LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global magnetic field sensors market is expected to reach USD 3.35 billion by 2021, growing at a steady CAGR of more than 9%.
This research report titled ‘Global Magnetic Field Sensors Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
In terms of magnetometry capabilities, magnetic field sensors are used for linear, rotary displacement, and angular position sensing; detecting the strength of a magnetic field; current sensing; as well as leveraging the earth's field for navigation and compassing.
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Technavio’s analysts categorize the global magnetic field sensors market into four major segments by the application. They are:
- Consumer electronics
The top three segments based on the application for the global magnetic field sensors market are discussed below:
In the automotive industry, magnetic sensors are mainly used in safety systems, power trains, fuel systems, and driver support systems. The important applications of magnetic field sensors in automobiles include airbag safety systems and ESC, which come under driver safety systems.
According to Navin Rajendra, an industry expert for sensors research from Technavio, “The market growth is largely dependent on the light commercial vehicle market. Emerging markets, such as China and India, will be major consumers of LCVs during the forecast period.”
The consumer electronics segment has emerged as the second biggest consumer of magnetic sensors. E-compasses are gaining popularity as part of handheld devices and smartphones because of the need to orient maps. An e-compass enables mobile devices to use any application that requires a geographical reference such as location-based services and dead-reckoning navigation.
“There is intense competition in the global smartphones and tablets market, which has resulted in a decline in the prices of these devices. Therefore, the market is likely to witness an increase in the adoption of smartphones and tablets during the forecast period,” says Navin.
The industrial segment of the global magnetic field sensors market was valued at USD 0.45 billion in 2016 and will reach USD 0.71 billion in 2021, growing at a CAGR of 9.55% during the forecast period. This is due to the growing adoption of automation in different industries to maintain their operational costs and achieve efficiency. Many industries are shifting more toward magnetic field sensors for navigation and monitoring processes rather than using traditional manual methods.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Allegro MicroSystems
- Asahi kasei
- Infineon Technologies
- Micronas Semiconductor Holding
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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