By Type :

Based on the type, the market is segregated into hall-effect, magneto-resistive, SQUID, and Flux Gate. The hall-effect segment accounted for the largest revenue share of 33.75% in the year 2022. The simplicity, low-cost, and versatility of magnetic field sensor is driving the growth of the market. Magnetic field sensor utilizes the hall effect that generates a voltage perpendicular to both the current flow and the magnetic field in a conductor. For instance, in July 2020, Texas Instruments Incorporated launched zero-drift Hall-effect current sensor called TMCS1100 and TMCS1101 that enable low drift and high accuracy in industrial motor drives, energy-storage equipment and power supplies. Consequently, the ability of hall-effect sensor to provide high measurement accuracy is driving the growth of the market.

The magneto-resistive sensor is expected to emerge as the fastest-growing segment during the forecast period. Magneto-resistive sensor include Anisotropic Magneto Resistive (AMR), Giant Magneto Resistive (GMR), and Tunnel Magneto Resistive (TMR) sensor that detect changes in electrical resistance of a material when exposed to a magnetic field. Magneto-resistive sensor is widely used in automotive systems, industrial control, and consumer electronics devices for motion control and sensing applications. Therefore, the ability of magneto-resistive sensor to consume less power and offer higher level of sensitivity is expected to drive the market growth during the forecast period.

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By Range :

Based on the range, the market is separated into less than 1 microgauss, 1 microgauss-10 gauss, and above 10gauss. 1microgauss-10gauss segment accounted for the largest revenue share in the year 2022. The application of magnetic field sensor in compasses, current sensor, position sensor, proximity sensor, and electronic compasses is driving the growth of the market. The sensor has the ability to detect magnetic fields in the range of 1 microgauss to 10gauss.

The above 10 gauss segment is anticipated to register fastest CAGR growth during the forecast period. Magnetic field sensor under this segment provides accurate measurements of strong magnetic fields and are essential in industries that require precise control and monitoring of high field strengths. For instance, in May 2023, MultiDimension Technology Co. Ltd. launched TMR265x linear magnetic field sensor featuring measurement range up to ±1000 Gauss in high-speed power electronics. Therefore, the application of magnetic field sensor in industrial automation, magnetic materials testing, and magnetic field mapping applications is driving the growth of the market.

By Application :

Based on the application, the market is segmented into speed sensing, proximity detection, position sensing, flow rate sensing, and others. Speed-sensing segment accounted for the largest revenue share in the year 2022. Magnetic field sensor is utilized to measure the rotational speed of components such as wheels, motors, and shafts. Thus, magnetic field sensor plays a crucial role in applications including automotive speedometers, anti-lock braking systems (ABS), and industrial speed monitoring systems. For instance, in April 2020, Shanghai MagnTek Microelectronics Inc. launched magnetic speed detection switch IC called MT890X featuring 3rd generation speed with direction latch switch for automotive applications.

The proximity detection segment is anticipated to register fastest CAGR growth during the forecast period. Magnetic field sensor is widely used for proximity detection by detecting the presence or proximity of an object without physical contact. Magnetic field sensor is utilized in applications such as security systems, automatic door controls, and object detection in industrial automation and robotics processes. Moreover, the application of magnetic field sensor in ADAS systems for blind spot detection, park assist systems, and collision warning systems is accelerating the growth of the market.

By End-User :

Based on the end-user, the market is segmented into transportation, consumer electronics, healthcare, aerospace & defense, and others. The transportation segment accounted for the largest revenue share in the year 2022. The application of magnetic field sensor in ADAS systems for speed sensing, position sensing, and anti-lock braking systems (ABS) is driving the growth of the market. For instance, in June 2022, Allegro MicroSystems, Inc. launched news magnetic position sensor called A33110 and A33115 for advanced driver assistance systems (ADAS) applications. Moreover, magnetic field sensor is widely used in the railway industry for train positioning, and signaling systems, resulting in market growth.

The consumer electronics segment is anticipated to emerge as the fastest-growing segment during the forecast period. The application of magnetic field sensor in audio equipment, cameras, and other portable electronic devices is driving the growth of the market. Magnetic field sensor is used in compasses, motion sensing, gesture recognition, and augmented reality (AR) applications in smartphones and other consumer electronics devices. Moreover, hall-effect sensor is widely used for tracking rotational speed in mixers. Furthermore, the application of single channel gear sensor for monitoring the speed of treadmills and other exercise equipment is contributing to the growth of the market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia-Pacific region accounted for the largest revenue share of USD 1,758.32 million in 2022 and is expected to reach USD 3,218.50 million in 2030, registering a CAGR of 8.1% during the forecast period. Additionally, in the region, China accounted for the largest revenue share of 27.38% in the year 2022. The increasing production of automobiles in the region is driving the growth of the market. Magnetic field sensor is crucial in ADAS systems for speed and position sensing to ensure safety on roads. For instance, in March 2023, Suncall Corporation, Ltd. collaborated with Crocus Technology for the production of magnetic sensor for Suncalls' automotive products. Moreover, the growing adoption of consumer electronics such as smartphones, laptops, and tablets is driving the demand for magnetic field sensor to enable advanced features and functionalities.

North America is anticipated to witness the fastest CAGR growth during the forecast period. The increasing adoption of magnetic field sensor in healthcare industry is driving the growth of the market. Magnetic field sensor plays a crucial role in radiological testing applications such as MRI machines, crucial for diagnosis and treatment planning. Moreover, technological advancements in the region in areas such as miniaturization, integration, and improved performance have contributed to the growth of the magnetic field sensor market in North America.