Navigation is the well established application of magnetic sensors. With rising technological advancement, prospects of magnetic sensors have increased at a rapid rate. This has increased applications of magnetic sensors across different verticals. Thanks, to the introduction of new technologies such as IoT and automation.
- Booming automobile industry is a prominent factor propelling demand of the magnetic sensors. Magnetic sensors are widely used in the manufacture of electric and hybrid vehicle parts. . This is expected to drive the growth of the magnetic sensors market during the forecast period.
- Apart from this, government mandate for smarter and energy efficient devices, demand for hall effect sensors, and improvement in efficiency and sensor performance are some other factors influencing growth of the global magnetic sensors market.
- Magnetic sensors display some notable properties such as contactless transmission, and consequently wear-free measurement of mechanical and electrical quantities. This are widely used in angle of rotation, angular speed, linear position, linear speed, and current. These are getting immense popularity in the manufacturing of automation equipment, conveyors, packaging equipment, and motor latches.
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- Further, magnetic sensors play an important role in the manufacture of drones. They are used to give critical directional information for the entire flying time of drones. Thus, there is tremendous growth potential for magnetic sensors for applications in drones. The rising adoption of drones in several military and commercial purpose is expected to extend the growth phase of the magnetic field sensor market
Lastly, the burgeoning gaming industry is expected to add to the demand of magnetic sensors in consumer electronics across the globe. Apart from this, magnetic sensors are contributing in the manufacturing of antilocking brakes which are widely used in vehicles. This is projected to boost the growth of the global magnetic sensor market in the forecast period.