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

2022-08-20 01:50:11 By : Mr. Kevin Chan

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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

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Magnetometer Sensor Market: Key Drivers

 Magnetometer Sensor Market: Regional growth Dynamics

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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.

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