According to the new market research report “Magnetic Field Sensors Market by Type, Range, Application, End-User Industry – Global Forecasts to 2022”, published by MarketsandMarkets, the market is expected to reach $4.16 billion by 2022, at a CAGR of 8.87 percent between 2016 and 2022.
The major factors driving the growth of the magnetic field sensors market include the rising demand for MEMS-based sensors across industry verticals, surge in automotive industry, increasing demand for high-quality sensing devices, and continuous growth in consumer electronics applications. The market is further driven by the major role of magnetic field sensors in applications such as navigation.
Magnetic field sensors have a huge opportunity for growth in the automotive industry. It is widely used for safety as well as for navigational purposes owing to its high performance and functionality along with cost effectiveness. These are also implemented in automobile vehicles in door switches, engine position, rotary position, linear position, timing, and displacement applications. They are widely adopted for safety features in cars and bikes in anti-lock braking system (ABS) technology which helps in preventing the wheel from locking up while braking and helps prevent skidding of vehicles, thereby minimizing the occurrence of accidents.
The Magnetic Field Sensors Market for the >10 gauss range are expected to witness the highest growth rate between 2016 and 2022. These are widely used in the consumer electronics, industrial, and medical sectors for various applications. They are also used in computer hard disk drives in laptops and computers. In the medical sector, they are used in biosensors and in applications such as displacement sensing, proximity detection, rotational reference. Reed switch is popular among industrial control because of its advantages as it is maintenance free and has a high resistance to dirt and contamination.
Magnetic field sensors have a growing demand in APAC owing to the increasing focus of the region toward the automotive, consumer electronics, and healthcare sectors. In this study, the APAC market has been segmented into India, China, Japan, South Korea and Rest of APAC. Asia-Pacific is a major market for various sectors such as consumer electronics and automotive, among others. Moreover, the Asia-Pacific region is one of the potential markets for the healthcare and industrial sector as countries such as China, India, and Australia, among others are actively trying to strengthen their position in these markets.
The major companies involved in the development of magnetic field sensors include Asahi Kasei Corporation (Japan), Sanken Electric Co., Ltd. (Japan), Infineon Technologies AG (Germany), Melexis NV (Belgium), Micronas Semiconductor Holdings AG (Switzerland), NXP Semiconductors N.V. (Netherlands), Robert Bosch GmbH (Germany), AMS AG (Austria), Analog Devices, Inc. (U.S.), Honeywell International Inc. (U.S.), TE Connectivity Ltd. (U.S.), MEMSIC Inc. (U.S.), and Bartington Instruments Ltd (U.K.), among others.