MarketsandMarkets, an international market research and consulting company, has published a novel market research report, titled, “Global Magnetic Field Sensors Market (2011-2016).”
The report states that the demand for magnetic field sensors is increasing tremendously. The demand was 3.67 billion units in 2010 and is anticipated to reach 7.14 billion units in 2016 at a CAGR of 10.3%. In terms of value, the market value for magnetic field sensors was $1.1 billion in 2010 and is anticipated to reach $2.0 billion in 2016 at a CAGR of 8.7%.
The requirement for magnetic field sensors is increasing continuously. Currently, magnetic field sensors use digital technology, which offer more sensing performance and high efficiency. The sensors find applications in different sectors including defense, healthcare, homeland security, consumer electronics and automotive industries. The magnetic field sensors are mainly used for computing applications and secondly, by the automotive sector. The sensors are used to enhance the efficiency and performance of engine and to offer comfort and safety to the drivers.
The magnetic field sensors provide numerous benefits including wear-free measurement of electrical and mechanical quantities like current, linear speed, linear position, angular speed and angle of rotation. Several smart phones comprise magnetic field sensors, which act as a compass to show directions. Deutsche Telekom researchers have utilized mobile devices embedded with magnetometers to allow touchless 3-D communication. This framework, termed as Magi Tact, takes into account changes in the magnetic field around a cell phone in order to detect various gestures made by a hand wearing or holding a magnet.