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Magnetic Sensor Market to Reach $4.22 Billion, Globally, by 2026 at 6.9% CAGR, Says Allied Market Research

Added 10-26-20 09:04:03am EST - “Allied Market Research recently published a report, "Magnetic Sensor Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, and Fluxgate Sensor), Application (Speed Sensing, Detection, Position Sensing, Navigation,…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Magnetic Sensor Market to Reach $4.22 Billion, Globally, by 2026 at 6.9% CAGR, Says Allied Market Research”. Below is an excerpt from the article.

Increase in demand for magnetic sensors in consumer electronics, growth in the automotive industry, and surge in need for adoption of magnetic sensors in medical applications have boosted the growth of the global magnetic sensors market.

PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Magnetic Sensor Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, and Fluxgate Sensor), Application (Speed Sensing, Detection, Position Sensing, Navigation, and Others), and End User (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global magnetic sensor market accounted for $2.20 billion in 2018, and is projected to reach $4.22 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.

Increase in demand for magnetic sensors in consumer electronics, growth in the automotive industry, and surge in need for adoption of magnetic sensors in medical applications have boosted the growth of the global magnetic sensors market. However, high installation cost hampers the market growth. On the contrary, growth in trend of Internet of Things and development in driverless vehicles are expected to create lucrative opportunities for the market players in the coming years.

Get Your Sample Report – Download Now(304 Pages PDF): https://www.alliedmarketresearch.com/request-sample/5652

The navigation segment is projected to register the highest CAGR of 10.9% during the study period, due to rapid adoption of position sensors in the gaming industry, rise in use of smartphones, tablets, mobile devices, and integration of gyroscopes in mobile devices. However, the detection segment dominated the global magnetic sensor market in 2018, contributing to around two-fifths of the market. Consumers have been demanding smart devices such as fitness and health devices, smartwatches, and GPS-enabled devices, which have increased the demand for accelerometers and speed sensors.

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