Reading time ( words)
The Global Magnetic Sensor Market size is expected to reach $2.6 billion by 2023, rising at a market growth of 5.9% CAGR during the forecast period.
Advancements in sensing technologies and growing applications of sensing devices in various industry verticals are the factors that is expected to drive the market growth. Regulations pertaining to installation of magnetic sensors in automobiles and installation of the same in the safety equipment is expected to offer market opportunities during the forecast period.
Magnetic sensors are vital part of navigation systems and are majorly used in automobiles and smartphones. Advanced sensing systems are greatly in demand due to rapid growth in smartphones. Market trends is expected to significantly influence the market growth during the forecast period. Magnetic sensing devices have also found their adoption in used the field of medical R&D and Non-Destructive Testing (NDT).