The Global Magnetic Sensor Market was valued at USD 2.5 Billion in 2027, and is expected to expand at CAGR of 6.5% during 2020-2026. Factors like increase in the adoption of robotics for factory automation, integration of sophisticated technology in consumer electronics, growing emphasis on automobile safety and steadily declining prices of sensors are driving the market.
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A magnetic sensor is a transducer that changes a magnetic field into an electrical signal. For instance, hall effect occurs when electric fields are generated in the presence of a feeding current in semiconductor and magnetic field. Galvanometric effect occurs when magnetic field induces a material loaded with electrical currents. Magnetic sensors can be categorized according to the measurement of total magnetic field or only the vector fields within a magnetic effect.
Potential applications of magnetic sensors in consumer appliances include current sensing, door lock detection and washer arm RPM. Commercial applications such as automated teller machine (ATM), medical applications and RPM measurement encompass the use of magnetic sensors to its fullest. The design factors such unipolar, bipolar, omnipolar and latching are some of the factors that incorporate a magnetic sensor to an application. From a commercial standpoint, while selecting a magnetic sensor, the level of magnetic field is to be determined to decide turn and off cases. Lead is used in the circuit boards which offer flexibility while mounting on the circuit board. The packaging styles for magnetic sensors reflects the nature and scope of functionality. For instance, ceramic packaging is used so that in case of any rise in temperature, it does not lose its stability whereas with plastics it does not allow high temperature resistance and stability.
Magnetic Sensor Market Trends, Drivers and Opportunities:
Magnetic sensor market is significantly driven by technological advancements in sensors which is anticipated to bolster the market growth in the forecast period. Stringent government policies pertaining to the automobile industry all across the globe is driving the market growth. Integration of sensors with automobiles as part of dashboard or navigation system is likely to influence the market growth in the forecast period. In addition, wearable device has employed sensor technology which enables sensor manufacturers to emphasize on producing efficient devices evolved from various applications. Investments in R&D activities with a developed infrastructure for sensory components is one of the major strategies adopted by key manufacturers.