The Magnetic Sensors Market size is estimated at USD 3.51 billion in 2024, and is expected to reach USD 5.14 billion by 2029, growing at a CAGR of 7.91% during the forecast period (2024-2029).
The high usage of magnetic sensors in new navigation devices, presence detection (building automation-related applications), medical areas, and the automotive sector are leading to a paradigm shift in the magnetic sensors market around the world.
The magnetic sensors market is highly competitive. The improved manufacturing practices and adoption of TMR technology are poised to offer substantial growth opportunities to sensor fabricators and associated industry participants. The market is identified to be highly technology intensive. Thus, the players in the market are integrating advanced technological products, like xMR, into their product portfolios. These companies include AKM, Infineon Technologies, Allegro Microsystems, Melexis, TDK, Diodes, and Honeywell.
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