Kenneth Research, in its repository of market research reports, has recently added a report on Magnetic Field Sensor Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Magnetic Field Sensor Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Magnetic Field Sensor Market products.
Final Report will add the analysis of the impact of COVID-19 on this industry.
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The Global Magnetic Field Sensor Market in North America is anticipated to grow significantly owing to the presence of several key players in the region, along with the increasing need of the organizations in the nation to run on a strong ICT infrastructure.
Global Magnetic Field Sensor Market Analysis
According to Verified Market Research, The Global Magnetic Field Sensor Market was valued at USD 3.25 billion in 2017 and is projected to reach USD 5.97 billion by 2025, growing at a CAGR of 7.42% from 2018 to 2025.
What is Magnetic Field Sensor?
A magnetic field sensor is used for the study of the field concerning coils, electrical devices as well as permanent magnets. The magnetic field sensor features a rotating sensor tip in order to measure both the longitudinal as well as transverse longitudinal magnetic fields. The magnetic field sensor has several applications such as position sensing, navigation and electronic compass, flow rate sensing, speed sensing as well as detection/NDT.
Global Magnetic Field Sensor Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Factors such as the various end use industries that the magnetic field sensor caters to such as the transportation, BFSI, consumer electronics, healthcare, aerospace and defense, industrial and more are driving the growth of the magnetic field sensor market. Factors such the high cost of selective magnetic sensors (depending upon their end user) are restraining the growth of the magnetic field sensor market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Magnetic Field Sensor Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Magnetic Field Sensor Market Competitive Landscape
The “Global Magnetic Field Sensor Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Infineon Technologies, AMS, TDK Corporation, NXP Semiconductors, Kohshin Electric, Amsasahi Kasei Microdevices Corporation, Allegro Microsystems, Startup Ecosystems, Melexis, Honeywell and TE Connectivity. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Magnetic Field Sensor Market , By Type
• Hall Effect Sensors
• Magnetoresistive Sensors
• Squid Sensors
• Fluxgate Sensors
Global Magnetic Field Sensor Market , By Range
• <1 Microgauss (Low-Field Sensors)
• 1 Microgauss–10 Gauss (Earth Field Sensors)
• >10 Gauss (Bias Magnetic Field Sensors)
Global Magnetic Field Sensor Market, By Application
• Speed Sensing
• Position Sensing
• Navigation and Electronic Compass
• Flow Rate Sensing
Global Magnetic Field Sensor Market, By End-User
• Aerospace and Defense
• Consumer Electronics
Global Magnetic Field Sensor Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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