Global magnetic sensor market is projected to surpass a valuation of USD 3 billion over the stipulated time frame, given the industry’s well organized and structured technology, application, and regional landscapes. One of the most overlooked components of the electronics industry, the magnetic sensors- which are abundantly used in applications ranging from gear tooth sensing to magnetic resonance imaging systems, are currently witnessing a prolific demand spurt across various applications. This can be attributed to intense research and development works going on in the field. In a recent twist of events, researchers at Brown University declared developing a magnetic sensor which is not only sensitive but is also relatively low on noise and exhibits properties similar to that of Hall effect (anomalous Hall effect).
Backed by the National Science Foundation, the device could stand to be a part of magnetic immunoassay arrangement- a practice that makes use of magnetism to detect pathogens in fluid samples. Such initiatives are expected to propel the growth graph of magnetic sensor market over the span of 2020 to 2026.
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Considering the technology spectrum, the report predicts that the AMR technology segment would grow at a rate of 7 per cent through 2026, post its dominance of 30 per cent market stake in 2019. This growth can aptly be defined due to the increasing deployment of AMR magnetic sensors in industrial and automotive applications, offering superior performance, flexibility, and high sensitivity in diverse operating conditions.
Adding to this, AMR sensors also impart low temperature drift and reduce calibration efforts and external compensation- a factor that eventually supports its adoption in industrial machinery and automotive steering angle application.
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Speaking of the prolific use in automotive sector, magnetic senor market from speed sensing segment is poised to depict a CAGR of 6.8 per cent over the forecast timeframe; courtesy: the product’s heightened adoption in automotive wheel speed and safety application like antilock braking systems. It is rather evident that magnetic sensors are witnessing increasing acceptance from wheel speed sensing to monitor the rotational speed of vehicles with no contact measuring principle.
Not only this, surging initiatives by various central governments toward minimal accidents and safe driving have indeed offered a boost to adoption of automotive safety systems, accentuating the demand for these sensors. Citing an instance for the same, Indian government had in April 2019 announced equipping all PVs and CVs with anti-lock braking systems to ensure proper driver safety.
Let alone the automotive sector, industrial segment is also likely to gain hefty demand for magnetic sensors in the years to follow. Thanks to the growing adoption of IIoT and industrial robots to ensure increased productivity with relatively lower labor coast. As a matter of fact, it was reported by International Federation of Robotics that industrial robot sales across the European region increased by 30 per cent in 2017. In this regard, it would be safe to declare that rising adoption and sales of industrial robots worldwide would offer a positive impetus to magnetic sensor market in the near future. As per estimates, the industrial segment would grow at a magnificent rate of 7 per cent through 2026.
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Given that Europe is witnessing massive demand for industrial robots and thus magnetic sensors, it does not come as a surprise that region would emerge as a major investment hub for various magnetic sensor industry players in the years to come. Europe magnetic sensor market acquired a prominent stake of 19 per cent in 2019 and is poised to grow at a rate of 4 per cent over the foreseeable time, fueled by favorable government initiatives put forth to augment the adoption of electric vehicles in the region. Besides, rising penetration of EVs in the region has also accelerated the deployment of charging points, calling out for major need of magnetic sensors for increased measurement accuracy and superior accuracy in charging networks.
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