Market Analysis
The global magnetoresistance sensor market is predicted to touch USD 3,149.5 million at a 7.7% CAGR during the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Demand for Flexible Electronics to Boost Market Growth
The increasing demand for flexible electronics is likely to boost the magnetoresistance sensor market share due to the increased flexibility that is obtained and the minimum manufacturing cost.
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Compatibility with CMOS Technologies to Spur Market Growth
The magnetoresistance sensor is highly compatible with CMOS technology and has a high sensitivity which has led to the growing demand for such sensors.
Opportunities
Manufacturing of Printable Electronic Devices to offer Positive Market Opportunities
The manufacturing of printable electronic devices that do not need high-energy deposition technologies are likely to offer positive market opportunities over the forecast period.
Restraints
High Manufacturing Cost to act as Market Restraint
The high manufacturing cost of magnetoresistance sensors may act as a market restraint over the forecast period.
Challenges
Development of Suitable Insulation Layers to act as Market Challenge
The development of the suitable insulation layers in between the sensors may act as a market challenge over the forecast period.
COVID-19 Analysis
The adoption of remote working policies by industry players to curb the spread of the virus is predicted to positively influence the magnetoresistance sensors market. Besides, the rising adoption of advanced technologies in the aerospace and defense and automotive sectors are also predicted to boost market growth.
Market Segmentation
Giant Magnetoresistance Sensor Type to Lead Magnetoresistance Sensor Market
The giant magnetoresistance sensor type segment will lead the magnetoresistance market over the forecast period.
Biomolecular Detection Application to Dominate Magnetoresistance Sensor Market
The biomolecular detection application segment will dominate the magnetoresistance sensors market over the forecast period. Magnetoresistace sensors find wide applications in biotechnology. These are utilized for magnetic bead manipulation in microfluidic systems or bimolecular detection in protein assays using magnetic tags. Such sensors are implemented on lab-on-a-chip devices for detecting magnetic nanoparticles. These are further used as tags for different biomolecules.
Automotive End User to Spearhead Magnetoresistance Sensors Market
The automotive end user segment will spearhead the magnetoresistance sensors market over the forecast period. The automotive sector is the primary application area of such sensors for sensing position or current, angle, and speed along with the earth’s magnetic field in compass applications.
Regional Analysis
North America to Remain Driving Force in Magnetoresistance Sensors Market
North America is predicted to remain the driving force in the magnetoresistance sensors industry over the forecast period. High adoption of such sensors in automotive applications, increase in the number of automobiles, the development of connected cars, and automobile manufacturers increasingly implementing miniature magnetic sensing devices in automobiles in order to offer improved communication capabilities are adding to the global magnetoresistance sensors market growth over the forecast period. Besides, the high adoption of consumer electronics like smart wearables and smart watches due to healthcare awareness coupled with increasing disposable incomes are also adding market growth.
Key Players
The eminent players profiled in the magnetoresistance sensor market report include Robert Bosch GmbH (Germany), Memsic Inc. (US), Infineon Technologies AG (Germany), NXP Semiconductor N.V. (Netherlands), Analog Devices (US), Honeywell International Inc. (US), Asahi Kasei Micro Devices Corporation (Japan), TE Connectivity (Switzerland), Murata (Japan), and AMS (Austria). The other prominent players include Sanken Electric Co., Ltd (Japan), Melexix NV (Belgium), Micronas Semiconductor Holdings AG (Switzerland), Allegro Microsystems Inc. (US), Panasonic (Japan), Magnachip Semiconductor (South Korea), and Diodes Incorporated (US), among others.
Industry Updates
March 2021- ABLIC has launched the S-5701 B Series, a tunnel magneto resistance sensor IC that solves reed switch limitations with small and long-life and durable features.
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