Magnetic Field Sensor Market Research Report - Global Forecast to 2027

Magnetic Field Sensor Market Research Report, By Type (Hall Effect Sensors), Range (1 Micro gauss, 1 Micro gauss–10 Gauss), Applications(Speed Sensing, Flow Rate Sensing), End-User - Forecast to 2027

ID: MRFR/SEM/3551-HCR | February 2021 | Region: Global | 100 pages

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Magnetic Field Sensor Market Overview:

The 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 are a type of sensor that detects magnetic fields and then converts them into electrical signals. Magnetic field sensors are used in a broad range of industries, such as automotive, aerospace, healthcare, defence and many more. If you are looking for a magnetic field sensor, there is no need to go far. The market for these sensors has been growing significantly in the last few years. With the introduction of the sensors, new opportunities have opened up for magnetic field research and industry.

A magnetic field sensor is a device that can measure the strength, direction, size, and location of an externally applied magnetic field. Magnetic field sensors are used in many different fields for different purposes. They are commonly used in the automotive industry to measure the intensity of electromagnetic fields generated by generators. They are also used to find leaks in pipelines or find products buried underground before digging starts.

Covid-19 Analysis:

The pandemic in the US is affecting the Magnetic Field Sensor Market in a significant way. Most of the populations are affected by this crisis. The population that was previously healthy and had no symptoms is now out of work because of this disease. The economic impact on this market will be huge because of the change in customers’ behaviour.

The pandemic effect on Magnetic Field Sensor Market is expected to be driven by the growing need for better security measures worldwide, increased demand for magnetic field sensors in industrial automation due to their low power consumption, and the development of new intelligent devices with high-level processing capabilities.

Market Dynamics:

  • Drivers:

The growing interest in remote health monitoring systems is driving demand for magnetic sensors. New applications of magnetic sensors are emerging in the healthcare sector. The governments are taking initiatives to promote virtualization that has led to growing opportunities for magnetic sensor manufacturers. Increasing usage of magnetic sensors in industrial automation is another factor that drives the growth of this market.

The Magnetic Field Sensor Market has been witnessing steady growth over the past few years as it is used widely across a variety of industries, including aerospace and defence, automotive, medical devices, and others. The sensors are used in a wide range of applications such as magnetic resonance imaging (MRI), navigation systems, 3D printers, power generation systems, nuclear power plants, MRI machines, etc.

  • Opportunities:

With advancements in technology, magnetic field sensors market potential is expected to grow exponentially over the coming years. Magnetic field sensors are used in many different applications such as metal detection, pollution monitoring and oil well drilling. These devices can be installed anywhere and provide excellent high-resolution information.

The Magnetic Field Sensors Market has been witnessing a significant increase in its adoption rate thanks to technological advancements that make it easier and faster to produce these devices. As the competition for magnetic sensors intensifies, the opportunities are limitless.

  • Restraints:

Restraints of the market are the high cost of sensors, complex supply chain, and insufficient safety standards. The market is experiencing a shortage of these sensors due to the decrease in demand and higher costs. Magnetic field sensors are used in various industries such as power generation and distribution and construction and mining. The use cases help understand the restraints on this market.

  • Challenges:

Magnetic field sensors are used in a wide array of applications in the industry. They are used for sensor calibration in smartphones, drones, and other devices. However, challenges in the market have decreased the demand for magnetic sensors over the years. The challenges are:

Decreased demand due to increased adoption of magnetometers and other alternatives such as gyroscopes and accelerometers.

High cost of magnetic field sensors due to their need for robust engineering and stringent quality control processes.

  • Cumulative Growth Analysis:

The growth in the industry is attributed to its applications in various industries such as healthcare, manufacturing, construction, agriculture, oil and gas production etc. The sensor market is growing at a rapid pace due to increased demand for its applications in various fields including automotive, retail, healthcare, and more. Achieving wider acceptance within these industries is also one of the major factors that are fuelling growth.

With so many companies investing in magnetic field sensors, there's been an increase in demand & the availability has improved drastically over the years. This will be a key trend that will drive future growth over time as more companies and industries adopt these sensors and analyse their benefits and applications.

Technology Analysis:

Magnetic field sensors have been around since the late 1940s. The technology has been improved over the years. It is a key component in a wide range of industries including manufacturing, transportation, health care, and many more. Magnetic Field sensors are becoming more and more common in the market. A lot of industries, such as automotive, aerospace, and construction use magnetic field sensors to collect valuable data that is used to improve resource utilization.

The magnetic field sensor technology is used to detect changes in magnetic fields that can be caused by temperature or other physical phenomena. This change in the magnetic field is then translated into an electrical current that corresponds to the magnitude of the change. The sensors also usually come with a digital signal processor for signal processing and high-speed analogue-to-digital converters for data acquisition.

Magnetic Field Sensor Market Segment Overview:

Application Areas:

Magnetic field sensors are widely used in different applications such as robotics, aerospace, manufacturing, medical devices, etc. The future of this market is bright with growing applications in various industries across the globe.

Robotics: Magnetic fields play an integral role in robotics system design and function due to their ability to determine possible collisions without any contact with the actual object being investigated.

Aerospace: Magnetic fields are used in aerospace engineering for navigation, flight planning, flight control planning and trajectory calculation for modelling aircraft operations when used together with other technologies such as magnetometers or accelerometers.

Technology Types:

The market is segmented into four types of magnetic field sensors:

  • Magnetic force sensors

  • Magnetometer

  • Hall effect sensor

  • Magnetic positioning sensor

Magnetic field sensors typically consist of three parts: an electromagnet, a coil, and a sensor. The sensor is usually made out of ferromagnetic material such as iron-based alloys and rare earth metals. There are two types of magnetic field sensors: inductive types and capacitive types.

Inductive sensors operate by using the principle that the current flowing through a coil causes a voltage to be generated in that coil due to its electromagnetic effect on the surrounding space. On the contrary, capacitive sensors work by sensing changes in electric charge on their surface due to the presence of a magnetic object or change in atmospheric conditions.

Magnetic Field Sensor Market Regional Analysis:

North America Magnetic Field Sensor Market is expected to register significant growth over the next few years owing to the increasing demand for motion sensors in consumer electronics and other applications such as home automation systems. The U.S., Canada, Mexico are leading countries in this market due to their highly developed consumer electronics. North America is expected to hold the largest market share with US$1 billion by 2023, followed by Europe with US$0.9 billion and the Asia Pacific with US$0.4 billion.

Competitive Landscape:

The growth of magnetic field sensors over the last few years has been phenomenal as companies invest heavily. The technology has been used primarily in the automotive, healthcare and other industries. K&D Group is leading the Magnetic Field Sensor Market with a market share of over 40%.

Competition for this market is high. The leading players Include:

  • Analog Devises Inc.

  • Texas Instruments Inc.

  • NXP Semiconductors NV

  • Sensata Technologies Inc.

  • Honeywell International Inc.

  • Vishay Intertechnology Inc.

  • Microchip Technology Inc.

Recent Developments:

Magnetic Field Sensors are small, low power devices that are used to detect the presence of magnetic fields in the environment. They are widely used in smart homes, cars, and industrial settings.

The Magnetic Field Sensor Market has grown at a significant rate in the last two to three years. Factors such as increasing demand for magnetic field sensors, rising adoption of robotics, and technological advancements are driving the growth of this market.

Report Overview:

Magnetic field sensors have been around for a while, but it was not until recently that this market started to get a major lift from the growth of IoT. This is because magnetic field sensors are used in various applications such as smart homes, hospitals, and manufacturing plants. In the past few years, several industries have been adopting these magnetic field sensors due to their reliability and accuracy.

  • Historic Period: 2015-2019

  • Base Year: 2028

  • Forecast Period: 2021-2028

Magnetic Field Sensor Market Segmentation:

By Service:

Magnetic field sensors are used in various industries including construction, manufacturing, aerospace & defence, electronics, healthcare and others. The growth of this market can be attributed to the rise in demand for magnetic field sensors that are smaller in size, more accurate and provide higher throughput rates. The global magnetic field sensor market is categorised based on types of sensors such as magnetometers, fluxgate magnetometers and vector magnetometers. The global magnetic field sensor market is segmented based on types of sensors such as magnetometers, fluxgate magnetometers and vector magnetometers.

By Technology:

The application of magnetic sensors in wearable devices is increasing due to the increase in demand for health-monitoring devices. This kind of device can help individuals monitor their health and fitness levels accurately with ease. The use of these sensors in environmental monitoring systems and smart buildings will also contribute to the increase in demand for magnetic field sensors. Magnetic field sensors are used to measure magnetic fields that exist in both the physical and digital worlds. These magnetic field sensors can be used for different reasons such as:

  • Detecting and measuring objects and materials with different magnetic properties.

  • Detecting and measuring changes in magnetic fields caused by devices or systems. 

By Region:

  • U.S.

  • Canada

  • Mexico

  • North America

  • Europe

  • Asia Pacific

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Frequently Asked Questions (FAQ) :

Global magnetic field sensor market is projected to grow at approximately 8% CAGR during the assessment period (2017-2023).

The valuation of the global magnetic field sensor market is estimated to increase to approximately USD 6 BN by the end of 2023.

Emergence of wearable technologies, the increasing role of magnetic flux sensors in applications, and the penetration of MEMS technology are major tailwinds pushing the growth of the global magnetic field sensor market.

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

North America is expected to hold the highest market share in the global magnetic field sensor market.