New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Magnetoresistance Sensor Market” published by Consegic Business Intelligence, the market was worth USD 1,873.29 Million in 2022 and is anticipated to reach over USD 3,359.97 Million by the year 2030, growing at a CAGR of 7.90%.
A magnetoresistance sensor is a type of sensor that measures changes in electrical resistance in repose to change in an applied magnetic field. The diverse types of magnetoresistance sensor include anisotropic magnetoresistance sensor, giant magnetoresistance sensor, and tunnel magnetoresistance sensor. These sensors are playing a vital role in varied sectors including automotive, electronic, medical, and scientific research.
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Moreover, magnetoresistance sensor has multiple applications including non-contact sensing that allows to detect magnetic fields without any physical contact, which reduces wear and tear for non-intrusive measurements. In addition, these sensors are sensitive to magnetic fields and are designed to be highly responsive to changes in the magnetic field.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 3,359.97 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.90% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Rechner Sensors, Honeywell International Inc., Infineon Technologies AG, Murata Manufacturing Co., Ltd., Asahi Kasei Micro Devices Corporation, Analog Devices, NXP Semiconductor N.V., AMS, and TE Connectivity |
| By Type | Anisotropic Magnetoresistance Sensor, Giant Magnetoresistance Sensor, and Tunnel Magnetoresistance Sensor |
| By Application | Angle & Path Measurement, Magnetic Field Measurement, Thin-Film Solar Cells, Biomolecular Detection, Three-Dimensional Measurement, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Magnetoresistance Sensor Market Growth Drivers:
- Increasing demand for magnetoresistance sensor in consumer electronics is driving the market growth
- Growing applications of magnetoresistance sensor in three-dimensional measurement is driving the market growth
Restraints
- Limitations associated with external interference is hindering the market growth
Opportunities
- Installation of magnetoresistance sensors in hybrid and electric vehicles is expected to drive the market growth
Global Magnetoresistance Sensor Market Segmentation Details:
Based on Type, the anisotropic magnetoresistance sensor type segment contributed the largest shares to the market growth in 2022. Factor attributed towards the growth of giant magnetoresistance sensor include high sensitivity, low power consumption, liner response, high signal to noise ratio, among others. Giant magnetoresistance sensor exhibits high sensitivity to change in magnetic fields, thus allowing them to efficiently detect small variations in the magnetic flux. Moreover, these sensors consume minimal power and are more efficient and suitable for battery operated vehicles.
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Based on Application, magnetic field measurement segment contributed the largest shares to the market growth in 2022. The key factors attributed to the growth of the segment include magnetic field mapping, non-destructive testing, magnetic particle inspection, magnetic resonance imaging, among others. The segment has wide applicability in the field of research and development, healthcare, testing, environmental monitoring, and others. Moreover, growing industrial applications and advancement in technology is boosting the demand for magnetoresistance sensors.
Based on region, North America region accounted for the largest revenue share in the year 2022. The adoption of magnetoresistance sensor in North American region is primarily driven by technological advancement in technology and innovation. In addition, the region has developed sectors including electronics, automotive, healthcare, industrial automation, among others. The region is also contributing towards development of sensor application to provide specific solutions. In addition, the rising demand for industrial automation is promoting the demand for positioning sensors for better process optimization and quality control.
Key Market Highlights
- Globally, magnetoresistance sensor market is divided based on the type into anisotropic magnetoresistance sensor, giant magnetoresistance sensor, and tunnel magnetoresistance sensor.
- Based on application, magnetoresistance sensor market is segmented into angle & path measurement, magnetic field measurement, thin-film solar cells, biomolecular detection, three-dimensional measurement, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in magnetoresistance sensor market.
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List of Major Global Magnetoresistance Sensor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Rechner Sensors
- Honeywell International Inc.
- Infineon Technologies AG
- Murata Manufacturing Co., Ltd.
- Asahi Kasei Micro Devices Corporation
- Analog Devices
- NXP Semiconductor N.V.
- AMS
- TE Connectivity
Global Magnetoresistance Sensor Market Segmentation:
- By Type
- Anisotropic Magnetoresistance Sensor
- Giant Magnetoresistance Sensor
- Tunnel Magnetoresistance Sensor
- By Application
- Angle & Path Measurement
- Magnetic Field Measurement
- Thin-Film Solar Cells
- Biomolecular Detection
- Three-Dimensional Measurement
- Others
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Key Questions Covered in the Magnetoresistance Sensor Market Report
- What is Magnetoresistance Sensor?
- Magnetoresistance Sensor are designed to provide higher accuracy, multi-gas detection capabilities, real time monitoring, and others. Magnetoresistance sensor are capable of transmitting data remotely, thus enabling remote monitoring and integration with other systems for automation and analysis.
- What is the dominating segment in the Magnetoresistance Sensor market by application?
- In 2022, magnetic field measurement segment accounted for the highest market share in the overall magnetoresistance sensor market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Magnetoresistance Sensor growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for magnetoresistance sensor from multiple industries including consumer electronics, healthcare, industrial processes, among others is driving the growth of the regional market.
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