The report “Magnetic Sensor Market with COVID-19 Impact Analysis by Type (Hall Effect, Magnetoresistive (AMR, GMR, TMR), SQUID, Fluxgate), Range (<1microgauss, 1microgauss-10gauss, and >10gauss), Application, End-user Industry, Geography – Global Forecast to 2025 “,magnetic sensor 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. 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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Browse 115 market data Tables and 76 Figures spread through 233 Pages and in-depth TOC on “Magnetic Sensor Market with COVID-19 Impact Analysis by End-user Industry, Geography – Global Forecast to 2025 “View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/magnetic-field-sensors-market-521.html
Magnetoresistive sensors segment to projected to register highest CAGR between 2020 to 2025
The magnetoresistive sensors have a wide operating range and possess features and functionalities such as inherently low hysteresis, low power consumption, and high linearity for improved measurement accuracy as compared with Hall effect sensors. Also, the cost of magnetoresistive sensors is decreasing gradually, which will boost the market for these sensors in various applications during the forecast period. Thus, the magnetoresistive sensors segment is projected to grow at the highest CAGR during the forecast period.
By range, >10 gauss segment is projected to register highest CAGR between 2020 and 2025
The >10 gauss segment of the market is projected to grow at a higher CAGR from 2020 to 2025 than the 1 microgauss–10 gauss and 10 gauss segment can be attributed to the increasing demand for driverless cars and green vehicles.
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 region, APAC magnetic sensor market estimated to grow at highest CAGR throughout forecast period
In 2019, APAC held the largest share of the magnetic sensor market. The market in the region is expected to grow at the highest CAGR from 2020 to 2025. This has impacted the revenue of magnetic sensor manufacturers, such as Melexis (Belgium) and Allegro MicroSystems, LLC (US), who majorly offer magnetic sensors for automotive applications. Hence, the shortage of raw material, decrease in demand for end-use products, and supply chain disruptions are acting as challenges for the manufacturers of magnetic sensors.
Asahi Kasei Corporation (Japan), Allegro MicroSystems, LLC (US), Infineon Technologies AG (Germany), TDK Corporation (Japan), Melexis (Belgium), Honeywell International Inc. (US), TE Connectivity (Switzerland), ams AG (Austria) are some of the key players in the magnetic sensor market.
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