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Magnetic Sensor Market Value to Hit US$ 3.4 Billion by 2026

The global magnetic sensor market value to reach around USD 3.4 billion by 2026 and will grow at a CAGR above 6.6 % over the forecast Period 2019 to 2026.

LOS ANGELES, June 14, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, Recently Published Report On “Magnetic Sensor Market (By Technology: Hall Effect, Tunnel Magnetoresistance (TMR), Giant Magnetoresistance (GMR), Anisotropic Magnetoresistance (AMR), Others; By Application: Industrial, Consumer Electronics, Automotive , Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026.”

Increased focuses on car safety and steadily decreasing sensor prices have been driving the demand for products. The magnet sensors market will also be driven by the integration of advanced technology into consumer electronics.

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Beside smartphones, the integration of magnetic sensors into wearables like gyms and smart clock are becoming increasingly important. There's a great deal of emphasis on the trend of embedding these parts with GMR-films. This process enables micro electromechanical system (MEMS) information detection and reading, such as MRAMs, temporary memory processing units, and hard disks.

In order to improve fuel effectiveness and guarantee occupant safety and comfort, sensors are increasingly included in cars. Governments across Europe encourage clients to use electric vehicles (EVs) to tackle air pollution. As they are incorporated in energy systems for the surveillance of additional engine invertors, this in turn is driving demand for magnetic sensors.

In comparison with other sensing techniques, the Hall Effect technology is quite mature. Despite this, its use base continues to grow, which can be attributed to constant advances, which still make it a preferred option in various vertical industries.

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Regional Stance

Many car manufacturers in North America are progressively integrated with cars by miniature magnetic sensors to provide improved communication skills. The region faces increased demand in multiple industrial applications for sensing parts. This helps to produce important profits on the North American market. The demand for the APAC magnetic sensors in China and India, due to a greater consumer base, and increasing technological advances in consumer electronics are likely to stay focused. India, owing to the increasing popularity of smart phones and the increasing use of modern techniques, is expected to grow at the largest CAGR in the Asia Pacific nations during the forecast period. Market players are expanding their physical presence in the Middle East & Africa (MEA). During the forecast period, the market in the GCC countries is projected to increase considerably, as many semiconductor companies in the region offer thumbnail magnetic detectors for improved operational efficiency. The global magnetic sensors market is driven by rising IT expenditure and the implementation of sophisticated techniques in South America, in particular in the country. During the forecast period Brazil is anticipated to maintain a important share of the region's market income.

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Key Findings

Due to its elevated awareness, effectiveness and usability in a broad spectrum of end users, TMR is expected to emerge as the fastest increasing technology segment over the expected years. 

The car segment is anticipated, and this is due to strong demand for safety devices and high quality sensors for automobiles, to continue driving the market through the forecast period. 

Asia Pacific is anticipated to assist the market in the region by rapidly expanding demand for smartphones and cars.

Key Players & Strategies

Due to a fractional and extremely focused competitive environment, the worldwide sector faces strong competition between the major markets. In addition, enhanced production methods and the implementation of TMR technology will provide sensor manufacturers and related sector participants with significant growth possibilities. The worldwide sector is driving new product trends and latest improvements in sensing techniques.

Alps Electric Co. Ltd; Magnetic Sensors Corporation; Asahi Kasei Baumer Ltd.; Honeywell International, Inc.; Allegro Microsystems, Inc.; Elmos Semiconductor AG; iC - Haus; Memsic Corporation; MultiDimension Technology Co. Ltd; NVE Corporation; Microdevices Corporation; and NXP Semiconductors are several of the well-known incumbents in the industry.  

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