Magnetic Field Sensors Market – Industry Players to Show High Growth Rate by 2024

Magnetic Field Sensors Market

Global Magnetic Field Sensors Market: Overview

Magnetic field sensor is a device, which is used to measure and detect magnetic field around permanent magnets, coil, and the electrical device. It consists of rotating sensor tip which helps in measuring both longitudinal and transverse magnetic fields around the objects. Magnetic field sensor measures strong and weak magnetic fields. The field around permanent magnets is a strong magnetic field and a weak magnetic field is Earth’s magnetic field. Magnetic field sensors are broadly used in various safety systems that include anti-lock braking systems, steering angle sensing, electronic stability control, and force and torque sensing. Magnetic field sensors have a wide range of uses in various industries such as consumer electronics industry, homeland security, healthcare, and military & defense.

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Global Magnetic Field Sensors Market: Growth Factors

The motivation by the government for using the eco-friendly vehicle and smartphone proliferation at every corner of the world are factors that anticipate fueling the magnetic field sensors market growth. Recent advancement in the field of automobile infotainment systems and the increasing need to integrate safety function in vehicles is expected to open up new growth opportunities in the market. The constant demand for computing peripherals and gaming consoles fuels the market growth. E-compass is gaining popularity as it enhances user navigation thus positively impacting the magnetic field sensors market. Technological advancements and rising acceptance of the magnetic field sensors in the medical applications in emerging economies is anticipated to augment the market growth. However, distortion variation, temperature fluctuations, the inconsistency of the magnetic field sensor body, low-cost magnetic field sensors, and unavailability of aftermarket service are factors hampering the magnetic field sensors market growth.

Global Magnetic Field Sensors Market: Segmentation

The magnetic field sensors market is segmented based on the type, application, end-user industry, and range. The type segment is classified into fluxgate sensors, Hall-Effect sensors, squid sensors, magnetoresistive sensors, and others. Based on the application, the market is segmented into position sensing, flow rate sensing, navigation and electronic compass, proximity detection, and others. The end-user industry segment is divided into healthcare, automotive, industrial, consumer electronics, aerospace & defense, and others. On the basis of range, the market is bifurcated into >10 Gauss, <1 Microgauss, and 1 Microgauss–10 Gauss.

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Global Magnetic Field Sensors Market: Regional Analysis

North America holds the largest market share in the magnetic field sensor market, which is followed by Europe and Asia-Pacific. Asia Pacific is the highest revenue-generating region for the magnetic field sensors. The booming market for tablets, cars, and smartphones are propelling the market for magnetic field sensors in Asia Pacific. India, South Korea, China, and Southeast Asian countries are contributing a high economic growth rate. The U.S. and Japan are emerging markets for magnetic field sensing technology. The automotive demand in India and China is encouraging the manufacturers to make higher investments. This is anticipated to fuel the magnetic field sensors market growth in the region.

Global Magnetic Field Sensors Market: Competitive Players

Key market competitors in the global magnetic field sensors market include Asahi Kasei Microdevices Corporation, Allegro MicroSystems Inc., Memsic Inc., Infineon, Melexis Microelectronic Systems, Robert Bosch GmbH., NXP Semiconductors, and Honeywell International.

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About Martin Glenn 226 Articles
Martin Glenn is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.

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