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.
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The Global Magnetic Field Sensor Market was valued at USD 3.01 billion in 2016 and is projected to reach USD 6.36 billion by 2025, growing at a CAGR of 8.67% from 2017 to 2025.
Magnetic field sensor is a device used to study the magnetic field around coil, electrical device and around permanent magnets. Magnetic field sensors consist of rotating sensor tip which measures both transverse and longitudinal magnetic fields around the objects. Magnetic Field Sensors measures magnetic flux and the strength and direction of a magnetic field. They are used mainly in scientific measurement, navigation, Speed Sensing, and industrial applications.
1. Market Drivers
1.1 Rising demand for hybrid and electric vehicles
1.2 Increasing need for magnetic sensors in UAVs and IoT
1.3 Growing applications in navigation
1.4 Increasing demand from automotive industry and consumer electronics segment
2. Market Restraints
2.1 Increasing requirement of low-cost magnetic field sensors among end user industries
2.2 Need for innovation to meet end user requirements
2.3 Reduced prices of sensor components affecting new market entrants
The Global Magnetic Field Sensor Market is segmented on the range, type, application, vertical, and region.
1.1 <1 Microgauss (Low-Field Sensors)
1.2 1 Microgaussâ€“10 Gauss (Earth Field Sensor)
1.3 >10 Gauss (BIAS Magnetic Field Sensors)
2. By Type:
2.1 SQUID Sensors
2.2 Fluxgate Sensors
2.3 Magnetoresistive Sensors
2.4 Hall Effect Sensors
3. By Application:
3.1 Navigation and Electronic Compass
3.2 Speed Sensing
3.4 Flow Rate Sensing
3.5 Position Sensing
4. By Vertical:
4.1 Aerospace & Defense
4.3 Consumer Electronics
4.3.1 Consumer appliances
4.3.3 Gaming consoles
4.3.5 Consumer drones
4.5 Banking, Financial Services, and Insurance (BFSI)
4.5.1 Currency Sorter/Detector/Counter
4.5.2 POS Terminal
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
2. Allegro Microsystems
3. Amsasahi Kasei Microdevices Corporation
5. TDK Corporation
6. TE Connectivity
7. NXP Semiconductors
8. Kohshin Electric
10. Infineon Technologies
11. Startup Ecosystems
12. Crocus Technology
13. Sensitec GmbH
14. Coto Technology
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Magnetic Field Sensor Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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