LONDON–(BUSINESS WIRE)–The global magnetic sensors market is expected to grow by USD 823.62 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The consumption of electricity by data centers is increasing; thus, they are looking for ways to improve their energy efficiency by implementing PDUs that can easily adapt to changing IT requirements. PDUs enable data center operators and industrial facilities to remotely control and monitor the distribution of power. This is driving the demand and adoption of magnetic sensors as they are used in PDUs to facilitate intelligent load balancing and monitor the consumption of power. The increasing adoption of PDUs by data centers will boost the growth of the magnetic sensors market during the forecast period.
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As per Technavio, the rise in adoption of robots for industrial automation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Magnetic Sensors: Rise in adoption of Robots for Industrial Automation
Robots are used to automate various processes such as assembling of components; painting, packaging and labeling; and welding. The use of robots, drones, UAVs, and machine vision systems help to improve operational efficiency. These machines incorporate various types of sensors such as proximity sensors, gesture sensors, magnetic position sensors, power management sensors, and force-torque sensors. As a result, the increase in the adoption of robots for industrial automation will boost the demand for magnetic sensors, which is expected to showcase a positive outlook during the forecast period.
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Global Magnetic Sensors: Segmentation Analysis
This market research report segments the magnetic sensors by application (automotive, industrial, consumer electronics, and others) and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the magnetic sensors in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing need for magnetic sensors from industrial, consumer electronics, and automotive sectors and high concentration of significant consumer electronic device manufacturers in the region.
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Some of the key topics covered in the report include:
Application segmentation
- Automotive
- Industrial
- Consumer electronics
- Others
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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