Magnetic Sensor Market size is predicted to grow rapidly in the coming years due to its extensive use in automotive, consumer electronics, robotics, security & military applications, and healthcare sector. With the increasing penetration of the IoT technology, sensor technology has been in great demand by manufacturers, which will accelerate the growth of the magnetic sensor market. With the emergence of new innovative technologies, people have become more tech-savvy, which is driving the consumer electronics market. The factor contributing to the high demand for magnetic sensors is the increasing demand for devices such as printers, scanners, flat panel cameras, mobile navigation in smartphones & tablets, and motion games wherein the sensors are used in gaming consoles. Countries including India and China are anticipated to witness a high demand in the magnetic sensor market owing to an increased use of electronic devices and increasing urbanization.
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Magnetic sensor market is majorly driven by the automotive sector. This sector is focusing on providing innovative features such as wireless technologies due to which sensor technology is being used in reverse parking, monitoring of side airbags, remote keyless entry, anti-lock brakes, diesel engines, ignition timings, fuel efficiency, convenience, and safety. It is one of the leading segments driving the magnetic sensor market due to the increasing use of hybrid and electric cars to reduce environmental pollution.
Growing use of magnetic sensors in several healthcare applications such as ECG, thermometers, magnetometers, etc., is accelerating the magnetic sensor market growth in the medical sector. With the emergence of urbanization, the healthcare sector has a great demand for sensor technology and serves as one of the main drivers of the magnetic sensor market. Several companies have started coming up with more smart and intelligent solutions for effective energy management, therefore contributing to the sustainable development of the environment. These sensors enable efficient energy conservation in appliances such as refrigerators and vacuum cleaners by sensing close/open door detection, fluid levels augmenting the magnetic sensor market.
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Fluxgate sensor is used for security perimeters, signature range systems, earth studies like magnetic field observations, earthquake predictions, and in satellites. In this fastest growing digital era, data integrity and data security are the major factors required in building efficient and trustworthy electronic solutions. Several companies are adopting technologies, which guarantee both security and performance for applications. Therefore, the magnetic sensor market is anticipated to witness a high demand in the security & military sector in the coming years.
The Asia Pacific region is significantly driving the demand in the magnetic sensor market. There is a demand for these sensors in China, Japan, and South Korea, especially in the consumer electronics industry. These countries have been manufacturing more miniaturized products with compact designs, creating a demand in the market for these components. On the other hand, Europe and the U.S. also have a major automotive and consumer electronics market, automatically creating more demand for the sensor technology. Due to its low power consumption, these sensors have significant advantages, which are beneficial for several manufacturing companies. As this sensor technology has become less expensive, it is encouraging the penetration of the sensors into new applications. These factors will drive the overall magnetic sensor market growth in the coming years.
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Some of the major players manufacturing magnetic sensor are Sensoronix, Allegro Microsystems, Asahi Kasei Microsystems, Micoronas Semiconductors, and Bosh Sensortec. The magnetic sensor market is highly competitive with the major players introducing low costs, low power consumption, and high reliability for the products. Companies such as Allegro focus on bringing this unique silicon fabrication in Hall effect sensors to distinguish their products from the competitors. Micoronas introduced a new programming tool for Hall effect sensors in September 2018. A new generation of smart sensor hubs for mobile devices was recently launched by Bosh Sensortec, a leading manufacturer of Hall effect quadrature sensors. Bosch Sensortec introduced a new line of miniaturized Hall effect sensors in 2006. Owing to the high competition, these companies are constantly trying to emerge with innovative products to sustain in the magnetic sensor market.
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