Magnetic Field Sensor Market 2018 Research Report – Global Industry Forecast to 2023, is latest research report on Global Magnetic Field Sensor industry published by Market Research Future. Report provides comprehensive information on Global Magnetic Field Sensor Market forecast, historic data, with business development strategies, upcoming opportunities, and regional outlook. The global magnetic field sensor market is expected to grow at USD ~6 billion by 2023 at a CAGR of ~8% during the forecast period 2017-2023.
Magnetic Field Sensors Market – Scenario:
High growth in consumer electronics & semiconductor industry, increasing adoption of cloud-based services and smart technology, Developing IoT market, and development in electric vehicles are some of the factors driving the growth in magnetic field sensor market globally. However, technology limitations, and high initial cost of magnetic field sensors are some of the factors expected to hinder the market growth in coming years.
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Companies such as Honeywell International Inc. (U.S.), Analog Devices, Inc. (U.S.), TDK Corporation (Japan), AMS AG (Austria), Robert Bosch GmbH (Germany), Infineon Technologies (Germany), are the leading providers of magnetic field sensor solution in the global market. On September 27, 2017, Tower Semiconductor Ltd. and Crocus Technology announced about their product expansion inmagnetic sensors market which includes magnetic transducers that sense magnetic field and are widely used in modern industries and electronics.
The emergence of wearable technologies and the increasing role of magnetic flux sensors in applications are few driving factors for the growth of magnetic field sensor market. Wearable technologies are widely used in consumer electronics devices. Additionally, penetration of MEMS technology is propelling the market growth of magnetic field sensor. These MEMS technologies are widely used in various sectors such as automotive, industrial, consumer electronics, medical, aerospace, defense, and others.
Magnetic Field Sensor, in recent years, has evolved into an integral component for many end-user industries such as automotive, homeland security, healthcare, electronics industry, and defense industry. Using the ‘Hall Effect’ transducer and other sensing methods, magnetic field sensor studies the magnetic field around the coil, electrical device, and other magnets.
Magnetic Field Sensors Market – Prominent Key Players:
Some of the prominent players in the global magnetic field sensor market Honeywell International Inc. (U.S.), Asahi Kasei MicroDevices (Japan), Sanken Electric Co., Ltd. (Japan), MEMSIC Inc. (U.S.), Analog Devices, Inc. (U.S.), TDK Corporation (Japan), ams AG (Austria), NVE Corporation (U.S), Robert Bosch GmbH (Germany), Infineon Technologies (Germany), NXP Semiconductors N.V (Netherlands), Tower Semiconductor Ltd. (Israel), Crocus Technology (U.S), TE Connectivity Ltd. (Switzerland), MELEXIX N.V (Belgium), Allegro MicroSystems, LLC (U.S.), Kohshin Electric (Japan), PASCO Corporations (Japan), and others.
Magnetic Field Sensors Market – Industry Trend:
The sector has sparked interest among quite a few industries who are now sponsoring further research and developments. Researchers from the Autonomous University of Barcelona have recently proposed building a spherical magnet that while working will not distort the magnetic field.
Researchers at Kiel University are developing a sensor that can read sensitive pulses. Once manufactured, this sensor can revolutionize the healthcare segment as it can help in the proper diagnosis of heart and brain.
In the U.S., researchers have recently unveiled a new type of magnetometer that has diamond impurities in it which enhances its precision and empowers it by 1000 times than the previous diamond-based magnetometers.
Magnetic Field Sensors Market- Segmentation
The Magnetic Field Sensors Market can be classified into five key segments as follows:
Segmentation by Type: Hall Effect Sensors, Magneto Resistive Sensors, SQUID Sensors, and Fluxgate Sensors.
Segmentation by Range: 1 Micro Gauss (Low-Field Sensors), 1 Micro Gauss–10 Gauss (Earth Field Sensors), 10 Gauss (BIAS Magnetic Field Sensors) Consoles.
Segmentation by Applications: Speed Sensing, Flow Rate Sensing, Detection, Position Sensing, and Navigation & Electronic Compass.
Segmentation by End-Users: Transportation, Consumer Electronics, BFSI, Healthcare, Aerospace & Defense, and Industrial.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Geographically, the market spans across North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
North America is currently setting the trends. With a huge market that is involved in radically improving smartphones and gadgets and an automotive sector regaining lost grounds, the region is fueling enough demand for the magnetic sensors.
Europe is following the lead. Well-structured industries such as BFSI and healthcare are creating demand for magnetic sensors and earning revenues for the market.
The APAC is the fastest growing region. China, India, and Japan are showing an unprecedented demand for automotive and smart gadgets. This is directly boosting the magnetic sensor market. Furthermore, the renewable energy sector is also giving the market a much-needed boost.
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