The magnetic sensor market is expected to reach $3.7 billion in 2029, with an estimated 4% CAGR from 2023 to 2029, says Yole Developpement.
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A $1 billion investment surge from players like Allegro, TDK, Bosch, LEM etc. is leveraging the technology’s sensitivity, bandwidth, and low power consumption to sense position and current.
Magnetic sensors find widespread application across automotive, mobility, industrial, energy, medical, and consumer sectors. Their versatility has led to their adoption in various fields, propelling the market to a value of $2.9 billion in 2023.
“The automotive & mobility segment significantly dominates the market with sales of more than $2 billion by 2029,” says Yole’s Pierre Delbos, “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 $600 million market by 2029, also growing at a 4% CAGR between 2023 and 2029”.
The evolving landscape of magnetic sensor applications extends to the industrial & energy and medical sectors. By 2029, these sectors are expected to reach $830 million and $30 million, respectively.
Factors such as the proliferation of DC-charging stations with integrated current sensors due to vehicle electrification, the demand for position sensors, switches, and latches driven by Industry 4.0, and the potential implementation of predictive maintenance using current sensors contribute to the promising outlook in these sectors.
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