Magnetic sensor market on 7% CAGR

November 14, 2017 //By Peter Clarke
The global magnetic sensors market will move from an annual value of $1.64 billion in 2016 to $2.54 billion in 2022, according to Yole Developpement. This represents a compound annual growth rate of about 7 percent.

In 2016 the market was dominated by Hall Effect sensors with various forms of magnetoresistance sensing (XMR) taking 27 percent. Over the next six years Hall Effect sensors will lose 4 percent market share to XMR.

At present different companies tend to address different markets, be they automotive or industrial. Yole asserts that automotive and Internet of Things (IoT) will continue to drive the magnetic sensor market adding that acquisitions could be used to enable different companies to leverage their ways into multiple markets.

Magnetic sensors functions included in this analysis are switches/latches, position (angle/linear), speed, current and electronic compass.

 

Magnetic sensor annual market forecast. Source: Yole Developpement

Automotive is the biggest market for magnetic sensors accounting for more than 50 percent of the overall market’s $1.64 billion value in 2016. About 20 to 30 magnetic sensors are used in a traditional automobile and that number could rise to 35 in hybrid cars that require additional current sensors. Magnetic sensors are likely to find additional deployments in both powertrain and auxiliary brushless motors, and as reliability requirements increase for autonomous cars.

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