Automotive sector to drive magnetic sensors market through 2025
Publisher : Fractovia | Published Date : 2019-12-20Request Sample
Global magnetic sensors market outlook will primarily be driven by surging electrification, advancements in automobile technology, and the burgeoning demand for smart gadgets. The applications of advanced magnetic sensors in smart power grids includes non-contact fault location of transmission lines, point measurement of transient magnetic field, electronic current transformer, and non-contact operation state monitoring.
The substantial increase in smart grid infrastructure across the globe will complement magnetic sensors market share in the ensuing years. For instance, the New York State Energy Research and Development Authority (NYSERDA) is investing heavily on expanding clean technologies and upgrading grid capabilities in the United States.
The increasing installation of navigation systems in a slew of application arenas such as commercial services, automobiles, gaming consoles, tablets, and smartphones is a major factor which is fueling magnetic sensors market trends. Citing an example to describe the benefits of GPS systems, NASA Earth Science Disasters Program uses GPS imagery to help governments and communities recover from natural disasters like earthquakes, hurricanes, tsunamis, and more. The rising demand for increasingly accurate GPS navigation results will upsurge the usage of magnetic sensors technology in GPS tracking systems.
Evidently, the advancing magnetic sensors industry has transformed the use of sensing technology in automobile industry, giving the segment a major push in terms of market share expansion. In the automobile sector, magnetic sensors are widely used for an array of crucial purposes including position measurement of crankshaft and camshaft, torque recognition in steering wheel, increasing automatic parking accuracy, vehicle steering column, and for wheel speed measurement in anti-braking systems among others.
The output voltage signal of automotive magnetic sensors is not reliant on the detected field which warrants that they would remain unaffected by outside conditions, such as fog, humidity, dust, rain, chemicals, and vibrations. Also, the rapid development in automated guided vehicle market, which is a leading consumer of various sensors and tracking systems, will support magnetic sensors market forecast. In essence, the expansion of automotive industry will translate into newer profit avenues for magnetic sensors companies.
Proximity sensors are extensively used across a wide spectrum of industrial and manufacturing applications such as building & construction, pharmaceuticals, chemical processing, oil & gas, discrete manufacturing, and food & beverage. Based on magnetic sensors technology, proximity sensors can effectively detect the presence of objects in the surrounding area and then can either initiate some action or merely flag their absence or presence using hall effect technology.
Unlike optical sensors, the proximity detection method is suitable for deployment in challenging situations, particularly in locations where oil or water is used. The application range of proximity sensors can be broadened further due to their applicability across wide temperature ranges, from -40°C to 200°C. These factors are slated to amplify the revenues generated by proximity sensors, hence augmenting magnetic sensors industry size across geographies.
Few challenges faced by magnetic sensors industry can restrain market growth to some extent in the forthcoming years. A key restraining factor is the technological backwardness of few magnetic senor technologies, which is likely to affect their performance and accuracy. For instance, hall effect-based sensors face challenges like large offset voltage, large temperature drift, and may get affected by an exterior interfering magnetic field.
Commercial applications of magnetic sensors across transportation enterprises, online shopping platforms, and food delivery services, are further adding to the growth of magnetic sensors market. As per Forbes, 20 percent of global grocery sales are projected to take place online by 2020, accounting for $100 billion in sales revenues. This spectacular enhancement in online shopping will positively boost the adoption of magnetic sensors technology by key online retailers, thereby elevating magnetic sensors market share.
According to a research report by Global Market Insights, Inc., magnetic sensors market is projected to surpass USD 3.5 billion by 2025.
