According to the report, the global magnetic sensor market is likely to grow from USD 3.2 Billion in 2025 to USD 6.0 Billion in 2035 at a highest CAGR of 5.8% during the time period. The magnetic sensor market is growing fast with an increase in high-precision sensor demand in electric vehicles and industrial automation, sensor technology innovation, including TMR and Hall-effect, and robust growth of the IoT and wearables. As an example, in December 2024, Allegro Microsystems announced a family of magnetic sensors being developed using its new-generation XtremeSense TMR technology to sense current in power-electronics, to serve EVs and industrial converters.
In January 2024, Infineon Technologies also introduced its XENSIV TLI5590-A6W, a wafer-level TMR-based magnetic position sensor, made with high precision, and compatible with industrial and consumer uses in adverse conditions. Data on industry associations such as reports on the International Federation of Robotics show that more than 3.5 million industrial robots are currently in operation, driving sensor use in feedback loops and the Consumer Technology Association indicated shipments of wearables have passed 500 million units in 2023, increasing the use of embedded magnetic sensors.
The global magnetic sensor market is being driven by their increasing integration into renewable energy systems and smart grids, where precise current and position sensing is essential for efficiency and reliability. In May 2024, Melexis released its new MLX91230 Hall current sensor IC and this is meant to improve monitoring in solar inverters and battery energy storage systems. This adoption facilitates grid stability, which is in line with the energy transition worldwide, and the demand of magnetic sensing solutions has significantly increased.
Although adopted well, magnetic sensors can be limited by technical factors in extreme conditions like high temperature or high radiation systems in industries and aerospace. As an example, in July 2024, Honeywell reported difficulties when aiming to increase the magnetic sensing reliability of aerospace power systems where radiation and thermal stress can modify accuracy. Such restrictions increase the costs of further development and slow the pace of adoption in certain developed fields, preventing further penetration.
Magnetic sensors are finding new opportunities in medical devices and wearable electronics, particularly in minimally invasive diagnostic and monitoring equipment. In September 2024, TDK announced a miniature 3D magnetic sensor that will target smart medical devices and allow improved gesture recognition and movement detection This indicates that magnetic sensors have a promising growth horizon in the health care technology and wellness monitoring systems.
Prominent players operating in the global magnetic sensor market are Allegro MicroSystems, AMS OSRAM, Analog Devices, Crocus Technology, Diodes Incorporated, Honeywell International, Infineon Technologies, Melexis, Murata Manufacturing, NXP Semiconductors, Robert Bosch GmbH, Sensitec GmbH, STMicroelectronics, TDK Corporation, TE Connectivity, Texas Instruments, and Other Key Players.
MarketGenics is a global market research and management consulting company empowering decision makers from startups, Fortune 500 companies, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
We serve clients on every aspect of strategy, including product development, application modeling, exploring new markets and tapping into niche growth opportunities.
800 N King Street Suite 304 #4208 Wilmington, DE 19801 United States.
+1(302)303-2617
info@marketgenics.co
3rd floor, Indeco Equinox, Baner Road, Baner, Pune, Maharashtra 411045 India.
sales@marketgenics.co
Table of Contents
Note* - This is just tentative list of players. While providing the report, we will cover more number of players based on their revenue and share for each geography
We will customise the research for you, in case the report listed above does not meet your requirements.
Get 10% Free Customisation