Giant Magnetoresistive Sensor Market Size, Share, Growth and Industry Analysis By Type (Low Hysteresis High Temperature Multilayer, High Temperature Multilayer, Standard Multilayer, and Others) By Application (Medical Biological, Aerospace and Defense, Industrial, Consumer Electronics, Automotive and Others) Regional Forecast (2022-2027)

REPORT OVERVIEW

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The global giant magnetoresistive sensor market size was USD 146 million in 2020. The COVID-19 pandemic has negatively affected several markets globally. This market has been positively impacted by the COVID-19 pandemic. As per our analysis, the market is expected to touch USD 266.9 million by the end of 2027, exhibiting a CAGR of 8.9 % during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Giant magnetoresistive sensors are responsible for detecting an electromagnetic field that can provide details regarding the surroundings and environment to the consumers. It is used extensively in the detection of data in hard drives and storage devices. It is an extremely reliable sensor that prevents data loss and secures data effectively. It is used in flash memories, and other drives because of its effectiveness in data detection and ability to prevent data loss. Giant magnetoresistive sensors are used in the head of hard drives for enhanced detection and performance. 

The sensor is also used for navigation purposes in flight and aerospace applications. It is an excellent way to detect threats and uneven terrains. It is used in consumer electronics for navigation and data detection purposes. It is used in medical applications for effective diagnosis of the body and detection of bone, tissues, and other issues. Increasing awareness regarding the benefits of the sensor is likely to boost the giant magnetoresistive sensor market. 

COVID-19 Impact: Increasing Adoption in Consumer Devices to Facilitate Market Growth during the Pandemic

The COVID-19 pandemic has adversely affected several markets worldwide. The imposition of lockdown regulations is expected to boost the demand for advanced consumer electronics devices. It is used in smartphones, laptops, storage devices, and flash memories. As a result, the demand for the sensor is increasing rapidly from several electronic manufacturers. Increasing sales of consumer electronics and the adoption of advanced production machinery enable manufacturers to solve problems regarding chipset problems. The emergence of new manufacturers and silicone manufacturing firms is likely to solve the problem regarding the lack of chipsets in the global market. Further, investments in aerospace and medical applications may increase the adoption of the product rapidly. Therefore, these factors may fuel growth during the pandemic. 

LATEST TRENDS

"Increasing Adoption in Navigation Devices and Modules to Foster Market Growth"

The giant magnetoresistive sensor is used in aerospace applications for navigation during the night and through narrow spaces. It is an excellent alternative to SONAR applications because of its ability to accurately map out paths in an area using electromagnetic signals from the sensors, thereby increasing the aircraft's visibility. It is used by satellites and mobile devices for navigation purposes. It accurately detects terrains, mountains, narrow passages, and other surrounding objects to prevent damages and accidents. It is used in the front and bottom of an aircraft for maintaining a safe distance from the ground and ensuring excellent night visibility. It is used extensively for real-time satellite navigation systems because of its ability to provide precise road navigation by employing electromagnetic signals that detect blockage or potholes. 

Magnetoresistive sensors are extremely useful for road transport vehicles as it allows them to complete deliveries on time. It ensures safety and prevents accidents in several passenger vehicles. It is resistant to several harsh environments and improves the detection of roads even in uneven climates. The rising demand for advanced safety features and excellent navigation systems in vehicles is expected to facilitate the growth of the giant magnetoresistive market. 

Segmentation

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• By Type Analysis

By type the market is segmented into low hysteresis high-temperature multilayer, high-temperature multilayer, standard multilayer, and others.

Standard multilayer is the leading segment because of the demand for multilayer sensors over a single layer. The effectiveness and excellent heat dissipation of the sensor increase its performance drastically. The rising adoption of the internet and advanced features is likely to boost the product's demand. It provides accurate detail and improves navigation details. Therefore, these factors can foster the growth of the giant magnetoresistive sensor market. 

• By Application Analysis

Based on application, the market is classified into medical-biological, aerospace and defense, industrial, consumer electronics, automotive, and others.

Consumer electronics is the leading segment because of the rising adoption of giant magnetoresistive sensors in smartphones, laptops, and other items. It is used in storage items because of its effectiveness to detect data and prevent loss of data. It is also used in several storage devices such as SSD and flash drives because of its reliability. These factors can boost industry growth.

DRIVING FACTORS

"Increasing Adoption in Electronic and Storage Devices to Bolster Industry Growth"

The rising adoption of the sensor in several electronics is expected to boost its demand drastically. It is used in electronics devices because of its reliability and ability to maintain data. It is used in several flash drives, solid-state drives SSD, memory cards, and storage chipsets. It retains data and prevents the corruption of files. It uses an advanced field detection system to detect information present in drives and protects data loss. It is used as a component in the manufacturing of smartphones, laptops, PC, tablets, and other devices. It prevents data corruption and provides excellent safety to the devices. Escalating smartphone sales are expected to boost giant magnetoresistive sensor sales drastically. As per the information provided by statistica.com, approximately 1.38 billion smartphones were sold globally in 2020. The rising demand for advanced high-quality storage in electronics is likely to boost the sensor's demand. 

"Adoption of Magnetoresistive Sensors in Biomedical Devices to Foster Market Growth"

Extensive adoption of the sensor in several biomedical devices is expected to increase the product's sales. Biomedical devices are used to create regenerative medicines, which, in turn, increases demand for the product drastically. Regenerative medicines are used to repair skin tissue and cells and eliminates the limitations posed by traditional healing solutions. Further, it is used for gene therapy for curing several diseases efficiently and eliminating illness. It uses the sensor to detect gene structures in the body and implements several modifications based on the data that has been fed to the equipment's mainframe, which, in turn, boosts its effectiveness. Additionally, it is used extensively in the development of CAR-T treatment to modify the body's cells and increase its immunity against cancers. Therefore, its adoption in the development of advanced treatment procedures is expected to drive the giant magnetoresistive sensor market growth.

RESTRAINING FACTORS

"Rising Demand for Lower Cost solutions and Design Complexities of the Sensor to Impede Growth"

The adoption of alternative low-cost solutions is likely to decline the product's sales. Its higher installation costs and implementation costs can lead to the adoption of alternative and cheaper solutions by the small industries. Further, the complexities in the design of the sensor are expected to increase resources and elevate costs incurred by manufacturers, which, in turn, can lower their annual revenues. Therefore, these factors can hamper the progress of the giant magnetoresistive sensor market.

REGIONAL INSIGHTS

"Increasing Smartphone Sales and Adoption of Sensors in Automobiles to Foster Market Growth in the Asia Pacific"

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Asia Pacific is expected to dominate the giant magnetoresistive sensor market share because of increasing smartphone sales and its adoption in automobiles. Evolving consumer preferences and increasing adoption of advanced sensor technologies are expected to boost product demand. It is used in automobiles to increase driver and passenger safety. Additionally, the evolving technological infrastructure in China is expected to boost growth. 

North America is the second-largest market shareholder because of the increasing focus on technological development. The adoption of the sensor in automobile and consumer electronics is expected to fuel giant magnetoresistive sensor demand. Evolving consumer preferences and higher purchasing ability are expected to foster growth in the region. 

In Europe, the presence of several industries is expected to facilitate the sensor's demand. Increasing consumer electronics demand leads to the adoption of giant magnetoresistive sensors. Increasing automobile sales is expected to boost the adoption of the sensor. These factors may boost the market growth. 

KEY INDUSTRY PLAYERS

"Adoption of Technologically Advanced Production Techniques to Enable Companies Grow"

Prominent companies operating in the market incorporate advanced production techniques to improve their operational efficiency, reduce labor costs, and increase production quantity. This strategy enables companies to increase their annual revenues and complete their goals. Further, companies expand their product portfolio to improve reach. For example, Infineon Technologies AG launched XENSIV TLE109A16 in June 2019 to expand its AMR-angle-based sensor product portfolio. Companies invest heavily in research and development to incorporate advanced materials and improve their product's efficiency. It can help companies develop advanced lower-cost sensors and establish a great market position. 

List of Market Players Profiled

• Bartington Instruments Ltd

• MEMSIC, Inc.

• TE Con​​nectivity Ltd

• Analog Devices, Inc.

• Honeywell International Inc.

• Robert Bosch GmbH

• AMS AG

• NXP Semiconductors NV

• The Micronas Group

• Melexis NV

• Infineon Technologies AG

• Sanken Electric Co., Ltd.

• Asahi Kasei Corporation

• Allegro MicroSystems

• Hitachi Metals

• NVE

• Yamaha

• Alps Electric

INDUSTRY DEVELOPMENT

• November 2019: Allegro MicroSystems announced one of the first tooth center ICs named ATS17051 to provide efficient solutions for electric vehicles operating at 30k RPM. It eliminates challenges such as mechanical space restrictions, high rotational speed, high operating temperatures, and vibration on startup. 

REPORT COVERAGE

The report provides an analysis of the recent trends and top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. It observes the strategies devised by the key players and the regional developments. It enables the readers to gain knowledge about the crucial strategies that foster market growth.