Impact of COVID-19 on the Global Magnetoresistance Sensor Market
Magnetoresistance sensors refer to small electronic components that are designed to identify an applied magnetic field. They are extremely sensitive devices designed with large air gaps, low power requirements, and small magnetic fields that support their usage in a wide range of applications. Magnetoresistance sensors possess low magnetic strength and reduce system costs owing to their simple installation procedures. These sensors are also utilized in medium-sized consumer electronics devices as battery optimization position sensors and in medical equipment such as infusion pumps. Furthermore, the rising adoption of these sensors in several industries, including manufacturing, aerospace & defense, consumer electronics, and automotive is expected to stimulate the growth of the magnetoresistance sensors market. The evolution of sensor technologies is also expected to boost the growth of the magnetoresistance sensors market over the projected timeframe.
The spread of COVID-19 from China has considerably impacted the global magnetoresistance sensors market. The rapid spread of the pandemic has initiated lockdowns in several countries, which has led to the disruption of supply chain activities and the closing of numerous manufacturing plants. The slowdown caused in the production of new magnetoresistance sensors has severely impacted the growth of such industries. It is thus expected to hinder the market growth over the forecast timeframe.
Companies across the globe are focused on lowering operational costs for survival in the magnetoresistance sensors market. The resumption in the manufacturing of magnetoresistance sensors and related products in the post-lockdown period is expected to drive the growth of the market. Supportive government policies and relaxations in the lockdowns are expected to boost the demand for magnetoresistance sensors over the forecast timeframe. The industry players’ adoption of remote working policies to prevent the spread of COVID-19 at workplaces is expected to influence the magnetoresistance sensors market positively. Thus, the demand for magnetoresistance sensors is expected to increase due to the rising adoption of advanced technologies, primarily in the automotive and aerospace & defense sectors.