Magnetoresistance Sensor Market Research Report by Forecast to 2024
Magnetoresistance Sensor Market Highlights:
Magnetoresistance sensor is on the high rise with its demand in the growing semiconductor industry. The market for magnetoresistance sensor is witnessing a golden period where it is anticipated that the market is set to escalate at a CAGR of 7.7% with scoring a valuation of USD 3,149.5 million from USD 2,021.9 million in 2018, during the forecast period, asserts Market Research Future study. Magnetoresistance sensors are witnessing high demand due to its applications in various sectors such as consumer electronics, automotive, and biotechnology. The study includes multiple rising factors that are helping the market to gain traction as well as segmental analysis which depicts the future of the market’s rise.
The key drivers for the market for Global Magnetoresistance Sensor Market are accredited to its multiple advantages such as affordability, temperature stability, and robustness. With this, these sensors are also rapidly being deployed by industries, which is yet another factor boosting the market’s growth. It is the consumer electronics and automotive sector which is hyped with the optimum application of magnetoresistance sensors mainly for sensing current or position, speed, and angle along with the earth’s magnetic field in compass applications. These factors are also fueling the market with a high notion of expansion during the forecast period as well.
Major Key Players:
The prominent players in the magnetoresistance sensor Market are listed as Murata (Japan), NXP Semiconductor N.V.(Netherlands), Asahi Kasei Micro Devices Corporation (Japan), Honeywell International Inc. (US), TE Connectivity (Switzerland), Analog Devices (US), AMS (Austria), Memsic Inc. (US), and Robert Bosch GmbH (Germany), Infineon Technologies AG (Germany) and to name a few.
As per the study, the global magnetoresistance sensor market has been segmented based on type, application, and end-user.
In terms of type: Giant magnetoresistance sensor, anisotropic magnetoresistance sensor, tunnel magnetoresistance sensor, thin-film magnetoresistance sensors are the segments that are driving the market growth.
In terms of application: Magnetic field measurement, biomolecular detection, thin-film solar cells, magnetic storage, transistors, three-dimensional analysis are the segments.
In terms of end-user: Consumer electronics, biotechnology, healthcare, automotive, aerospace, and defense are the segments.
Regionally, the market for magnetoresistance sensor has been studied across the key regions of North America, Europe, Asia-Pacific, the Middle East, and Africa.
Among these, North America had the largest market share in 2018 in the magnetoresistance sensor market, and now is gaining more traction owing to the high demand for flexible electronics.
Asia-Pacific is also anticipated to be the fastest increasing regional market in the foreseeable years owing to the existence of large manufacturing hub of electronics, mainly in China.
In the last, the markets in the Middle East and Africa, and Central and South America are anticipated to showcase significant growth during the forecast period.