The widespread application of magnetic field sensors across a number of industries to detect the magnetic field of the earth as well as that of soft magnets, permanent magnets, electric currents, and vehicle disturbance, has influenced their demand greatly over the past few years. These sensors also find prominent applications in automobiles and consumer electronics, owing to which, the ongoing surge in these industries are likely to add to their increasing demand remarkably over the next few years.
According to TMR, the opportunity in the magnetic field sensors market, globally, is expected to rise at a CAGR of 8.30% during the period from 2015 to 2021, increasing from an overall value of US$2.0 bn in 2014 to an estimated value of US$3.5 bn by the end of 2021.
The strict rules and regulations implemented by various governments to increase the use of energy-efficient as well as eco-friendly appliances, particularly in developed countries in North America and Europe, is also expected to boost the demand for these sensors in the near future. However, the inadequate supply of aftersales services and the continual price erosion in this market is estimated to hamper the market’s growth considerably in the coming years.
Increasing Demand for Hybrid and Electric Vehicles Fuels Application of Magnetic Field Sensors in Automotive Sector
Industrial, healthcare, robotics, defense and aerospace, energy, consumer electronics, power and utilities, and automotive are the prime application areas of magnetic field sensors. The automotive industry has surfaced as the leading consumer of these sensors among these segments.
The increasing demand for hybrid and electric vehicles has given an upward push to the application of these sensors in this segment, fueling their demand significantly. Analysts expect the magnetic field sensors segment to rise in valuation at a high single-digit CAGR to touch US$959.4 mn by the end of 2021. Other segments are also expected to report a rise in the application of these sensors in the years to come.
Asia Pacific to Present Most Promising Opportunities to Magnetic Field Sensors Manufacturers
Regionally, the worldwide magnetic field sensors market is broadly segmented in Asia Pacific, Europe, North America, and the Rest of the World. North America emerged as the key contributor to this market in 2014 with a share of more than 40%. Europe and Asia Pacific trailed closely with a share of 31% and 20%, respectively.
The increase in the research and development activities, together with the early adoption of latest technologies, has been driving the opportunity in these sensors in North America, which is likely to reach US$1.4 bn by the end of 2021. Asia Pacific, however, is anticipated to present most promising opportunities to manufacturers over the years to come due to the surge in the consumer electronics and the automotive industries in this region.
Allegro Microsystems, Asahi Kasei Microsystems, and Infineon Technologies are the key manufacturers of magnetic field sensors across the world. In 2014, together they accounted for a share of 66.5% in the overall market. NXP Semiconductors, Honeywell International, Micronas Semiconductors Holdings AG, ams AG, Memsic Inc., and Melexix NV are some of the other prominent participants in this market.
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