The overall magnetic field sensor market is expected to be valued at USD 5.37 Billion by 2023, growing at a CAGR of 8.77% between 2017 and 2023. The growth of this market is driven by the rising demand for magnetoresistive sensors across industries; the increasing use of magnetic field sensors in the transportation industry; the growth of magnetic field sensors in consumer electronic devices such as smartphones and tablets; and technological advancements in magnetic field sensors.
According to the new market research report "Magnetic Field Sensor Market by Type (Hall Effect, Magnetoresistive (AMR, GMR, TMR), SQUID, Fluxgate)), Range (<1 Microgauss, 1 Microgauss–10 Gauss, and >10 Gauss), Application, End-User Industry, Geography - Global Forecast to 2023", the overall magnetic field sensor market is expected to be valued at USD 5.37 Billion by 2023, growing at a CAGR of 8.77% between 2017 and 2023. The demand for reliable, high-performance, and low-cost sensors is increasing, leading to the development of new technologies.
Magnetic sensors offer several key advantages; they allow contactless and consequently wear-free measurement of mechanical and electrical quantities, such as angle of rotation, angular speed, linear position, linear speed, and current. These devices have gained immense popularity as they are robust and cost-effective.
Browse 68 Market Data Tables and 48 Figures spread through 163 Pages and in-depth TOC on "Magnetic Field Sensor Market - Global Forecast to 2023"
Magnetic field sensor market for consumer electronics end-user industry expected to grow at highest CAGR between 2017 and 2023
The magnetic field sensor market for the consumer electronics industry is in the growth phase and is expected to witness demand in the coming years owing to the new applications such as motion gaming and navigation being introduced in devices such as mobile phones. The introduction of new technologies will extend the growth phase of the magnetic field sensor market.
Magnetic sensors also play an important role in providing critical directional information to drones. Thus, there is tremendous growth potential for magnetic sensors in consumer drone applications.
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>10 gauss range expected to hold major share of magnetic field sensor market during forecast period
>10 gauss range is expected to dominate the overall magnetic field sensor market during the forecast period. The automotive segment is the major revenue pocket for the magnetic field sensor market.
The BIAS magnetic field sensor technology, mainly comprising Hall and GMR sensors, is widely used in automotive applications. The BIAS magnetic field sensor technology also finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.
Magnetic field sensor market in APAC expected to grow at highest CAGR during forecast period
Magnetic field sensors have a growing demand in APAC owing to the increasing focus of the region toward automotive, consumer electronics, and healthcare sectors. In this study, the magnetic field sensor market in APAC has been divided into India, China, Japan, South Korea, and Rest of APAC.
China is the largest automotive and consumer electronics manufacturing country in the world. Thus, the fastest growth in APAC will be seen in China mainly due to the applications such as antilock braking systems and central locking systems wherein magnetic field sensors are largely used.
The gaming industry is also booming at a fast rate, which will add to the consumption of magnetic sensors in consumer electronics in the country.
Major companies involved in the development of magnetic field sensors include Asahi Kasei MicroDevices (Japan), Honeywell (US), Allegro Microsystems (US), TDK Corporation (Japan), AMS (Austria) Infineon Technologies (Germany), TE Connectivity (Switzerland), MELEXIX (Belgium), NXP Semiconductors (Netherlands), and Kohshin Electric (Japan), among others.
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