According to a new magnetic field sensors market report published by Transparency Market Research "Magnetic Field Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021" was valued at US$2.0 bn in 2014 and is expected to reach US$3.5 bn by 2021, growing at a CAGR of 8.3% during forecast period.
Magnetic field sensors are being increasingly used for the measurement of various parameters such as motion, proximity positioning of objects and individuals across different industries. In terms of cost, size and robustness, these sensors have shown substantial growth over the years when compared over its competitive technologies such as reed switches, micro switches and potentiometers. Increasing demand for these sensors in the automotive and consumer electronic sectors coupled with rapid technological advancements of magnetic field sensors are the key drivers of the market.
Increasing popularity of e-compasses, owing to their ability to enhance the user navigation experience is also boosting the market growth. In addition, increasing demand for these sensors, on the account of energy efficiency initiatives on a global level is set to bolster the growth of the overall market. These factors in total are expected to impact the growth of magnetic field sensors market positively during the forecast period from 2015 to 2021.
By technology, the market has been segmented into three segments, bias field sensor, earth field sensor and low field sensor technology. Bias magnetic field sensor occupied the largest share of the market in 2014. The magnetic field sensors based on this technology offer higher sensitivity, better temperature stability and lower power consumption as compared to the other sensors. Therefore, the market is expected to show steady growth during the forecast period.
By types, these are classified as Hall-effect sensors, fluxgate sensors, SQUID sensors, magneto-resistive sensors and others. In 2014, Hall-effect sensors were the largest contributor to the market. These sensors are expected to lead the overall market through the forecast period. However, in terms of growth parameters, magneto-resistive sensors are expected to grow significantly during the forecast. This is due to technological advancements and the steady need for superior quality of magnetic sensors by safety-critical end-use industries such as automotive, medical and defense.
On the basis of applications, the global market is divided into seven segments, namely: automotive, consumer electronics, industrial, energy, power and utilities, robotics, healthcare, aerospace & defense. In 2014, automotive sector dominated the market and accounted for a substantial share. Automotive sector is expected to show steady growth throughout the forecast period owing to the increasing penetration of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Furthermore, growing demand from other end user industries such as consumer electronics, robotics and healthcare is also expected to positively impact the market in the coming years.
By geography, market is segmented into four regions, namely North America, Europe, Asia Pacific and Rest of the World. North America acquired the largest share of the market in 2014 and was followed by Europe. These two regions conjointly held more than 70% of the global magnetic sensors market, in 2014. Early penetration of advanced technology and considerable R&D activities in these regions are the major drivers of the market.
Some of the major players in the market are: Infineon Technologies (Germany), Allegro MicroSystems LLC (Massachusetts), Austria Microsystems AG (Austria), Honeywell International (U.S.), NXP Semiconductors (Netherlands), Asahi Kasei Co (Japan), Micronas Semiconductors Holdings AG (Switzerland), Melexix NV (Belgium) and Memsic Inc. (Massachusetts) among others.