The demand within the global market for magnetic field sensors has been expanding on account of advancements in the field of electronics and semiconductors. Magnetic field sensors are microelectromechanical systems that are used for detection of magnetic fields in a specified region. They have played a pivotal role in overhauling multiple industries and leveraging the production process to the advantage of manufacturers. The use of magnetic field sensors to gauge the intensity of the magnetic field around vehicle disturbances, soft magnets, electric currents, and permanent magnets has played a major role in the boisterous of market growth. Hence, it is safe to estimate that the global magnetic field sensors market would keep attracting commendable revenues over the forthcoming years.
The electronics and semiconductors industry keeps evolving due to the continual invention and manufacture of new electronic devices. This in turn leads to greater deployment of magnetic field sensors in the industry, thus, giving a boost to the demand within the global market. Furthermore, the use of magnetic field sensors in the automobile industry has also created a launch pad for the growth of the global magnetic field sensors market. Several national and regional governments have stipulated rules with regards to the use of energy-efficient technologies. This has also accelerated the growth rate of the global market for magnetic field sensors over the past decade.
A report by Transparency Market Research (TMR) is estimated to expand at a healthy CAGR of 8.30% over the period between 2015 and 2021. Furthermore, the global market is projected to accumulate revenues worth US$3.5 bn by 2021-end, rising up from a value of US$2.0 bn in 2014.
Automotive Sector to Emerge as Key End-Use Industry
Several key industries such as aerospace, robotics, industrial, healthcare, consumer electronics, defense, and automotive are using magnetic field sensors for multiple applications. Amongst these, the automotive industry has emerged as the key end-use industry due to the advancements in the field of electric vehicles over the past decade. Furthermore, the field of robotics has also undergone vital development in recent times, and this has given a push to the growth rate of the global magnetic field sensors market. On the basis of technology, the global market for magnetic field sensors can be segmented into earth field sensor technology, low field sensor technology, and bias magnetic field sensor technology. Based on the type of magnetic field sensors, the global market is segmented into fluxgate sensors, magneto-resistive sensors, hall-effect sensors, and SQUID sensors amongst others.
North American Market to Expand at a Boisterous Rate
The demand for magnetic field sensors in North America has been escalating at a boisterous rate over the past decade, majorly due to the immaculacy of the electronics industry in the US and Canada. Furthermore, continual research in the field of magnetism across the US has also created commendable demand within the global market for magnetic field sensors. Industrial development in India and China has taken a fresh course in recent times, and this has enhanced the growth prospects of the global magnetic field sensors market in Asia Pacific.
Some of the key vendors in the global market for magnetic field sensors are NXP Semiconductors, Micronas Semiconductors Holdings AG, Honeywell International, ams AG, Melexix NV, and Memsic Inc.
Magnetic field sensor is a device which is used for studying the field around electrical devices, coils and permanent magnets. These sensors were previously used only for direction finding or navigation by sensing the Earth’s magnetic poles. However, the application of magnetic field sensors have expanded vastly as different industries have adopted a variety of these sensors to detect the direction, presence or strength of not only earth’s magnetic field, but also from magnetized soft magnets, permanent magnets, vehicle disturbances and fields generated from electric currents. Demand for better efficiency and high sensing performance is fuelling the adoption of these sensors in various applications. The global magnetic field sensors market has been segmented on the basis of technology, types, applications and geography. A cross sectional study of the market broadly across four major regions has also been covered under the purview of the study.
Many factors, such as surge in demand for these sensors in the automobile industry, increase in demand for consumer electronics and appliances and growing popularity of electronic compasses are driving the growth of overall magnetic field sensors market. Stringent government regulations across North America and Europe are encouraging the widespread adoption of energy-efficient and eco-friendly devices. Magnetic field sensors are one of the core components of these products. Therefore, increasing demand for power efficient and smarter electronic devices has significantly increased the demand the usage of these sensors over the last decade. Furthermore, the healthy economic growth of emerging markets such as China, India and Taiwan is also boosting the growth of the latest technologies, which is in turn, fuelling the demand for magnetic field sensors. The conjoint effect of all these trends and drivers is thus set to bolster the growth of the global market during the forecast period.
Various government policies globally are setting standards for lower fleet-average fuel consumption and providing financial incentives for vehicle electrification, which is triggering the drive to reduce fuel consumption in the automotive sector. This in turn has resulted in the growing demand for electrified vehicles. The usage of advanced magneto-resistive sensors is anticipated to steadily increase in the field of electric drives. This is expected to offer potential growth opportunity to the global magnetic field sensors market. Moreover, emerging economies such as India and China, with their massive population are providing an enormous market for the new innovations in automotive sector. Rising awareness among consumers has given rise to favorable conditions for the consumer electronics market in Middle East and Africa. This in turn, is expected to further bolster the market growth of magnetic sensors.
The competitive profiling of the leading players in the global magnetic field sensors market across four major geographic regions is also covered under the scope of the report. These include various business strategies that have adopted by the major players and the recent developments as per the secondary data available. In order to provide a competitive insight of global magnetic field sensors market, the market attractive analysis has been provided in the report.
A comprehensive analysis of market dynamics that include the market drivers, restraints and opportunities is included under the purview of the study. Market dynamics are the distinct factors which exert an influence on the growth of a particular market and therefore help in studying the current trends of the global market. Thus, this report offers an inclusive study of the global magnetic field sensors market, along with providing the forecast of the market for the period from 2015 to 2021.
Some of the major players in the market are: Infineon Technologies (Germany), Allegro MicroSystems LLC (Massachusetts), Austria Microsystems AG (Austria), Honeywell International (U.S.), NXP Semiconductors (Netherlands), Asahi Kasei Co (Japan), Micronas Semiconductors Holdings AG (Switzerland), Melexix NV (Belgium) and Memsic Inc. (Massachusetts) among others.
The global magnetic field sensors market has been segmented into:
Magnetic field sensors market, by Technology
- Low Field Sensor Technology
- Earth Field Sensor Technology
- Bias Magnetic Field Sensor Technology
Magnetic field sensors market, by Types
- Hall-effect Sensors
- Magneto-resistive Sensors
- SQUID Sensors
- Fluxgate Sensors
Magnetic field sensors market, by Application:
- Consumer electronics
- Energy, Power and Utilities
- Aerospace & Defense
Magnetic field sensors market, by Geography: North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East