Selbyville, Delaware, July 17, 2019 (GLOBE NEWSWIRE) --
The magnetic sensors market shipments crossed 3 billion units in 2018 and are predicted to witness more than 5% growth from 2019 to 2025, according to a 2019 Global Market Insights, Inc. report. The increasing implementation of navigation systems in numerous applications including smartphones, tablets, gaming consoles, automobiles and commercial services, such as transportation and delivery services, is driving the market demand.
These components provide an effective way to measure multiple mechanical quantities including speed sensing, position sensing, and angle of rotation. These sensors do not require physical contact to detect the quantities, making them highly durable and offer a longer life. Other advantages, such as very low power consumption, compact size, and sustainability at different environmental conditions, are resulting in the widespread adoption of these components, augmenting the magnetic sensors market.
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Giant Magnetoresistance (GMR) technology is expected to considerably influence the magnetic sensors market as there is a growing preference for these components in biosensors, hard disk drives and microelectromechanical systems. They are highly preferred for applications requiring the measurement of low magnetic fields specifically in small volumes. This technology works by displaying the change in their resistance depending on the external magnetic field and provide better feasibility of fabrication. These can be integrated with several standard technologies, such as CMOS chips, thereby increasing their adoption and propelling the market growth. Some of the devices implementing GMR sensors are CMOS standard microelectronics, current strips, and coils.
The aerospace industry will significantly contribute to the growth of the magnetic sensors market. They are integrated in aircraft equipment and play a vital role in determining aircraft direction by measuring the earth’s magnetic field. These sensors are also used along with the magnets as safety interlocks to ensure that the components of aircraft are properly positioned. The demand in other applications, such as for tracking position of rotating components and measuring the alignment between moving aircraft components, will propel the industry growth for applications in the aerospace industry.
Browse key industry insights spread across 400 pages with 977 market data tables & 25 figures & charts from the report, “Magnetic Sensors Market Size By Technology (Hall Effect, AMR, GMR, TMR), By Application (Speed Sensing, Position Sensing, Detection/NDT, Navigation & Electronic Compass). By End-Use (Aerospace, Automotive, Consumer Electronics, Industrial) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Poland, Switzerland, China, India, Japan, South Korea, Taiwan, Thailand, Brazil, Mexico, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/magnetic-sensor-market
Europe is one of the major regions in the magnetic sensors market particularly due to the presence of large automotive industry and several automotive manufacturers including Volkswagen, Mercedes-Benz, BMW, and others. According to the European Automobile Manufacturers Association, 19.6 million motor vehicles were manufactured in Europe in 2017, contributing to 20% of the global production. The European automotive manufacturers are highly inclined towards implementing a greater number of features in cars owing to the demand for premium automobiles and the presence of high-income population. Other factors, such as the growing trend of connected cars, IoT, and autonomous driving vehicles, implementing the navigation and tracking systems will create growth opportunities for the market in the region.
Some of the major companies operating in the magnetic sensors market are Infineon Technologies, STMicroelectronics, Magnetic sensors Corporation, Allegro Microsystems, Texas Instruments, Inc., Analog Devices, TE Connectivity Corporation, Memsic, Honeywell International, NXP Semiconductors, Asahi Kasei Microdevices, and Sanken Electric. The market is highly fragmented with the presence of several manufacturers. The companies are focusing on developing new sensors, which are more reliable, durable, and provide better accuracy.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.