Global Magnetic Sensors Market Size was estimated at USD 2.1 billion in 2017 and projected to reach USD 3.55 billion by 2023, at a CAGR of 6.8% during the forecast period Magnetic field sensor is a device which varies its output voltage when come is connection to a magnetic field. Magnetic field sensors area basically used for speed detection, current sensing applications, proximity switching and positioning used to examine the electrical device, magnetic field around coil, and around permanent magnets. Magnetic sensor uses “Hall Effect” (creation of possible difference across an electrical conductor when a magnetic field is applied in a specific direction which is at right angles to that of the flow of the current) the transducer that calculates the vector component of magnetic field adjacent to the sensor tip. Magnetic field sensors can measure two range of magnetic field; it can examine the strong magnetic fields across permanent magnets and electromagnets. Additionally, it can measure weak magnetic fields such as Earth’s magnetic field.
Global Magnetic Sensors Market Growth Opportunities (Revenue, Growth) By 2017-2025
Magnetic Sensors Market Insights
According to our research analysis the magnetic sensors market size is anticipated to grow at a great pace due to the growing applications in security and military systems, electronics industries and automobile industries. For instance, security and military systems require highly reliable, high sensitive, and selectivity sensors in order to meet up the expectations and also secure the unauthorized places from the intruders and trespassers.
Magnetic sensors are the combination of sensors and circuitry that permits the devices to act in a digital on/off switch mode. Sensors are often used in consumer applications and industrial applications. For instance, computer printers use sensors in order to detect missing papers and open covers. Sensors are also found in various types such as rotating speed sensors (used in automotive) pressure sensors, current sensors, and fluid flow sensors.
Government initiatives in order to use eco-friendly vehicles are the key growth factor for the global magnetic sensors market. Additionally, technological advances in automobile and automobile infotainment systems are anticipated to boost the market growth over the forecast period and make a huge difference in the growth of the magnetic sensors market. Also, increasing popularity of electronic compasses, raising demand of gaming consoles, and constant demand for computer and computing peripherals is expected to increase further demand for magnetic field sensor technology.
Magnetic Sensors Market: Segmentation
Based on the technology of the magnetic field global magnetic field sensors market can be divided into Hall effect sensor, AMR magnetometer, GMR magnetometer, TMR magnetometer and others. Automotive industry are using magnetic field sensor on a huge scale for wide range of applications such as, technology for anti-lock braking systems and engine control management systems are the major end-users of magnetic field sensor. Additionally, major applications include consumer electronics, and industrial applications among others.
Magnetic Sensors Market: Regional Analysis
North America embraces the largest market share for magnetic sensor market followed by Asia-Pacific and Europe. U.S., China and Japan are the three major magnetic sensors markets for magnetic sensing technology. Asia Pacific region is anticipated to experience the highest market growth over the forecast period due to the increasing domestic automotive necessity in the emerging markets of India and China.
Magnetic Sensors Market: Key Players
Honeywell International Inc., Alps Electric Co. Ltd, Allegro Microsystems, Magnetic Sensors Corporation, Elmos Semiconductors Ltd, Melexis Corporation, Alps Electric Co., Ltd. and TE Connectivity Corporation are some of the major competitors in global Magnetic Sensors market.
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