The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased smartphone demand is likely to promote innovation in magnetic sensor manufacturing, propelling the market during the forecast period.

The global magnetic sensor market is expected to grow from $3.39 billion in 2022 to $3.65 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The global magnetic sensor market size is expected to grow to $4.82 billion in 2027 at a CAGR of 7.2%.

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Global Magnetic Sensor Market Segments Include:

• By Type: Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors, Flux Gate Sensors
• By Range: Low Field Sensors (<1 Microgauss), Earth Field Sensors (1 Microgauss–10 Gauss), Bias Magnetic Field Sensors (>10 Gauss)
• By Application: Speed Sensor, Detection Or Non-Destructive Testing(NDT), Position Sensor, Navigation and Electronic Compass, Flow Rate Sensor
• By End User: Automotive, Aerospace And Defense, Industrial, Consumer Electronics, Banking, Financial Services, and Insurance (BFSI), Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global magnetic sensor market in 2021.

Major Market Players in the magnetic sensor market include TE Connectivity Ltd., NXP Semiconductors N.V, Texas Instruments Incorporated, STMicroelectronics N.V., Melexis NV, Infineon Technologies AG, TDK Corporation, Allegro MicroSystems LLC.

Product innovations have emerged as a prominent trend in the magnetic sensor industry, gaining traction. To increase their market position, major companies in the magnetic sensors sector are focusing on developing innovative products. Allegro MicroSystems, a US-based semiconductor manufacturing business, for example, introduced the A33230 3D magnetic sine/cosine Hall-effect position sensor integrated circuit in January 2022. The A33230 is the world’s smallest 3D magnetic sine/cosine sensor, offering system designers with a cost-effective solution for automotive and industrial applications in a short period of time. The A33230 uses vertical and planar Hall-effect elements with orthogonal sensing axes, resulting in 90° of phase separation that is independent of magnet pole spacing and air gap.

The Magnetic Sensor Global Market Report 2023  provides a magnetic sensor market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The magnetic sensor market forecast analyzes magnetic sensor market size, magnetic sensor market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A magnetic sensor is a device that translates magnetic field magnitude and fluctuations into electric signals. Magnetic sensors are widely employed in security and military applications such as detecting, identifying, and localising ferromagnetic and conducting items, as well as in antitheft systems. They are also useful for determining the degree of magnetism and geomagnetism induced by a magnet or current.

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