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The domain of electronics and electrical systems has witnessed a juggernaut of advancements over the last decade. The advent of new technologies in this domain has created growth spaces across the global magnetic sensors market. The applications of magnetic sensors span into a range of research-oriented and commercially-relevant industries. Furthermore, scientists constantly test the impact of electrical and magnetic fields with the intent to make unprecedented breakthroughs. Hence, the growth of the global magnetic sensors market is underpinned by successive advancements in electromechanical research.
Industries with complex electrical networks invariably deploy technologies for current sensing and measurement. Apart from accelerating the speed of operations, current sensing technologies are also a safety hack for the industrial sector. Therefore, the global magnetic sensors market is projected to root in voluminous revenues from the industrial sector. There is also a high possibility of new applications of magnetic field sensors being discovered in the years to follow.
Magnetometers have transcended as vital devices that serve multiple purposes across the electric research sector. Hall Effect sensors, based on the principle of magnetic sensing, are the most popular magnetic sensor devices. The popularity of micro-electromechanical systems has also played a subtle role in driving demand within the global magnetic sensors market.
Transparency Market Research (TMR) finds that the global magnetic sensors market would expand at moderate CAGR of 7.2% over the period between 2018 and 2026. The global magnetic sensors market was worth $2,112.6 million in 2017. For the same year, the total demand for magnetic sensors was calculated at 3488.0 units.
Growth of Military Industries to Foster Maturity in Magnetic Sensors Market
The defense sector of a nation is at the fountainhead of economic, geopolitical, and social growth. Magnetic sensors are a vital sub-component of several systems and equipment used in the defense industry. Detection and localization of defense systems can be accomplished with the help of magnetic sensors. Furthermore, the use of these sensors can foster greater security by strengthening the capabilities of antitheft systems, position tracking systems, and navigation nodes. These are major factors driving growth in the magnetic sensors market.
Parts and equipment used in the aerospace industry are also tested with the help of magnetic sensors. The expansive size and voluminous spending of the aerospace industry is expected to trickle down to the global magnetic sensors market. The industrial sector is focusing on ensuring timely inspection of electric equipment, and this trend shall impel market growth.
Internet of Things (IoT) and Consumers Electronics
Internet of things (IoT) has become a well-acclaimed technology for optimizing energy and accelerating operations. This factor has played an obscure role in increasing the need for magnetic sensors. Furthermore, the advent of green lighting solutions has generated tremendous revenues within the global magnetic sensors market. Effective energy management systems are the need for the hour, and these systems warrant the presence of better electrical and magnetic technologies.
The consumer electronics industry is booming as people become more driven towards buying new products. The use of magnetic sensors in consumer products such as scanners, flat panels, cameras, and printers is projected to propel magnetic sensors market demand. Moreover, several mobile companies consider magnetic sensors as an inherent part of the device architecture.
Some of the prominent companies operating in the global magnetic sensors market are Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, Analog Devices, Inc., Alps Electric Co. Ltd, TE Connectivity Corporation, Inc., Asahi Kasei Corporation, Allegro Microsystems, and Magnetic Sensors Corporation.