The widespread application of Magnetic Field Sensors Market across a number of industries to detect the magnetic field of the earth as well as that of soft magnets, permanent magnets, electric currents, and vehicle disturbance, has influenced their demand greatly over the past few years. These sensors also find prominent applications in automobiles and consumer electronics, owing to which, the ongoing surge in these industries are likely to add to their increasing demand remarkably over the next few years.
According to TMR, the opportunity in the magnetic field sensors market, globally, is expected to rise at a CAGR of 8.30% during the period from 2015 to 2021, increasing from an overall value of US$2.0 bn in 2014 to an estimated value of US$3.5 bn by the end of 2021.
The strict rules and regulations implemented by various governments to increase the use of energy-efficient as well as eco-friendly appliances, particularly in developed countries in North America and Europe, is also expected to boost the demand for these sensors in the near future. However, the inadequate supply of aftersales services and the continual price erosion in this market is estimated to hamper the market’s growth considerably in the coming years.
Increasing Demand for Hybrid and Electric Vehicles Fuels Application of Magnetic Field Sensors in Automotive Sector
Industrial, healthcare, robotics, defense and aerospace, energy, consumer electronics, power and utilities, and automotive are the prime application areas of magnetic field sensors. The automotive industry has surfaced as the leading consumer of these sensors among these segments.
This 115 page report gives readers a comprehensive overview of the Magnetic Field Sensors Market. Browse through 14 data tables and 40 figures to unlock the hidden opportunities in this market:
The increasing demand for hybrid and electric vehicles has given an upward push to the application of these sensors in this segment, fueling their demand significantly. Analysts expect the magnetic field sensors segment to rise in valuation at a high single-digit CAGR to touch US$959.4 mn by the end of 2021. Other segments are also expected to report a rise in the application of these sensors in the years to come.
Regionally, the worldwide magnetic field sensors market is broadly segmented in Asia Pacific, Europe, North America, and the Rest of the World. North America emerged as the key contributor to this market in 2014 with a share of more than 40%. Europe and Asia Pacific trailed closely with a share of 31% and 20%, respectively.
The increase in the research and development activities, together with the early adoption of latest technologies, has been driving the opportunity in these sensors in North America, which is likely to reach US$1.4 bn by the end of 2021. Asia Pacific, however, is anticipated to present most promising opportunities to manufacturers over the years to come due to the surge in the consumer electronics and the automotive industries in this region.
Allegro Microsystems, Asahi Kasei Microsystems, and Infineon Technologies are the key manufacturers of magnetic field sensors across the world. In 2014, together they accounted for a share of 66.5% in the overall market.