The global magnetic field sensor market 2020 report by Market Research Future, is presenting significant growth possibilities. Such growth may reach an 8% CAGR during the forecast period of 2017 to 2023. In this report, the experts have also spotted the light on the valuation that the market will be achieving, which is USD ~6 billion by 2023 during the same growth period.
Market Key Players
The list prominent players in the global magnetic field sensor market are MEMSIC Inc. (U.S.), Honeywell International Inc. (U.S.), Asahi Kasei MicroDevices (Japan), Analog Devices, Inc. (U.S.), TDK Corporation (Japan), Allegro MicroSystems, LLC (U.S.), Robert Bosch GmbH (Germany), ams AG (Austria), Tower Semiconductor Ltd. (Israel), Infineon Technologies (Germany), TE Connectivity Ltd. (Switzerland), Crocus Technology (U.S), Sanken Electric Co., Ltd. (Japan), MELEXIX N.V (Belgium), Kohshin Electric (Japan), NXP Semiconductors N.V (Netherlands), PASCO Corporations (Japan) and NVE Corporation (U.S).
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Market Growth Factors & key Challenges
The influential growth story of the global magnetic field sensor market includes factors such as The evolution of wearable technologies and the rising role of magnetic flux sensors in applications. Magnetic field sensors can be discussed in terms of its usability across numerous safety systems such as force and torque sensing, Electronic Stability Control (ESC) and Anti-Lock Braking Systems (ABS), steering angle sensing, among others. Magnetic field sensor is gaining popularity due to its ability to enhance user navigation, which is going to support the market growth in the coming years.
Renowned company names such as Analog Devices, Inc. (U.S.), Honeywell International Inc. (U.S.), AMS AG (Austria), TDK Corporation (Japan), Infineon Technologies (Germany), Robert Bosch GmbH (Germany), are the leading wage-earners of magnetic field sensor solution in the global market. The study further emphasizes a vital event that says on September 27, 2017, Tower Semiconductor Ltd. and Crocus Technology broadcasted their product expansion in the magnetic sensors market, which included magnetic transducers that can sense a magnetic field. These could be widely used in modern industries and electronics. Such events have assisted the market in developing over the years. They are still in the stage of expansion, keeping an aim to cross the current valuation in the forecast period.
To brace up more the market’s worth and growth, the study further takes a note that wearable technologies, at present, are widely used in consumer electronics devices. Additionally, penetration of MEMS technology is profusely propelling the market growth of the magnetic field sensor. The contribution of MEMS technologies in various sectors such as automotive, industrial, consumer electronics, aerospace, medical, defense, and others is what makes the global market of magnetic field sensor double-digit. This will also continue to impact the market’s growth in the forecast period.
In recent times, the global magnetic field sensor market is more expected to gain substantially from rising demand in consumer electronics due to smartphone proliferation. Thus, on the contrary, the factor of amplified demand for low-cost magnetic field sensors may pose as a crucial challenge to market growth over the forecast period.
The segmental analysis of the global magnetic field sensor Industry has been done among types, range, applications, end-users. The study insights fetched from a detailed understanding of the market players in designing a proper strategy for the coming years.
The type segment includes magneto resistive sensors, SQUID sensors, Hall Effect sensors, fluxgate sensors, and others. Among these, the Hall Effect sensors further sub-segmented into tunnel magneto resistive sensors, giant magneto resistive sensors, anisotropic magneto resistive sensors, and others. Also, the magneto resistive sensors more bifurcated into hall ICs and hall elements. In the last, the SQUID sensors are sub-categorized into high-temperature SQUID and low-temperature SQUID.
The range segment of the market includes 1 micro gauss–10 Gauss (Earth Field Sensors), <1 micro gauss (Low-Field Sensors), >10 Gauss (BIAS Magnetic Field Sensors) consoles.
The application segment thus includes flow navigation and electronic compass, rate sensing, speed sensing, position sensing, detection, and others.
The end-users segment included consumer electronics, transportation, healthcare, BFSI, industrial, aerospace & defense, and other sectors.
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The global market of the magnetic field sensor is spanned across regions such as North America, Europe, Asia Pacific, and the rest of the world.
The regional market of the magnetic field sensor would be backed by the ample contributions made in increasing demand, and high investment activities in the North American region. Also, the growing investment being made in smart devices is thus propelling the market growth to a large extent.
The magnetic field sensor market in the Europe region will also be witnessing rapid growth in the forthcoming period.
Whereas, Asia Pacific countries such as China, Japan, and India is an emerging magnetic field sensor market, which is expected to grow at the highest CAGR in the coming years. The reason behind the emergence of the market is the automotive demand from India and China. This is encouraging the manufacturers to make higher investments resulting in fueling the magnetic field sensors market growth in the region.
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