Magnetic Field Sensors Market By Type (SQUID Sensors, Hall Effect Sensors, MEMS based Magnetic Field Sensors, Magnetoresistive Sensors, Fluxgate Sensors, Others), By Range (less than 1 Microgauss (Low-Field Sensors), 1 Microgauss –10 Gauss (Earth Field Sensors), more than 10 Gauss (Bias Magnetic Field Sensors)) By End User (Automotive, Consumer Electronics, Industrial, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Magnetic Field Sensors Market
The magnetic field sensors market was valued at $6.1 billion in 2023 and is projected to reach $11.3 billion by 2032, growing at a CAGR of 7.2% from 2024 to 2032.
A magnetic field sensor is a device that measures the magnetic field in an environment, by converting it into electrical signals. Several industrial and scientific applications make use of the sensor, including positioning, object detection, anti-lock braking systems, and position tracking. To serve diverse purposes, there are various types of magnetic field sensors, including hall effect sensors, anisotropic magneto-resistive sensors, magneto-resistive element sensors, and fluxgate sensors.
Increase in need for sensor integration among different automotive applications such as electric vehicles (EVs), advanced driver assistance systems (ADAS), and autonomous driving systems (ADS) systems is a key driver of the magnetic field sensors market. In addition, robotics is an ever-evolving sector which drives the demand for magnetic field sensors. In recent times, flexible magnetic field nano sensors are acquiring traction in the wearable electronics industry due to their innovative attributes such as miniaturization, low power consumption, and energy harvesting abilities.
However, alternative devices such as optical and inertial sensors offer robust competition to magnetic field sensors due to their high accuracy, quick response time, and resistance to magnetic field. Furthermore, magnetic field sensors do not exhibit the capability of detecting small magnetic fields. To combat this issue, a group of researchers from Ben-Gurion University and Bar-Ilan University developed magneto-resistive sensors in July 2023. These sensors have the ability to detect magnetic fields as small as 200 pico-Tesla. Simple design, cutting-edge sensitivity, and noteworthy flexibility are the key attributes of the sensor contributing to its popularity.
Segment ReviewThe magnetic field sensors market is segmented into type, range, end user, and region. On the basis of type, the market is divided into SQUID sensors, hall effect sensors, MEMS based magnetic field sensors, magnetoresistive sensors, fluxgate sensors, and others. As per range, it is classified into less than 1 microgauss (low-field sensors), 1 microgauss –10 gauss (earth field sensors), and more than 10 gauss (bias magnetic field sensors). Depending on end user, it is categorized into automotive, consumer electronics, industrial, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the hall effect sensors segment held the highest market share in 2023.
As per range, the 1 micro-gauss –10 gauss segment acquired high stakes in 2023.
Depending on end user, the automotive segment was the largest shareholder in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players operating in the global magnetic field sensors market include Analog Devices Inc., Texas Instruments Inc.,, NXP Semiconductors NV, Sensata Technologies Inc,, Honeywell International Inc.,, Vishay Intertechnology Inc., Microchip Technology Inc., Asahi Kasei Corporation, Sanken Electric Co., Ltd, and Infineon Technologies AG. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy TypeSQUID Sensors
Hall Effect Sensors
MEMS based Magnetic Field Sensors
Magnetoresistive Sensors
Fluxgate Sensors
Others
By Rangeless than 1 Microgauss (Low-Field Sensors)
1 Microgauss –10 Gauss (Earth Field Sensors)
more than 10 Gauss (Bias Magnetic Field Sensors)
By End UserAutomotive
Consumer Electronics
Industrial
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Analog Devices Inc.
Texas Instruments Inc.,
NXP Semiconductors NV
Sensata Technologies Inc,
Honeywell International Inc.,
Vishay Intertechnology Inc.
Microchip Technology Inc.
Asahi Kasei Corporation
Sanken Electric Co., Ltd
Infineon Technologies AG