Magnetic Field Sensor Market

Magnetic Field Sensor Market Outlook (2024 to 2034)

The global magnetic field sensor market is analyzed to touch a valuation of US$ 5.82 billion in 2024 and is further projected to achieve a size of US$ 12.2 billion by the end of 2034. Demand for these sensors is evaluated to increase at a CAGR of 7.7% throughout the projection period (2024 to 2034).

Governments from different countries are heavily investing in smart city initiatives and intelligent transportation systems. Due to this, the need for magnetic sensors in digital signage, traffic monitoring, infrastructure automation, and others is continuously increasing.

In addition, magnetic field sensors are gaining popularity in consumer electronics and industrial applications because of the trend toward smaller sensors with low power consumption and better cost-effectiveness. The use of magnetic field sensors in both home and commercial security applications is because of their crucial role in intruder detection, door/window sensors, positioning systems, and others.

Magnetic field sensors are also widely utilized in medical imaging technologies, such as MRI scanners and surgical instruments for accurate detection and diagnosis. Increasing investment in advanced healthcare infrastructure in several countries is further raising the demand for these sensors, as stated in the magnetic field sensor industry outlook.

Key Market Growth Drivers

• Requirement for magnetic field sensors continues to increase due to the rising utilization of advanced driver assistance systems (ADAS), electric power steering, and anti-lock braking systems (ABS) in vehicles.
• Growing interest in electric vehicles (EVs) and driverless automobiles is contributing to magnetic field sensor market size expansion, as they are essential for location current and speed sensing.
• Rising utilization of smartphones, tablets, wearable technology, gaming consoles, and others is creating a need for hall-effect sensors and 3D magnetic sensors. These devices are raising the demand for magnetic field sensors by using them for motion detection, navigation, compass function, and others.
• More industries are widely using automation and robots to cut expenditures and increase efficiency. In the latest industrial applications, magnetic field sensors are important for precision control, machine safety systems, and position monitoring.
• A key magnetic field sensor market trend is ongoing technological advancements, such as the creation of Giant Magnetoresistive (GMR) and Tunnel Magnetoresistive (TMR) sensors, which are providing improved sensitivity, precision, and miniaturization. Due to these developments, sensors are now widely used for several applications.
• Growing emphasis on renewable energy sources, including wind and solar power is raising the requirement for magnetic field sensors for current monitoring in smart grids, solar inverters, energy storage systems, and others.
• Several fields, including smart homes, industrial IoT, linked devices, and others are widely using magnetic sensors for automation, remote monitoring, and real-time tracking, as mentioned in the magnetic field sensor industry analysis.

Report Attribute	Detail
Magnetic Field Sensor Market Size (2024E)	US$ 5.82 Billion
Forecasted Market Value (2034F)	US$ 12.2 Billion
Global Market Growth Rate (2024 to 2034)	7.7% CAGR
North America Market Value (2024E)	US$ 1.54 Billion
East Asia Market Growth Rate (2024 to 2034)	8.2% CAGR
SQUID Sensors Segment Value (2034F)	US$ 3.61 Billion
Speed Sensing Segment Value (2034F)	US$ 3.67 Billion
Key Companies Profiled	Toshiba Corporation; Infineon Technologies AG; Analog Devices, Inc.; Honeywell International Inc.; Magnetics, Inc.; Murata Manufacturing Co., Ltd.; NXP Semiconductors N.V.; Texas Instruments Incorporated; Emcore Corporation; STMicroelectronics N.V.; Asahi Kasei Microdevices Corporation; Ametek, Inc.; Bosch Sensortec GmbH

Why is the Need for Magnetic Field Sensors Increasing in the Automotive Sector?

“Rising Utilization in Automotive Sector for ADAS, ABS, and Electric Power Steering”

The growing integration of electric power steering, anti-lock braking systems (ABS), and advanced driver assistance systems (ADAS) is creating the demand for magnetic field sensors. As per the magnetic field sensor industry outlook, their role is important to accurate or precise operation of vehicles, such as sensing position measurement, current, speed, and other parameters.

Growing adoption of electric vehicles (EVs) and continuously ongoing developments in autonomous driving technologies are further contributing to the magnetic field sensor market growth. They help in enabling critical functions, including navigation systems, motor control, battery monitoring, and others. After the consumer electronics industry, the automotive is emerging as a prominent supporter of market expansion.

What is Limiting the Adoption of Magnetic Field Sensors?

“Challenges Related to Performance Accuracy in Harsh Environments”

Extreme temperatures, growing humidity levels, and high levels of electromagnetic interference (EMI) are some of the hostile environments that affect performance accuracy in magnetic field sensors. Such factors influence sensor stability, accuracy, and dependability, and thereby render the sensors less suitable for critical applications requiring precision and longevity, including industrial automation or aeronautical systems.

These restrictions are hindering acceptance and driving demand for alternative sensing technologies to ensure strength and consistency in these sectors, where performance under harsh conditions is pivotal.

Country-wise Insights

The East Asia region is estimated to hold 32.5% of the worldwide magnetic field sensor market share in 2024 and is further projected to rise at an excellent growth rate of 8.2% over the next ten years. This growth is due to fast industrialization, electronics manufacturing, as well as expanding automobile production in countries, including China, Japan, and South Korea.

Growing demand for electric vehicles in China and rising emphasis on smart devices and industrial automation in the region are positively affecting the market growth.

Why Prominent Magnetic Field Sensor Manufacturers are Aiming at the Market in the United States?

“Rising Preference ADAS and Electric Vehicles Contributing to Market Expansion”

Attribute	United States
Market Value (2024E)	US$ 1.08 Billion
Growth Rate (2024 to 2034)	8.7% CAGR
Projected Value (2034F)	US$ 2.49 Billion

Well-established automotive sector is a primary reason behind the growing demand for magnetic field sensors in the United States. Magnetic field sensors play a crucial role in position sensing, speed detection, and safety features, such as electric power steering and anti-lock braking. Growing preference for ADAS and electric vehicles in the United States is driving the demand for these sensors. These sensors are essential to the precise functioning of advanced systems, driving market expansion as the automotive sector in the country keeps innovating and implementing new technology.

Why is Requirement of Magnetic Field Sensors Continuously Increasing in China?

“Continuous Ongoing Developments in Consumer Electronics and Automobile Manufacturing Driving Demand”

Attribute	China
Market Value (2024E)	US$ 1.28 Billion
Growth Rate (2024 to 2034)	8.6% CAGR
Projected Value (2034F)	US$ 2.94 Billion

The magnetic field sensor industry outlook is strong in China and is analyzed to grow at a notable growth rate due to developments in industries, such as consumer electronics, industrial automation, and automobile manufacturing. Demand for magnetic sensors in applications, including position sensing, speed detection, and current monitoring is increasing due to the country’s leadership in the electric vehicle (EV) revolution.

Other than this, the need for magnetic sensors in smart grids, smart homes, and industrial IoT systems is growing because of China's push for smart cities and the integration of IoT technologies. China is positioned as a prominent magnetic field sensor growth market due to these considerations.

Category-wise Insights

Based on end users, the consumer electronics segment holds a sizable portion of revenue due to the growing integration of magnetic field sensors in several devices, including smartphones, tablets, wearable technology, gaming consoles, smart gadgets, and others.

Consumer electronics is continuously evolving and due to this, there is a growing need for features that rely on magnetic field sensors, such as motion detection, navigation, compass functionality, and others.

What is the Demand Outlook for Hall Effect Sensors in the Global Market?

“Versatility and Reliability Making them Ideal Choice in Several Fields”

Attribute	Hall Effect Sensors
Segment Value (2024E)	US$ 1.93 Billion
Growth Rate (2024 to 2034)	7.6% CAGR
Projected Value (2034F)	US$ 3.67 Billion

Demand for hall effect sensors is high in comparison with other magnetic field sensors due to their versatility, reliability, and great applicability in several fields. Hall effect sensors are extensively utilized in industries, including consumer electronics, industrial automation, automobiles, and others.

These sensors are considered as best possible applications for harsh locations where mechanical wear-and-tear is a crucial issue, as they detect magnetic fields without direct contact.

Apart from this, hall effect sensors are affordable, small in size, and at the same time highly accurate than several other types. Due to these reasons, the preference for hall effect sensors is higher than others, as mentioned in the magnetic field sensor industry analysis.

Which Magnetic Sensor Holds a Significant Global Market Share?

“Extensive Use of Magnetic Sensors for Speed Sensing in Electric Vehicles”

Attribute	Speed Sensing
Segment Value (2024E)	US$ 1.81 Billion
Growth Rate (2024 to 2034)	8.8% CAGR
Projected Value (2034F)	US$ 3.67 Billion

The speed sensing segment holds a sizable portion of the worldwide market revenue due to its involvement in several applications, particularly in automotive and industrial settings. The most typical applications of magnetic sensors in vehicles are measuring wheel and engine speed to enable traction control and anti-lock braking systems and monitoring the speed of conveyors, motors, or other machinery in an industrial automation setting.

This segment continues to grow because of the demand for precise and reliable speed sensing, keeping pace with the increasing need for electric vehicles and growing automation in industrial processes.

Competitive Landscape

Key players in the magnetic field sensor market are investing in research & development projects to create advanced products that are more durable, accurate, and sensitive. To meet the requirements of new applications, such as industrial automation and electric vehicles, 3D magnetic sensors and giant magnetoresistive (GMR) sensors are developed.

To introduce specialized magnetic sensor solutions for particular uses, such as position sensing in driverless cars or smart home appliances, several manufacturers are establishing strategic alliances with consumer electronics and automotive firms.

• In September 2024, a world pioneer in power and sensing solutions for motion control and energy-efficient systems, Allegro MicroSystems, Inc., unveiled two new XtremeSenseTMR sensors that simplify high power density designs, save money and space, and increase energy efficiency.

Fact.MR provides detailed information about the price points of key manufacturers of magnetic field sensors positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Magnetic Field Sensor Market Research

• By Type :

  • Hall Effect Sensors
  • Magnetoresistive Sensors
  • SQUID Sensors
  • Others

• By Magnetic Sensors :

  • Speed Sensing
  • Detection/NDT (Non-Destructive Testing)
  • Position Sensing
  • Navigation & Electronic Compass
  • Flow Rate Sensing
  • Others

• By End User :

  • Consumer Electronics
  • Healthcare
  • Aerospace & Defense
  • Industrial
  • BFSI
  • Transportation

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa