Intensifying concentration of manufacturers towards producing 3D magnetic sensors and increasing investments in magnetic sensor ecosystem are among the factors propelling the growth of the market. The Magnetic Navigation Sensor market size is predicted to reach USD 7 billion from an estimated US$ 8 billion, at a CAGR of +7% from 2021 to 2028.
Rising adoption of magnetic sensors in advanced applications, like autonomous cars, is anticipated to spur the growth of magnetic market across the globe. Magnetic sensors used in these systems are hugely efficient, highly precise, reliable, robust, and simple in design. Magnetic sensor manufacturers are increasingly investing in various magnetic sensing technologies, like 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), to expand their domain expertise and strengthen their market position. Moreover, these players are also expanding their magnetic sensor product portfolios by introducing newer products to cater to the requirement of several end-use markets.
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Key Players: Asahi Kasei Corporation, Allegro MicroSystems, LLC, Infineon Technologies AG, TDK Corporation, Melexis, Honeywell International Inc, TE Connectivity, ams AG
Asia-Pacific held the huge share of the overall market; it is anticipated to grow at the highest CAGR during the forecast period. Growing demand for magnetic sensors in cars and buyer electronics is driving the growth of the market in APAC. Also, the increasing number of small and medium-sized enterprises (SMEs) and increasing investments by these companies in developing better magnetic sensors for differentiated applications are propelling the growth of market. Furthermore, China, Japan, and South Korea are in the top nations in terms of automotive production globally; thus, this region presents vast growth opportunities for the magnetic sensor market.
While the widespread application of magnetic sensors in automated vehicles, buyer electronics, and healthcare devices ate responsible for increased shipment of these sensors, the sales growth is noteworthy restrained by price erosion. This is partially a outcome of the intense competition among the rising number of sensor manufacturers. Several companies are channeling their research & development tasks toward conferring cost-effective solutions for existing magnetic sensing technologies, like position, speed, and angle sensors manufactured using MEMS and 3D sensing technology.
Aggressive R&D efforts lead to fast innovation in new portable, buyer, and IoT applications, which, in turn, leads to pricing pressure, especially for high-volume applications. Consequently, makers are compelled to decrease the capable price of magnetic sensors. This fall in price not only impede the revenue growth in the hugely competitive magnetic sensor market but also reduces the profit margins for suppliers. The major challenges for the companies operating in this market are to increase their manufacturing capabilities, confers better quality products, and limit the overall cost of production.
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Based on type:
- Hall Effect Sensors (Hall ICs, Hall element)
- Magnetoresistive Sensors (anisotropic magnetoresistive (AMR) sensors, giant magnetoresistive (GMR) sensors, tunnel magnetoresistive (TMR) sensors)
- SQUID Sensors (high–temperature SQUID, low–temperature SQUID)
- Fluxgate Sensors
Based on Range:
- <1 microgauss
- 1 microgauss–10 gauss
- >10 gauss
Based on application:
- Speed Sensing
- Proximity Detection/NDT
- Position Sensing
- Navigation and Electronic compass
- Flow rate Sensing
- North America
- South America
- Middle East and Africa
- Latin America
Detailed TOC of Magnetic Navigation Sensor Market Research Report-
2. Market methodology Analysis.
3. Market Strategies Analysis.
4. Market Demand, Supply, Trends Analysis.
5. Market Overview with Key Players
6. Porte’s Five Force Model Analysis.
7. Market segmentation by Region, Type, and Application.
8. Market Advantages and Limitation Analysis.
9. Projects SWOT Analysis.
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