Magnetoresistive Element Market Research, 2032
The global magnetoresistive element market was valued at $2.2 billion in 2022, and is projected to reach $3.6 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
A magneto resistive element refers to a component or device that exhibits magnetoresistance, which is the change in electrical resistance in response to an applied magnetic field. Magnetoresistive elements are typically made of materials that demonstrate the magnetoresistive effect, such as certain metals, alloys, or multilayer structures.
The magnetoresistive element industry is being propelled by the increasing demand for flexible electronics, driven by their lower manufacturing costs and enhanced flexibility. The magnetoresistive element market growth faces challenges in terms of layer structuring and insulation layer development, which can pose difficulties in the manufacturing process and have an impact on sensor performance and reliability.
These challenges in layer structuring and insulation layers can restrain the growth of the magnetoresistive element market forecast, potentially limiting their adoption and implementation. The emergence of printable electronic devices that utilize low-energy deposition technologies holds the potential to expand the applications of magnetoresistive sensors by providing alternative manufacturing options. The magnetoresistive element market outlook is segmented into Application and Vertical.
On the basis of application, it is categorized into high magnetic field application and low magnetic field application. High magnetic field application dominated the magnetoresistive element market share n 2022.
As per vertical, it is fragmented into consumer electronics, aerospace and defense, automotive, industrial, and healthcare. Consumer electronics generated the largest revenue in 2022.
Region wise, the magnetoresistive element market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Country-wise, the U.S. acquired a prime share in the global magnetoresistive element market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.
In Europe, UK, dominated the global magnetoresistive element market, in terms of revenue, in 2022. However, the Germany is expected to emerge as the fastest-growing country in Europe's global magnetoresistive element market with a significant CAGR during the forecast period.
In Asia-Pacific, South Korea is expected to emerge as a significant market for the global magnetoresistive element market industry, owing to a significant rise in investment by prime players in the region.
By LAMEA region, the Middle East garner significant market share in 2022. The LAMEA magnetoresistive element market has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Middle East region is expected to grow at a high CAGR from 2023 to 2032.
The key magnetoresistive element market leaders profiled in the report include Avalanche Technology, Honeywell International Inc., Analog Devices, Inc., TDK Corp., Micron Technology, Inc., TE Connectivity, Cubic Sensor and Instrument Co., Ltd., ALPS ALPINE CO., LTD., Crocus Technology, Inc., and Robert Bosch GmbH. These key players have adopted several strategies such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the magnetoresistive element share during the forecast period.
TOP IMPACTING FACTORS
The global magnetoresistive element market analysis is anticipated to expand significantly during the forecast period owing to a surge in demand for magnetoresistive elements in consumer electronics and the growing need for magnetoresistive elements in the automotive industry. However, the limited range and integration of magnetoresistive elements in electronics systems may hamper market growth. On the contrary, growth in the trend of the Internet of Things (IoT) provides a lucrative magnetoresistive element market opportunity.
HISTORICAL DATA & INFORMATION
The global magnetoresistive element market is highly competitive, owing to the strong presence of existing vendors. Vendors of the global magnetoresistive element with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Robert Bosch GmbH, Analog Devices, Inc., TE Connectivity, Alps Alpine Co, Ltd and Crocus Technology, Inc are the top companies holding a prime share in the global market. Top market players have adopted various strategies, such as product launch, acquisition, expansion, agreement, product development, innovation, branding, collaboration, investment, contract, and upgradation to expand their foothold in the global magnetoresistive element market.
- In September 2022, Alps Alpine Co., Ltd. launched two products to its magnetic sensor lineup to support the ongoing electrification of vehicles. This builds on a track record in the automotive market in the areas of steering angle detection and electronic shifters. This redundancy design is increasingly a requirement for automobile driving systems as the world looks to embrace driving assistance and autonomous vehicles.
- In May 2023, Analog Devices, Inc. announced an investment at its European regional headquarters in the Raheen Business Park in Limerick, Ireland. The investment enables the construction of a new, state-of-the-art, 45,000 sq-ft Research andamp; Development and manufacturing facility. The facility being made to support ADI's development of next-generation signal processing innovations designed to accelerate the digital transformation of Industrial, automotive, healthcare, and other sectors.
- In March 2023, Analog Devices, Inc. announced envision energy, the subsidiary of Envision Group adoption of ADI's MEMS sensor technology in the company's new generation of smart wind turbines.
- In February 2022, Crocus Technology launched CT450 XtremeSense TMR Sensors. These are high bandwidth and low noise integrated contactless current sensors. The CT450 implements patented XtremeSense TMR technology to enable high accuracy current measurements for many consumer, enterprise, and industrial applications.
- In September 2022, Avalanche Technology and United Microelectronics Corporation announced the immediate availability of new High-Reliability Persistent SRAM (P-SRAM) memory devices through UMC's 22nm process technology. Based on Avalanche Technology's latest generation of Spin Transfer Torque Magnetoresistive RAM (STT-MRAM) technology.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the global magnetoresistive element market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall global magnetoresistive element analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global magnetoresistive element instruments market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the magnetoresistive element.
- The report includes the market share of key vendors and global magnetoresistive element trends.
Magnetoresistive Element Market Report Highlights
Market Size By 2032
USD 3.6 billion
CAGR of 5.5%
2022 - 2032
Key Market Players
ALPS ALPINE CO., LTD., Robert Bosch GmbH, Cubic Sensor and Instrument Co.,Ltd., Honeywell International Inc., Crocus Technology, Inc., TDK Corp., Micron Technology, Inc., Analog Devices, Inc., TE Connectivity, Avalanche Technology
The magnetoresistive element market holds a substantial scope for growth globally. The rise in demand for cloud computing and big data analytics also contributes toward the market growth because of increase in demand for servers and data centers. Power distribution units (PDU) use magnetoresistive elements for power supply, which is a crucial infrastructure in data centers. This is expected to boost the demand for the magnetoresistive element market in the future.
Considering the increase in demand for IoT and the production of consumer electronics, electric & hybrid vehicles, and high-quality sensing devices, globally, is influencing the adoption of magnetoresistive elements across several end-user industries. This is expected to drive the growth of magnetic sensors during the forecast period. In addition, surge in adoption of robotics drives the need for magnetoresistive elements in the global market.
The magnetoresistive element market is an important area to focus on as it plays a crucial role in digital transformation initiatives. Also, various factors need to be evaluated when selecting magnetoresistive elements for organizations. The magnetoresistive element should have features such as resistance variation, sensitivity, and magnetoresistance ratio and response time.
The key players of the magnetoresistive element market include Avalanche Technology, Honeywell International Inc., Analog Devices, Inc., TDK Corp., Micron Technology, Inc., TE Connectivity, Cubic Sensor and Instrument Co., Ltd., ALPS ALPINE CO., LTD., Crocus Technology, Inc., and Robert Bosch GmbH.