Magnetic field sensors: Key market research findings
- APAC dominates the market geographically
- Hall effect sensors account for a significant share of the market’s revenue
- Key vendors – Allegro MicroSystems, Asahi Kasei, Infineon Technologies, and Micronas Semiconductor
Technavio’s market research analysts predict the global magnetic field sensors market to grow at a CAGR of almost 10% between 2016 and 2020. The market’s growth can be attributed primarily to the improved efficiency in the automotive segment. The increasing need for features that improve safety, handling, stability, performance, comfort, and convenience is triggering an upsurge in the demand for sensors required in modern cars, and other automotive applications. By 2020, the APAC region will continue its dominance over the global magnetic field sensors by accounting for almost 37% of the overall market share. The phenomenal increase in the disposable income of the population in the region and the resultant consumption of cars, smartphones, and tablets is expected to propel growth in the magnetic field sensors market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the magnetic field sensors segments based on the technology.
“Recently, there has been much emphasis on the improvement of the size and cost-effectiveness of magnetic field sensors. The high performance and low implementation and maintenance costs of magnetic sensors, in comparison to competing technologies such as reed switches or microswitches, is expected to drive their demand during the forecast period. Furthermore, the integration of technology into magnetic field sensors will lead to the reduction in the size of the magnetic field sensing system. The reduced size of these magnetic sensors will ensure their compliance with more applications,” says Asif Ghani, Lead Analyst, Semiconductor, Technavio Research.
During 2015, the Hall effect sensor segment dominated the global magnetic field sensors market by accounting for around 68% of the overall market revenue. Hall effect sensors enable the sensing systems of the car to assess the position of the driver and the seat and send the information to the airbag system using controllers. The role of magnetic field sensors such as Hall effect sensors is to measure seat alignment, which is crucial to car safety.
The key vendors in the market include Allegro MicroSystems, Asahi Kasei, Infineon Technologies, and Micronas Semiconductor. The vendors in the global magnetic field sensor market compete on the basis of technical advances and innovate to capture the market of a particular customer segment. The competition in the market is quite intense due to the presence of a vast number of well-established players. The vendors compete based on factors such as performance, innovation, product features, quality, cost, selling price, distribution, and financial stability.
A more detailed analysis is available in the Technavio report, Global Magnetic Field Sensors Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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