Over the next five years, The Global Magnetic Field Sensors market will register an 8.4% CAGR in terms of revenue, the global market size will reach USD 3016.5 million by 2027.
Intensifying focus of manufacturers towards producing 3D magnetic sensors and increasing investments in magnetic sensor ecosystem are among the factors driving the growth of the market.The growth of the market is happening because of the high usage of magnetic sensors in new navigation devices, medical areas, presence detection and the automotive sector. The increase in demand for IoT and production of consumer electronics, hybrid and electric vehicles along with high-quality sensing devices are influencing the usage of magnetic sensors across several industries which are expected to drive the growth of the market. An increase in the adoption of robotics for factory automation due to industry 4.0 policies is driving the need for magnetic sensors for several safety applications in the worldwide market.The demand for magnetic sensors is anticipated to rise in the automotive industry. Sensing devices are increasingly being used in this industry to improve vehicle convenience and fuel efficiency. Also, mandatory regulations by government bodies, such as the installation of safety equipment and sensing elements in automobiles, are estimated to create significant opportunities for the growth of the market studied.Magnetic sensor vendors are focusing on providing efficient devices, which can serve an extensive range of automotive applications. The rise in demand and penetration of electric vehicles and hybrid electric vehicles and the use of GPS in automobiles may also fuel the demand for magnetic sensors from the automotive industry.
Magnetic Field Sensors Market is segmented based on the type, applications, companies and regions.
By Type, Magnetic Field Sensors Market has been segmented into
By Application, Magnetic Field Sensors Market has been segmented into
By End-User, Magnetic Field Sensors Market has been segmented into
China is one of the most promising automotive and consumer electronics manufacturing nations, globally. Due to risen use of applications, such as anti-braking system (ABS) and anti-locking system, where magnetic sensors are broadly utilized, the automobile industry holds an important position in the market in this region.
Furthermore, Japan is a supplier of industrial robots and their components, such as reducers, servo motors, and various sensors, to the world. The developments in industrial robots, of late, involve precision in positioning accuracy. It further needs accurate detection of joint angles, where magnetic sensors play a key role. The magnetic sensor market in India is mainly rising due to the proliferation of smartphones, as smartphones use hall-effect sensors to support compass applications. However, one of the factors restraining the market currently is the spread of coronavirus, as several states of India have issued lockdown orders to curb the spread of coronavirus.
The report offers an in-depth assessment of the growth and other aspects of the Magnetic Field Sensors Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific, and Latin America.
Report Attributes | Report Details |
Report Title | Magnetic Field Sensors Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players - Asahi Kasei Corporation, Sanken Electric, Infineon Technologies AG, Diodes |
Forecast Period 2022 to 2027 CAGR | CAGR of 8.4% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | Asahi Kasei Corporation (Japan), Sanken Electric (Japan), Allegro MicroSystems, Infineon Technologies AG (Germany), Diodes, NXP Semiconductors N.V. (Netherlands), MEMSic, Inc. (USA), TE Connectivity Ltd (Switzland), Robert Bosch GmbH (Germany), Honeywell International Inc. (US and others. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 122 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Magnetic Field Sensors Market is studied from 2017 - 2027.
What is the growth rate of Magnetic Field Sensors Market?
The Magnetic Field Sensors Market is growing at a CAGR of 8.4% over the next 5 years.
What regions does this Magnetic Field Sensors Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
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SECONDARY RESEARCH
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PRIMARY RESEARCH
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MARKET ENGINEERING
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