Magnetic Sensor Market Trends

Growth Drivers

• Growing Popularity of Autonomous Vehicles – Aside from steering, the sensor may detect position for a range of other automotive applications, such as pedals, controls, and gearbox shifters. There are presently over 30 million automated automobiles on the road worldwide.
• Rising Automation Across the Industries– Magnets are employed to assess the precision and accuracy of the robots' motor motions. According to the International Federation of Robotics' new World Robotics 2020 Industrial Robots research, there are now around 2.7 million industrial robots working in industries all over the world, a 12% increase. In 2019, 373,000 units were shipped internationally.
• Increasing Production of Oil and Gas – Nuclear magnetic resonance can assist oil and gas businesses in understanding both the permeability and porosity of rocks. This affects whether or not a well is acceptable for a specific location. Global oil demand is projected to grow by 1.9 million barrels per day in 2023, reaching a record 101.7 million barrels per day, with China accounting for over half of the increase following the easing of the Covid limitations.
• Growing Demand for Medical Equipment– Magnetic field sensors can be used to reliably determine the relative location of medical equipment components. There are around 50,000 MR machines in use worldwide. Every year, around 5,000 pieces of MR imaging equipment are sold worldwide.
• Rising Demand for Consumer Electronics– Without needing direct contact between the sensor and the target, magnetic sensors are employed in electronic items to determine speed, speed and direction, position, alignment, proximity, or rotational position. Refrigerator sales in the world resumed in 2021, with yearly sales exceeding 236 million units by 2025. Furthermore, approximately 215 million refrigerators are sold globally each year.

Challenges

• Presence of Alternative Technologies – There are various other sensors in the magnetic sensor market, such as acoustic sensors, capacitive sensors, and optical sensors. These sensors have various advantages, such as better accuracy, high resolution, and much lower consumption of power.
• The Sensors are influenced by environment
• Cost of Per Unit in High Application is Really High