Magnetic Field Sensors Market Analysis and Value Forecast Snapshot by End-use Industry 2017-2027
Magnetic Field Sensors market is growing significantly due to increasing applications of these Magnetic Field Sensors in various industries such as healthcare, consumer electronics, aerospace and defense and others. Moreover, the rising use of these Magnetic Field Sensors for monitoring temperature, detect changes, and provide an interface that can sense, process, and/or control the surrounding environment.
Magnetic field sensor can be called as a device that is used to understand the magnetic field around coil or some electrical device. These Magnetic field sensor includes rotating sensor tip that measures both transverse and longitudinal magnetic fields around the particular objects. Moreover, these Magnetic field sensors includes Hall Effect transducer that helps in measurement of vector component of magnetic field near to the sensor tip. Furthermore, Magnetic field sensor used to measure two ranges of magnetic field; measurement of strong magnetic fields across permanent electromagnets and measurement of weak magnetic fields such as Earth’s magnetic field.
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Magnetic Field Sensors Market: Drivers and Challenges
The major factor driving the adoption of Magnetic Field Sensors market is the increasing government support for development of eco-friendly vehicle. Moreover, continuous development in the market of automobile infotainment systems is also helping this market to grow. Other factors that are driving this magnetic field sensors market are the growing usage of high quality sensing devices and increasing applications of magnetic sensors such as navigation.
The key challenge for Magnetic Field Sensors market is high cost of development. The process of developing magnetic field sensors is too long and requires huge amount to be invested due to which manufacturers of magnetic field sensors face difficult in developing these sensors in a shorter period of requirement. Moreover, while in development process lack of infrastructure, supporting capabilities and economy of scale to compete against IDMs acts as another factors that restraints this market from growth.
Magnetic Field Sensors Market: Segmentation
Segmentation on the basis of type:
- MEMS based magnetic field sensors
- Hall effect magnetic field sensors
- Fluxgate sensors
- Magnetoresistive sensors
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Segmentation on the basis of application:
- Flow rate sensing
- Position sensing
- Proximity detection
In October 2016, AMS, a sensor and analog solution provider has entered into the agreement to acquire Heptagon, an optical packaging and micro-optics solution provider. This acquisition will help AMS to improve its positioning in optical sensing technologies market.
In March 2016, Analog Devices has entered into the agreement to acquire SNAP sensor SA, a sensing technology provider. This acquisition will help Analog Devices in increasing its client base and position in sensing, signal processing and platform-level Internet of Things (IoT) solutions market.
In Magnetic field sensors market there are many vendors some of them are Analog Devices, AMS AG, NXP semiconductors, MEMSic, Honeywell, Infineon technologies and others
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Presently, North America is holding the largest market share for Magnetic Field Sensors market due to high adoption of these sensors in various industries such as automotive, consumer electronic and healthcare. There is a high adoption of these magnetic field sensors because they outperform potentiometers, reed sensors, and mechanical switches at higher performance levels due to their robustness and the elimination of mechanical wear, a common source of premature failure. MR sensors feature inherently low hysteresis and high linearity for improved measurement accuracy.
In Europe and Asia Pacific regions, the market for Magnetic Field Sensors is witnessing high growth rate due to the increasing demand due to their ability to enhance the user navigation experience in consumer electronic devices.