Magnetometer Sensor Market to Reach Worth of US$ 6.24 Bn by 2031: TMR Study

• Growing utilization of high-accuracy sensors in industrial and automotive applications for range of testing and measurement tasks steering sales in magnetometer sensor market; demand for use in safety-critical automotive applications creates enormous opportunities
• R&D in 3D magnetometer sensors to unlock revenue streams; substantial adoption of magnetometer sensors reinforces massive avenues in Europe and North America

WILMINGTON, Del., Aug. 16, 2022 /PRNewswire/ -- Magnetic sensor market manufacturers are gearing toward tapping into the enormous revenue potential in the automotive industry, emanating from wide range of applications of these sensors in safety components in cars. Continuous R&D in Hall Effect sensor technology will greatly influence the future of magnetometer sensor market. An in-depth study by TMR projects the magnetometer sensor market to expand at a CAGR of 7.5% from 2022 to 2031.

Advantages including wear-free measurement of various parameters in industrial automation, aerospace & defence, and consumer electronics are impelling market demand for magnetometer sensor technology. In various industrial automation application, their demands are gathering traction in precise measurement of angular speed and angle of rotation.

Low power footprint is stimulating adoption of magnetometer sensors in various automotive applications. Newer vector magnetometers have opened up new frontiers in the magnetometer sensor market. A scrutiny of recent trends in the magnetometer sensor market suggest that 3D magnetic sensors are poised for innovations on the back of cutting-edge microfabrication processes. These are expected to gain rapid adoption mainly due to the benefit of high sensitivity in relatively low power and space footprint.

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Key Findings of Magnetometer Sensor Market Study

• Demand for 3D Magnetometer Sensors Underpins Profitable Avenues: Research on 3D magnetic sensors is poised to extend the horizon for players in the magnetometer sensor market. Emerging needs for cutting-edge sensor technology in testing applications has invigorated R&D on products in the segment. Design flexibility and programming are the key augmented benefits end users derive from 3D magnetic sensors, thus bolstering the prospects in various industries. Of note, new technologies are expected to gather rapid traction in industrial and automotive applications due to the benefit of high sensitivity in relatively low power and space footprint.
• Rise in Adoption of Sensors in Test and Measurement Tasks in Multiple Industries: Need for high-quality sensors for variety of test and measurement applications in industrial automation has opened up vast profitable avenue for firms in the magnetometer sensor market. The utilization of the magnetic sensors is likely to gain enormous pace on the back of growing trends of industrial automation. Additionally, rise in application of these sensors in consumer electronics sector is generating revenue streams in the magnetometer sensor market.
• Growing Application of Magnetometer Sensors in Automotive Industry Presents Abundant Opportunities: Market players find abundant opportunities, hinged on the back of growing use cases of magnetic sensors in range of automotive applications. Their massive utilization in various automobile such as electric vehicles (EVs) and hybrids will create new avenues.

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Magnetometer Sensor Market: Key Drivers

• Advances in IIoT and growing use cases of sensors in wide spectrum of industrial and biomedical applications are key underpinnings for propelling the magnetometer sensor market growth.
• The demand for high-precision sensor technology is likely to grow steadily in order to meet the needs of wearable devices, particularly smart consumer devices. This will drive the magnetometers market. Stridently, Hall effect sensors are increasingly utilized in automotive industry for monitoring mechanical system variables.

 Magnetometer Sensor Market: Regional growth Dynamics

• North America held a key share of the global magnetometer sensor market in 2021. The region is expected to remain lucrative. Rising utilization on high-quality sensors for navigation and detection systems in various industrial and automotive applications will steer revenue generation in the regional market.
• Europe is another prominent market. The growth is fuelled by the proliferating demand for sensors in the automotive applications. The region held a market share of 30.0% in 2021.

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Magnetometer Sensor Market: Competition Landscape

The TMR study found that the competition landscape is marked by high degree of consolidation of shares, since relatively few vendors held the majority of stake.

Key vendors in magnetometer sensor market include ams-OSRAM AG, Murata Manufacturing Co., Ltd., Texas Instruments Incorporated, TDK Corporation, STMicroelectronics N.V., NXP Semiconductors, Melexis N.V., Magnetic Sensors Corporation, Infineon Technologies AG, Honeywell International Inc., Honeywell International Inc. Analog Devices, Inc., Alps Electric Co. Ltd., and Allegro Microsystems, Inc.

Magnetometer Sensor Market Segmentation

• Measurement Type
• Scalar Magnetometers
• Vector Magnetometers
• Technology
• Proton Precession
• Over Hauser Effect
• Optical Pumped Magnetometer (Ionized Gas)
• Fluxgate
• Hall Effect
• SQUID
• Search-coil
• Rotating Coil
• Magneto Resistive
• Sensitive Range
• Low magnetic field (<1 mGs to 10 Gs)
• Medium magnetic field (10 Gs–50 Gs)
• High magnetic field (>50 Gs)
• Product Type
• Single Axis
• Dual Axis
• Three Axis
• End-use Industry
• Automotive
• Aerospace and Defense
• Consumer Electronics
• Telecommunication
• Industrial
• Others (Metal and Mining, Archeological, Marine etc.)

 Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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