023 to 2033.

The United States market is set to reach a valuation of US$ 3.7 billion by 2033.

TE Connectivity, AMS AG, TDK Corporation, Melexis, Alps-Alpine, Allegro Microsystems, Asahi Kasei Microdevices Corporation, Baumer Ltd, Texas Instruments, Infineon technologies, and Analog Devices Inc are key magnetic field sensor manufacturers.

North America will lead the global market and its market size will reach US$ 4.73 billion by 2033.

South Korea’s market is set to expand at 7.9% CAGR between 2023 and 2033.

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