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Magnetic Field Sensors Market Forecast to Grow at 8.04% CAGR

Research and Markets has announced the addition of the "Magnetic Field Sensors Market by Type, Technology , Applications and Geography - Forecasts & Analysis to 2013 - 2020" report to their offering.

The market size of the magnetic field sensors market is expected to grow from the $1.6 Billion that it accounted for in 2013 to $2.9 Billion by 2020, at an estimated CAGR of 8.04% from 2014 to 2020

The volume of the magnetic sensors is currently estimated to be 5.9 billion units and is expected to rise up to 9.6 billion units at an estimated CAGR of 6.75% from 2014 to 2020.

This report covers the vital driving and restraining factors for this market. Encouraging government legislation and policies for eco friendly vehicles, increase in the need of efficient products, and rise in the applications of magnetic sensors in the automobiles and consumer electronics are acting as the driving factors for this industry. However, there are few factors, which are acting as obstacles in the growth of the magnetic sensor market. These factors are inconsistency of a magnetic body, distortional variation, temperature fluctuations, and low resistance in magnetic field detection. Unavailability of aftermarket is a strong restraint for the magnetic field sensor market.

There are many approaches towards magnetic sensing, which include Hall effect sensors, AMR magnetic sensors, GMR magnetic sensors, tunnel magnetoresistance sensors, nuclear precession magnetic field sensors, optically pumped magnetic field sensors, fluxgate magnetometer, search coil magnetic field sensors, and SQUID magnetic field sensors. MEMS-based magnetic field sensors can offer small-size solution for magnetic field sensing. Smaller device can be placed closer to the measurement spots, thereby achieving higher spatial resolution. Additionally, MEMS magnetic field sensor does not involve the micro fabrication of magnetic material. Therefore, the cost of the sensor can be largely reduced. Integration of MEMS magnetic field sensor can further reduce the size of the entire magnetic field sensing system.

New developments in the automobile infotainment systems will also increase the demand of the magnetic field sensors.The largest applications of the magnetic field sensors in the automobile sector are found in the Anti-Lock BrakingSystems (ABS) and engine control management systems, which are gaining popularity in the emerging markets.

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