The magnetic sensor market is projected to grow from USD 4.3 billion in 2020 to USD 6.2 billion by 2025, at a CAGR of 7.7 % from 2020 to 2025. Major factors driving the growth of the magnetic sensor market include intensifying focus of manufacturers towards producing 3D magnetic sensors and increasing investments in magnetic sensor ecosystem.
Asahi Kasei Corporation (Japan), Allegro MicroSystems, LLC (US), Infineon Technologies AG (Germany), TDK Corporation (Japan), Melexis (Belgium), Honeywell International Inc. (US), TE Connectivity (Switzerland), ams AG (Austria), NXP Semiconductors N.V. (Netherlands), and TEXAS INSTRUMENTS INCORPORATED (US) are some of the key players in the magnetic sensor market. These players have adopted various growth strategies, such as product launches and developments, expansions, partnerships, joint ventures, collaborations, agreements, and mergers and acquisitions to retain their presence in the magnetic sensor market. Product launches and developments has been the most dominating strategy adopted by the key players from 2018 to 2020 to help them strengthen their product portfolio and broaden their customer base.
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Asahi Kasei Corporation holds a significant position in the magnetic sensor market and accounts for ~30% share of the market. The company has adopted organic growth strategies including product launches and expansions to sustain its position in the market. For instance, in June 2020, Asahi Kasei Corporation launched AK8781, an ultra-small package latch-type Hall IC, suitable for small DC brushless (BL) motors. It is a small package with a fast response time that is suitable for high-temperature operations. In July 2019, Asahi Kasei Corporation expanded its presence in Thailand by establishing Asahi Kasei Asia Pacific Co., Ltd. The company intends to represent its high value-added businesses such as automotive materials, clothing, and sanitary materials in the Association of Southeast Asian Nations (ASEAN) region.
Allegro MicroSystems, LLC holds a strong position in the magnetic sensor market. It offers magnetic sensors used in automotive. The company focuses on innovations in motor control, regulation, and magnetic field sensing applications. The company has adopted the strategic mix of organic and inorganic growth strategies to address the futuristic demand for advanced magnetic sensors. For instance, in February 2020, Allegro MicroSystems, LLC introduced ATS19580, a fully-integrated, back-biased GMR transmission speed and direction sensor. This sensor reduces system size, complexity, and costs, resulting in improved fuel economy. Similarly, in August 2018, Allegro MicroSystems, LLC established a new research and development center in the Czech Republic to accelerate the development of innovative sensor ICs for both automotive and industrial applications. The company considers organic growth initiatives important to sustain in the competitive magnetic sensor market. Hence, it is expected that the company will be focusing on developing advanced magnetic sensors to cater various needs of end users.
Magnetic Sensor Market with COVID-19 Impact Analysis by Type (Hall Effect, Magnetoresistive (AMR, GMR, TMR), SQUID, Fluxgate), Range (<1microgauss, 1microgauss-10gauss, and >10gauss), Application, End-user Industry, Geography - Global Forecast to 2025
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