Magnetic Sensor Market : Opportunity Analysis and Forecast 2025
The magnetic sensor market size is projected to reach USD 6.2 billion by 2025 from an estimated USD 4.3 billion in 2020, at a CAGR of 7.7% from 2020 to 2025. Intensifying focus of manufacturers towards producing 3D magnetic sensors and increasing investments in magnetic sensor ecosystem are among the factors driving the growth of the market.
Browse 115 market data Tables and 76 Figures spread through 233 Pages and in-depth TOC on “Magnetic Sensor Market by Geography – Global Forecast to 2025 “
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By application, speed sensing applications is projected to grow at the highest CAGR during the forecast period
The speed sensing applications is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the rising demand for highly accurate, small size, simple design, reliable, and pocket-friendly magnetic speed sensors in the automotive industry. In the automotive industry, speed sensors are found in anti-lock braking system (ABS), engine camshafts/crankshafts, speedometers, and automatic transmissions.
By type, Hall effect sensor held the largest market
While the widespread application of magnetic sensors in automated vehicles, consumer electronics, and healthcare devices leads to increased shipment of these sensors, the sales growth is significantly restrained by price erosion. This is partially a result of the intense competition among the rising number of sensor manufacturers. Several companies are channeling their research & development activities toward providing cost-effective solutions for existing magnetic sensing technologies, such as position, speed, and angle sensors manufactured using MEMS and 3D sensing technology.
Aggressive R&D efforts lead to rapid innovation in new portable, consumer, and IoT applications, which, in turn, leads to pricing pressure, especially for high-volume applications. Consequently, manufacturers are compelled to decrease the potential price of magnetic sensors. This fall in price not only hampers the revenue growth in the highly competitive magnetic sensor market but also reduces the profit margins for suppliers. The major challenges for the companies operating in this market are to increase their manufacturing capabilities, provide improved quality products, and reduce the overall cost of production.
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