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The Global Magnetic Sensor Market size is expected to reach $2.6 billion by 2023, rising at a market growth of 5.9% CAGR during the forecast period. Advancements in sensing technologies and growing applications of sensing devices in various industry verticals are the factors that would drive the market growth. Regulations pertaining to installation of magnetic sensors in automobiles and installation of the same in the safety equipment would offer market opportunities during the forecast period. Magnetic sensors are vital part of navigation systems and are majorly used in automobiles and smartphones. Advanced sensing systems are greatly in demand due to rapid growth in smartphones. Market trends would significantly influence the market growth during the forecast period. Magnetic sensing devices have also found their adoption in used the field of medical R&D and Non - Destructive Testing (NDT).
Based on Technology Type, the Magnetic Sensor market segments the market into Hall Effect, Anisotropic Magnetoresistance, Giant Magnetoresistance, Tunnel Magnetoresistance, and Others. Based on Application, the market report segments the market into Automotive, Consumer Electronics, Industrial, and Others. Based on Regions, the Magnetic Sensor market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Magnetic Sensor Market. Key companies profiled in the report include Honeywell International, Inc., Infineon Technologies AG, Magnetic Sensors Corporation, Microsemi Corporation, NVE Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, TDK Corporation, MultiDimension Technology Co. Ltd., and Memsic, Inc.