Market Size of Magnetic Sensors Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.51 Billion |
| Market Size (2029) | USD 5.14 Billion |
| CAGR (2024 - 2029) | 7.91 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Magnetic Sensor Market Analysis
The Magnetic Sensors Market size is estimated at USD 3.51 billion in 2024, and is expected to reach USD 5.14 billion by 2029, growing at a CAGR of 7.91% during the forecast period (2024-2029).
The high usage of magnetic sensors in new navigation devices, presence detection (building automation-related applications), medical areas, and the automotive sector are leading to a paradigm shift in the magnetic sensors market around the world.
- The increase in demand for IIoT and the production of consumer electronics, electric and hybrid vehicles, and high-quality sensing devices, globally, are influencing the adoption of magnetic sensors across several end-user industries. This is expected to drive the growth of magnetic sensors during the forecast period.
- An increase in the adoption of robotics for factory automation, owing to the Industry 4.0 policies, is driving the need for magnetic sensors for various safety applications in the global market. The development in the services sector in the country and high growth rate of data center and cloud providers are further augmenting the demand for these sensors to be deployed in the power distribution unit (PDU), which forms a crucial part in data centers.
- However, the recent outbreak of COVID-19 is influencing both the demand and production of the semiconductor industry. Asia-Pacific holds the major share in the semiconductor and electronics industry, as countries, such as China, Taiwan, and South Korea, are home to a significant number of pureplay foundries in the world.
