Global Magnetic Field Sensor Market to Post a CAGR of 8% From 2017 to 2023, By type, Segments, Range, Applications, End User
Magnetic field sensors are used for detecting magnetic force in and around a location. They also help in assessing the strength and direction of the fields. Market Research Future (MRFR) forecast that the global magnetic field sensor market will capture 8% CAGR between 2017 and 2023. Magnetic field sensors are extensively used in navigation technologies. Years of technological evolution has made magnetics field sensors highly efficient. Modern magnetic field sensors have superior compatibility, and sensitivity, which makes them highly relevant to the existing application requirements.
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Magnetics filed sensors also find a host of measuring applications, which include gauging magnetic ink, heading determination, vehicle detection, etc. These sensors are gaining momentum in various engineering application. The global magnetic field sensor market is expected to benefit from adoption of leading technologies such as automation, internet of things, proximity sensing among others. Demand for magnetic field sensors has increased tremendously in the automotive manufacturing sector. Magnetics filed sensors play an important role in many automotive applications. These sensors are being integrated with various automotive components. Advances in automotive sensor technology has created new growth avenues for the market. Magnetic field sensors are also making a headway in the consumer electronics in terms of application scope.
The expanding application base of magnetics field sensor is supporting the growth of the market. Recognizing the application potential, manufacturers are ramping up research & development efforts to drive innovation and improve their product performance.
Global Magnetic Field Sensor Market: Competition Analysis
Some of the leading market players analysed in MRFR report include TE Connectivity Ltd. (Switzerland), Allegro MicroSystems, LLC (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), PASCO Corporations (Japan), Crocus Technology (U.S), MEMSIC Inc. (U.S.), Infineon Technologies (Germany), Asahi Kasei MicroDevices (Japan), MELEXIX N.V (Belgium), Kohshin Electric (Japan), Sanken Electric Co., Ltd. (Japan), NVE Corporation (U.S), ams AG (Austria), TDK Corporation (Japan), Analog Devices, Inc. (U.S.), Tower Semiconductor Ltd. (Israel) and NXP Semiconductors N.V (Netherlands).
Global Magnetic Field Sensor Market: Segmental Analysis
MRFR’s report includes a thorough segmental analysis of the market based on range, type, end user and application.
On the basis of range, the market has been segmented into >10 Gauss (BIAS Magnetic Field Sensors) consoles, 1 micro gauss–10 Gauss (Earth Field Sensors) and <1 micro gauss (Low-Field Sensors). On the basis of type, the market has been segmented into magneto resistive sensors, fluxgate sensors, Hall Effect sensors, SQUID sensors and others. The magneto resistive sensors segment convers hall ICs, hall elements and others. The hall effect sensors segment covers tunnel magneto resistive sensors, giant magneto resistive sensors, anisotropic magneto resistive sensors and others. The SQID sensors segment covers high-temperature SQUID, low-temperature SQUID and others. On the basis of end user, the market has been segmented into consumer electronics, healthcare, industrial, transportation, aerospace & defense, BFSI and other. On the basis of application, the market has been segmented into flow rate sensing, speed sensing, navigation and electronic compass, detection and others.
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Global Magnetic Field Sensor Market: Regional Analysis
Key regions analysed in the report include Asia Pacific, Europe, North America and the rest of the world (RoW). The North America magnetic field sensor market is expected to witness a healthy growth in the years to come. A strong demand for consumer electronics coupled with the faster uptake of advanced technologies is supporting the market growth in North America. Moreover, presence of some of the leading market players in the region puts it at a favourable position. In Europe, the market is expected to witness a steady growth in the forthcoming years. Meanwhile, the market growth in APAC has been exponential in recent years and this trend is likely to continue beyond 2019. Countries such Japan, China, and India are expected to remain the contributor in terms of revenue.
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