Magnetic Proximity Sensor Market Size, Share & Growth [2030]

Report Description

Magnetic proximity sensor market size was USD 2 billion in 2018 and is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increased integration of magnetic sensors in several industry verticals, couples with significant technological advancements in sensing techniques.
 

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Magnetic sensors become the building blocks of electronic control systems in commercial as well as passenger vehicles. These systems establish increased safety and enhance driver convenience, leading to increasing demand in the market. Such advanced sensing elements ensure high efficiency and reliability in terms of performance and economics.

High penetration of feature-rich, sophisticated smartphones and tablets has call for the need for advanced sensing components. Magnetic sensors have further significantly used in the field of Non-Destructive Testing (NDT) and medical R&D.

The average selling prices (ASP) of magnetic sensors are declining intensively, due to intense competition in the market. As a result, manufacturers are forced to shrink their margins in order to secure long-term deals with companies across several end-markets. While such a reduction in ASPs is projected to continue, growing application ranges of magnetic sensors are estimated to help the market over upcoming years.

The Covid-19 pandemic had an unpleasant impact on magnetic proximity sensor market due to halt in production in several industries such as automotive, consumer electronics, aerospace etc and fluctuating supply in the market; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Growing demand for magnetic sensors in the automotive sector and instructions by government bodies in necessitation of magnetic sensors in automobiles is likely to boost the market growth.
• Magnetic sensors account for a crucial part of navigation systems used in cars and smartphones, as a result of which, their demand is anticipated to propel during the forecast period.
• Sensor manufacturers are focusing on providing efficient devices that can be desegregated across a plethora of applications. These devices aids in contactless operations and wear-free measurements of angle of rotation and angular speed.
• Key players aim to develop sensors incorporated with features such as speed, motion detection, and proximity in order to safeguard the needs of diverse end-use verticals.
• R&D investment and technological advancement in magnetic proximity sensor market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the magnetic proximity sensor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment insights

The automotive segment is projected to constitute a large market share
Based on application, the magnetic proximity sensor market is segregated into aerospace and defense, automotive, consumer electronics, and building automation. The automotive segment is expected to account for a key share of the market during the forecast period owing its key regulatory bodies all across the globe by focusing on the adoption of electric and hybrid cars in order to address rising concerns regarding environment pollution. Furthermore, manufacturing of automobiles is embedded with all kinds of proximity sensors, such as magnetic sensor, position sensors, inductance sensor, level sensor, digital sensor, hall sensor, and others. These characteristics are projected to spur the growth in the magnetic proximity sensor market in coming years. However, consumer electronics segment is anticipated to expand at a rapid pace during the forecast period owing to its applications in devices such as smartphones, tablets, printers, scanners, flat panels, laptops, and cameras. They are also embedded in gaming controllers and other smart products.
 

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North America is expected to dominate the market
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to expand at a robust CAGR during the forecast period. Initiatives taken by the government for the safety of passengers in automobiles leading to, vehicles being equipped with different kinds of sensing devices that can take measures such as heat and speed in case of danger is anticipated to boost the market growth over the coming years. Moreover, factory automation is observing substantial growth in the region. These sensors are used for efficient and faster production lines as well as for proximity detection and sensing safety switches with repeatability, high precision, and more accuracy.

Asia pacific is expected to grow at a rapid pace in coming years due to prospering automotive and consumer electronics manufacturing industries in the region, as well as the presence of prominent sensor manufacturers in China and Japan. Moreover, rising demand for automobiles and high-tech smartphones has expanded the demand for magnetic sensors in the region.
 

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