Magnetic Sensors Market is Estimated to Increase due to Increasing Usage of Sensors in Industrial Control and Navigation Systems: Hexa Research

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Rising demand in gaming consoles and growing popularity of electric compass is anticipated to provide positive avenues to “magnetic sensors market” growth by 2020. UK, United States, Japan and Korea is expected to be the key regional markets.

Magnetic sensors are majorly used in security purposes. These sensors include contacts and switches. Based on the magnetic field, magnetic sensors identify the location of an object. This magnetic field is made up by a permanent magnet or by the magnet outfitted in the sensors. Depending upon the sensor the output can be either digital or analog. Magnetic sensors are fitted to windows, doors and other access points where they are not visible to humans. Increasing need for sensing performance and better performance is expected to drive the magnetic sensors market over the forecast period. 

Magnetic field sensors are expanded widely due to its usage in various industrial applications such as; they can identify direction, presence and strength of magnetic field not only on earth and also from permanent magnets, magnetized soft magnets, field produced from electric current, brain wave activity and vehicle disturbances. Increasing usage of sensors in industrial control and navigation systems is estimated to drive the market over the forecasted period. Rising demand in gaming consoles and growing popularity of electric compass is anticipated to provide positive avenues to market growth over the next five years. Growing demand for computer accessories and computers is estimated to boost the market growth. Numerous benefits of magnetic sensors such as low maintenance and implementation cost and high performance are projected to advance their demand on a large degree. Need for magnetic sensors have been growing continuously over past few years and this market is estimated to nurture rapidly. Inconsistent magnetic field strength and Unavailability of strong aftermarket may pose challenge for the market growth. Technological advancements of hybrid sensors and usage of sensors in hybrid and electric vehicles are the major opportunities for growth of this market.

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Application Insights
Increasing demand for magnetic sensors is estimated due to its broad usage in various application areas. Applications of magnetic sensors include direction or navigation, consumer electronics, automotive, medical applications, industrial applications and others. Automobile industry has been the major consumer market for magnetic sensors, accounting for leading market share. Main applications of magnetic sensors in the automobile industry include anti-lock braking system (ABS) and engine control management systems. Applications of magnetic sensors in consumer electronics include computer accessories, computers and others computing segments. Typical applications of magnetic sensors include cameras, hard disk drives, printers, DVD players, video cassette players, cell phones and washing machines. Other application areas such as defense and healthcare have been estimated to gain the market share. 

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Regional Insights
Developed markets such as UK, United States, Japan and Korea is expected to be the key regional markets owing to their technology advancements in automotive markets and consumer electronics due to strong supplier system, presence of large semiconductor firms and sensor manufacturers. The size of region, affluence and competitiveness of its customers is estimated to boost. Increasing demand for magnetic sensors in developing countries such as china and India is projected to boost on a large range owing to growing demand for automobiles and consumer electronics investments in healthcare facilities, growing need for computer peripherals and computers and in industrial use is expected to drive the market in in Asia Pacific region. 

Competitive Insights
Increased need for magnetic sensors and technology advancements has attracted new players in magnetic sensor market. The key players in magnetic sensor market include Robert Bosch GMBH, Asahi Kasei Microsystems, NXPSemiconductors, NVE Corporation, Allegro Microsystems Inc., Alps Electrics Co. Ltd., Micronas Semiconductor, Denso Corporation, Austriamicrosystems AG, Memsic Corporation, Elmos Semiconductor AG, Melexis Semiconductor Inc., Microelectronic Systems, Freescale Magnetic Sensors Corp., Infineon Technologies AG and Honeywell International Inc. among others.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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