Global Magnetic Field Sensors Market 2016-2020
About the Magnetic Field Sensor Market
Magnetic field sensors are devices used to sense and study the magnetic field around electrical devices, permanent magnets, and coils. These sensors are made of rotating sensor tip that measures transverse and longitudinal magnetic fields. Traditional magnetic field sensors facilitated navigation on oceans by sensing the magnetic poles of the Earth. Since then, the application of magnetic sensors has expanded to industrial use, for the detection of a magnetic field's strength, presence, and direction from soft magnets, permanent magnets, brain wave activity, vehicle disturbances, and fields generated from electric currents. Magnetic sensors are the primary navigation means for industrial control systems. The increasing demand for compact size, improved sensitivity, and compatibility to control systems has driven the need for magnetic field sensing technology.
Technavio’s analysts forecast the global magnetic field sensor market to grow at a CAGR of 9.78% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global magnetic field sensor market for 2016-2020. The market size is calculated on the basis of revenue generated from the sales of magnetic field sensors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Magnetic Field Sensor Market 2016-2020
Technavio recognizes the following companies as the key players in the global magnetic field sensor market: Allegro MicroSystems, Asahi Kasei, Infineon Technologies, and Micronas Semiconductor.
Other Prominent Vendors in the market are: Bosch Sensortec, Honeywell, Melexis Microelectronic Systems, MEMSIC, and NXP Semiconductors.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is propelling market growth is the emergence of wearable tech. Globally, individuals are increasingly adopting wearable devices to enhance the quality of their lifestyle. Wearable tech is a mobile form of communications technology that is worn on the body and can be used to monitor daily activities and access smartphone functionalities. It includes smart watches, smart glasses (such as Google Glass), smart fabrics, heart rate monitors, and fitness tracking gadgets (such as FitBit Surge). Magnetic sensor manufacturers such as Infineon have started developing MEMS magnetic sensors to support the requirements of wearable technology.”
According to the report, a key growth driver is the improved efficiency in the automotive segment. Numerous sensors are required in modern cars, and many more automotive applications are expected to be introduced in the coming years. This can be attributed to consumers demanding features that improve safety, handling, stability, performance, comfort, and convenience. In vehicles, the body and powertrain segments show the highest potential for magnetic field sensors.
Further, the report states that one challenge that could hamper market growth is the adverse effect of temperature on sensor operations.
Allegro MicroSystems, Asahi Kasei, Infineon Technologies, Micronas Semiconductor, Bosch Sensortec, Honeywell, Melexis Microelectronic Systems, MEMSIC, NXP Semiconductors.
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