DUBLIN--(BUSINESS WIRE)--The "Magnetic Sensor Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global magnetic sensor market size was valued at $2.21 billion in 2018 and is projected to reach $4.22 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026.
Magnetic sensor definition is a sensor, which is used to notice disturbances as well as changes within a magnetic field such as strength, direction, and flux. There are many manufacturing companies offering magnetic sensors that are used in many applications where high dependability & cost-optimized solutions are needed. There are different types of detection sensors, which can work on some of the characteristics such as light, pressure, and temperature.
The demand for magnetic sensor in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as a rise in demand for magnetic sensor in consumer electronics, growth in the automotive industry, and surge in need for the adoption of a magnetic sensor in medical application. However, high installation costs pose a major threat, thus hampering market growth globally. The market for magnetic sensor in the commercial sector is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities.
In the report, the global magnetic sensor market is segmented on the basis of type, application, end user, and region. By type, the market is classified into a hall effect sensor, magneto resistive sensor, squid sensor, and fluxgate sensor. On the basis of application, it is divided into speed sensing, detection, position sensing, navigation and others. On the basis of end user, the market is divided into consumer electronics, automotive, industrial, aerospace & defense, healthcare and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- By type, the hall effect sensor segment generated the highest revenue in the magnetic sensor market in 2018.
- By application, the detection segment generated the highest revenue in the market in 2018.
- By end user, the automotive segment generated the highest revenue in the market in 2018.
- By region, Asia- Pacific generated the highest revenue in the magnetic sensor market in 2018.
- Rise in demand for magnetic sensor in consumer electronics
- Growth in Automotive Industry
- Surge in need for the adoption of magnetic sensors in medical applications
- High installation cost
- Growth in trend of Internet of Things (IoT)
- Developments in autonomous vehicle
- Analog Devices
- Honeywell International
- NXP semiconductors N.V.
- Schneider Electric
- Infineon Technologies AG
- ST Microelectronics
- TE Connectivity
- TDK Corporation
- Texas Instruments
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