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.
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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.
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.
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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.
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