The global magnetic field sensor market is currently valued at more than USD 2 billion and is expected to surpass USD 3 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global magnetic field sensor market, under its sensors portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Allegro MicroSystems, Asahi Kasei, Infineon Technologies, and Micronas Semiconductor Holding.
According to Sunil Kumar Singh, a lead analyst for sensors research at Technavio, “Magnetic sensors are mainly used in the automotive sector and it accounts for about 50% of the demand. The growing demand for integration of safety functions in automobiles has created opportunities for the smaller and more compact magnetic field sensors. The advances in magnetic field sensors coupled with the growth of hybrid and electric vehicles is expected to propel growth of the global magnetic field sensor market over the next four years.”
The body and powertrain segments in vehicles, show the highest potential for the use of magnetic sensors. In the body (cabin) domain there are over 35 applications for sensors, mainly hall-effect magnetic sensors along with low-cost micro switches, reed switches, and potentiometers. Furthermore, the growing integration of GPS in vehicles for navigation purposes is likely to spur an upsurge in the demand for e-compasses, which in turn, will propel the demand for magnetic sensors.
Click here to request a free sample of this report
Emergence of wearable technologies
Wearable technology is expected to gain mainstream acceptance during the forecast period. For instance, Google Glass is used to perform multiple tasks such as navigation, obtaining information about new things, video recording, social networking, as well as finding nearby places and friends. Such new application areas need many types of sensors including magnetic field sensors, leading to growth of the global magnetic field sensor market.
Improved size and cost-effectiveness of magnetic field sensors
The use of semiconductor manufacturing has enabled the fabrication of magnetic sensors in a cost-efficient way, thereby making it possible to manufacture millions of sensors for high-cost applications such as industrial motors, mid-level automotive segment, and low-cost consumer electronics segment. The high-performance, low implementation and maintenance cost of magnetic sensors in comparison with its competitive technologies, such as reed switches or microswitches, is anticipated to propel the demand for these devices.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Magnetic Field Sensors Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wireless Sensors Market 2017-2021
- Global Acoustic Sensors Market 2017-2021
- Global Nanosensors Market 2017-202
To read more press releases – click here
