Magnetic sensor market to reach US$3.7 billion in 2029, 4% CAGR from 2023 to 2029
Date: 15/03/2024
The magnetic sensors are used in wide range of applications. From US$2.9 billion in 2023, it is projected to reach a value of US$3.7 billion by 2029 at steady 4% CAGR during this period, as per latest study by Yole.
Further finding by Yole:
This growth is enables by advancements in TMR (Tunnel Magneto-Resistance) technology and significant investments totaling $1 billion over two years from key industry players such as Allegro, TDK, Bosch, and LEM. Yole Group sheds light on the evolving landscape of magnetic sensors, showcasing their widespread applications across automotive, mobility, industrial, energy, medical, and consumer sectors.
Diverse Application Landscape: Magnetic sensors find extensive use across various sectors, with automotive and mobility emerging as the dominant segment, projected to exceed US$2 billion in sales by 2029. Concurrently, consumer applications lead in volume, with an anticipated market of nearly US$600 million by 2029, growing at a steady 4% CAGR.
Industrial & Energy, Medical Sectors: The industrial & energy sectors are expected to reach US$830 million by 2029, driven by factors like the integration of current sensors in DC-charging stations and the demand for position sensors and switches spurred by Industry 4.0. The medical sector, although smaller, holds promise, expected to reach US$30 million by 2029, driven by applications like predictive maintenance using current sensors.
Pierre Delbos, Technology & Market Analyst, MEMS & Sensing at Yole Group said “The automotive & mobility segment significantly dominates the market with sales of more than US$2 billion by 2029. This segment is driven by important shifts such as vehicle electrification and sensor integration. Conversely, consumer applications lead in terms of volume. At Yole Group, we anticipate a nearly US$600 million market by 2029, also growing at a 4% CAGR between 2023 and 2029”.
Source: Yole
