Magnetic Sensor Market to Reach $4.22 Billion, Globally, by 2026 at 6.9% CAGR, Says Allied Market Research
PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Magnetic Sensor Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, and Fluxgate Sensor), Application (Speed Sensing, Detection, Position Sensing, Navigation, and Others), and End User (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global magnetic sensor market accounted for $2.20 billion in 2018, and is projected to reach $4.22 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.
Prime determinants of the market growth
Increase in demand for magnetic sensors in consumer electronics, growth in the automotive industry, and surge in need for adoption of magnetic sensors in medical applications have boosted the growth of the global magnetic sensors market. However, high installation cost hampers the market growth. On the contrary, growth in trend of Internet of Things and development in driverless vehicles are expected to create lucrative opportunities for the market players in the coming years.
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The Hall effect sensor segment dominated the market
By type, the hall effect sensor segment held the largest share in 2018, accounting for nearly three-fifths of the global magnetic sensor market. This is owing to rise in need for speed detectors, proximity detectors, brushless DC motors, pulse counters, and other devices to detect the speed, accurate position, current, and magnitude of magnetic field in various industries. However, the magnetoresistive sensors segment is expected to portray the highest CAGR of 8.7% during the forecast period, due to surge in demand for sensors that are suitable to operate in harsh environments and conditions such as high or low temperature, radiation, pressure or mechanical shock.
The navigation segment to manifest the highest CAGR through 2026
The navigation segment is projected to register the highest CAGR of 10.9% during the study period, due to rapid adoption of position sensors in the gaming industry, rise in use of smartphones, tablets, mobile devices, and integration of gyroscopes in mobile devices. However, the detection segment dominated the global magnetic sensor market in 2018, contributing to around two-fifths of the market. Consumers have been demanding smart devices such as fitness and health devices, smartwatches, and GPS-enabled devices, which have increased the demand for accelerometers and speed sensors.