Global Magnetic Field Sensor Market growing at a CAGR of 8.1% from 2023 to 2030
Category : Semiconductor And Electronics | Published Date : Jun 2023 | Type : Press Release
Key Market Overview
The global magnetic field sensor market was valued at USD 5,074.83 million in 2022 and is expected to register a compound annual growth rate of 8.1% to reach USD 9,325.30 million in 2030.
The report highlights the application of magnetic field sensors in Advanced Driver Assistance Systems (ADAS) due to the growing adoption of automobiles among consumers. Consegic Business Intelligence provides an inclusive research report on the magnetic field sensor market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Magnetic Field Sensor Market By Overview
The report analyses significant segments such as type, range, application, end-user and region, to identify emerging trends and potential opportunities. The end-user segment is expected to grow due to the increasing adoption of magnetic field sensors in consumer electronics devices such as smartphones, laptops, and tablets. Moreover, the application of magnetic field sensors in automotive industry for speed sensing, proximity detection, and position sensing applications is driving the growth of the market.
Get Free SampleMarket Dynamics
Driver:
- The increasing adoption of electric vehicles among consumers is driving the growth of magnetic field sensor market.
- The increasing adoption of consumer electronics devices such as smartphones, tablets, wearable devices, and gaming consoles among consumers is driving the growth of the market.
- The application of magnetic field sensors in aerospace and defense industry for compassing and magnetometry is accelerating the growth of the market.
Restraints:
- The presence of alternate technologies including accelerometers and gyroscopes with orientation and motion sensing capabilities is hindering the growth of magnetic field sensor market.
- Reduction in the performance of magnetic field sensors due to electromagnetic interference and nearby magnetic fields is restraining the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Hall Effect, Magneto-resistive, SQUID, and Flux Gate |
| By Range | Less than 1microgauss, 1microgauss-10gauss, and Above 10gauss |
| By Application | Speed Sensing, Proximity Detection, Position Sensing, Flow Rate Sensing, and Others |
| By End-User | Transportation, Consumer Electronics, Healthcare, Aerospace & Defence, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The global magnetic field sensor market is highly competitive due to the presence of major players such Allegro Microsystems, Inc., Alps Electric Co., Ltd., AMS AG, Asahi Kasei Microdevices Corporation, Baumer Ltd., Crocus Technology, Elmos Semiconductor AG, Honeywell International, Inc., Infineon Technologies AG, Magnetic Sensors Corporation operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in magnetic field sensor market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- Allegro Microsystems, Inc.
- Alps Electric Co., Ltd.
- AMS AG
- Asahi Kasei Microdevices Corporation
- Baumer Ltd.
- Crocus Technology
- Elmos Semiconductor AG
- Honeywell International, Inc.
- Infineon Technologies AG
- Magnetic Sensors Corporation
- Melexis Corporation
- Memsic Corporation
- NVE Corporation
- NXP Semiconductors
- TDK Corporation
- Texas Instruments Incorporated
- MultiDimension Technology Co. Ltd.
