Magnetic Field Sensor Market Size To Expand at a Notable CAGR Of 8% During 2017 - 2023

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Magnetic Field Sensor Market.

Overview:

Magnetic field sensors are capable of detecting the presence, strength, or direction of magnetic fields from various objects, without physical contact. Magnetic field sensors serve as a primary means of navigation and the magnetic field sensor technology has evolved over the years driven by the need for improved sensitivity, enhanced compatibility, and smaller size. Magnetic field sensors are not only intended for measuring magnetic fields but also assist in the measurement of other parameters such as the presence of magnetic ink, vehicle detection, heading determination, and wheel speed applications. Market Research Future (MRFR) has deemed the growth of the global magnetic field sensor market to be healthy at a CAGR of 8% over the forecast period of 2017-2023.

Magnetic field sensors are gaining much traction in the sensors market where they are used in a myriad of engineering applications. Tremendous growth opportunities have cropped up for the global magnetic field sensor market owing to its application in the internet of Things (IoT), wearable, automotive, environmental monitoring, and proximity detection.

Heightened demand from the automotive industry is a factor sustaining the growth of the global magnetic field sensor market. Currently, new automobile features up to almost 80 applications that rely on magnetic field sensors. Various automobile components use magnetic field sensors for applications ranging from the measurement of wheel speed or crankshaft speed to acceleration measurement. Additionally, high regulatory safety standards require automobiles to be equipped with high-level magnetic field sensors to ensure compliance with such standards which further stimulates the growth of the global magnetic field sensors market.

Magnetic field sensors are also used in other industrial and consumer application. The number of application areas of magnetic field sensor is on the rise which is further fueling the growth of the global magnetic field sensor market. Moreover, magnetic field sensors have attracted the interest of industrial giants resulting in their incorporation in novel devices.  Furthermore, rigorous R&D efforts in the field of magnetic field sensors have resulted in the expansion of the global magnetic field sensor market since they can aid advances in several fields of engineering.

Segmentation

The global magnetic field sensor market has been segmented based on type, range, application, and end user.

By type, the global magnetic field sensor market has been segmented into Hall Effect sensors, magneto resistive sensors, SQUID sensors, fluxgate sensors, and others. The Hall Effect sensors segment has been further segmented into anisotropic magneto resistive sensors, giant magneto resistive sensors, tunnel magneto resistive sensors and others. The magneto resistive sensors sub-segment has been further segmented into hall elements, hall ICs, and others. The SQUID sensors segment has been further segmented into low-temperature SQUID, high-temperature SQUID and others.

By range, the global magnetic field sensor market has been segmented into <1 micro gauss (Low-Field Sensors), 1 micro gauss–10 Gauss (Earth Field Sensors), >10 Gauss (BIAS Magnetic Field Sensors) consoles.

By application, the global magnetic field sensor market has been segmented into speed sensing, flow rate sensing, detection, position sensing, navigation, and electronic compass and others.

By end user, the global magnetic field sensor market has been segmented into transportation, consumer electronics, BFSI, healthcare, aerospace & defense, industrial and other sectors.

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Regional Analysis

By region, the global magnetic field sensor market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is one of the most significant markets for magnetic field sensor. The market in the region is proliferating due to high investment in smart devices which is acting favorably for the growth of the market. In addition, the presence of key players in the region such as Honeywell International Inc. (U.S.), Allegro MicroSystems, LLC (U.S.), Analog Devices, Inc. (U.S.) acts as a plus for the growth of the market. Europe too is an important growth pocket and is anticipated to witness noteworthy growth over the forecast period. APAC is expected to register the highest CAGR over the forecast period. China, Japan, and India are emerging markets for magnetic field sensors.

Competitive Landscape

The notable players in the global magnetic field sensor market include MELEXIX N.V (Belgium), TE Connectivity Ltd. (Switzerland), NVE Corporation (U.S), Allegro MicroSystems, LLC (U.S.), Kohshin Electric (Japan), Robert Bosch GmbH (Germany), TDK Corporation (Japan), Honeywell International Inc. (U.S.), Tower Semiconductor Ltd. (Israel), PASCO Corporations (Japan), Analog Devices, Inc. (U.S.), Crocus Technology (U.S), NXP Semiconductors N.V (Netherlands), MEMSIC Inc. (U.S.), Sanken Electric Co., Ltd. (Japan), Infineon Technologies (Germany), ams AG (Austria), and Asahi Kasei MicroDevices (Japan).

Industry Updates

In December 2018, a group of researchers from Japan’s National Institute of Materials Science at the University of Tsukuba and LG Japan Lab Inc. developed a magneto resistance ratio enhancement device which could open the door to highly sensitive magnetic field sensors. The report of their findings has been published in the Journal of Applied Physics.