Market Trends of Magnetic Sensors Industry
This section covers the major market trends shaping the Magnetic Sensors Market according to our research experts:
Automotive Industry to Hold Largest Share of the Market
- In the case of automotive applications, GMR and TMR sensors have demonstrated less power consumption than mW and µW during continuous operation. They are also easily accommodated in package sizes less than their counterparts. Thus, they are finding increasing deployment in auto parts.
- The demand for magnetic sensors is anticipated to increase in the automotive industry. Sensing devices are increasingly being used in this industry to improve vehicle convenience and fuel efficiency. Also, mandatory regulations by government bodies, such as the installation of safety equipment and sensing elements in automobiles, are estimated to create significant opportunities for the growth of the market studied.
- Magnetic sensor vendors are focusing on providing efficient devices, which can serve an extensive range of automotive applications. The increase in demand and penetration of electric vehicles and hybrid electric vehicles and the use of GPS in automobiles may also fuel the demand for magnetic sensors from the automotive industry.
- Moreover, hall and GMR-based magnetic sensors are increasingly being used for motorcycles, three-wheel, and all-terrain vehicle applications. These sensors are being developed for switching applications in these vehicles, as well as the position and speed measurement for lightweight construction and reduced battery operation space, weight, and power consumption in electric vehicles.
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Asia-Pacific to Hold the Largest Share of the Market Studied
- China is one of the most promising automotive and consumer electronics manufacturing nation, globally. Due to increased use of applications, such as anti-braking system (ABS) and anti-locking system, where magnetic sensors are widely utilized, the automobile industry holds an important position in the market in this region.
- Moreover, Japan is a supplier of industrial robots and their components, such as reducers, servo motors, and various sensors, to the world. The developments in industrial robots, of late, involves precision in positioning accuracy. It further requires accurate detection of joint angles, where magnetic sensors play a key role.
- The magnetic sensor market in India is mainly growing due to the proliferation of smartphones, as smartphones use hall-effect sensors to support compass applications. However, one of the factors restraining the market currently is the spread of coronavirus, as several states of India have issued lockdown orders to curb the spread of coronavirus.
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