Magnetic Field Sensor Market Scope
Magnetic field sensor, a device which is used to measure and detect magnetic flux and direction of a magnetic field. The device is highly used in navigation, scientific measurement and also various applications including automotive, electronics and modern industry to measure the current, position and direction by induced magnetic field intensity. The current trend of smart gadgets such as smartphones, tablets, computer and growing industrial IoT technology (IIoT) is propelling the use of magnetic field sensors and offering the humongous opportunity to the key market players.
According to AMA, the Global Magnetic Field Sensor market is expected to see growth rate of 8.67% and may see market size of USD5.4 Billion by 2026.
Research Analyst at AMA estimates that United States and Japanese Players will contribute to the maximum growth of Global Magnetic Field Sensor market throughout the predicted period.
Asahi Kasei Microdevices Corporation (Japan), Allegro Microsystems (United States), Infineon Technologies (Germany), TDK Corporation (Japan), Melexis NV (Belgium), Honeywell (United States), TE Connectivity (Switzerland), AMS AG (Austria), NXP Semiconductors (The Netherlands) and Kohshin Electric Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are QuSpin (United States), Sensitec GmbH (Germany), Crocus Technology (United States), Coto Technology (United States) and Multidimension Technology Co. Ltd. (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Magnetic Field Sensor market by Type (Hall Effect Sensors , Magnetoresistive Sensors , Squid Sensors , Fluxgate Sensors and Others ), by Application (Speed Sensing , Detection/NDT , Position Sensing , Navigation and Electronic Compass and Flow Rate Sensing ) and Region with country level break-up.
On the basis of geography, the market of Magnetic Field Sensor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In January 2019, Allegro MicroSystems has announced the release of its most advanced transmission speed sensor family members. These devices have been developed in accordance with ISO 26262:2011 as a hardware safety element out of context with ASIL B capability for use in automotive safety-related systems. and In January 2019, TDK Corporation and the Joint Research Department of Advanced Medical Technology and Department of Cardiovascular Medicine at the Graduate School of Medical and Dental Sciences of Tokyo Medical and Dental University (TMDU) have jointly succeeded in the world’s first real-time measurement of magnetic field distribution of the heart using high-sensitivity MR elements
Market Trend
- Increasing Demand for Hybrid and Electric Vehicles in Developed Economies
- Growing Magnetic Sensor Market for IoT Technology
Market Drivers
- Growth in Automotive Industry
- Increasing Demand of Consumer Electronics Across the World
- Surging Adoption of Navigation System
Opportunities
- Need for Magnetic Sensors in UAVs
- Growing Usage of High-Quality Sensing Devices
Restraints
- Falling Average Selling Prices (ASPS) of Sensor Components Affecting New Market Entrants
- Inconsistent Magnetic Field Strength and Other Technological Limitations
Challenges
- Need for High Product Differentiation and Innovation to Meet Unique End-User Requirements
Key Target Audience
Magnetic Sensor Manufacturers, Automotive and Consumer Electronics Companies, Semiconductor Component Suppliers, Magnetic Sensor Distributors, Electronic System Assemblers, Technology Solution Providers, Design Contractors, Electronics and Semiconductor Companies, Magnetic Sensor Material Suppliers, Technology Standards Organizations and Associations, Universities and Research Organizations and Others