The
global magnetic sensors market size is expected to reach USD 3.65 billion by
2022 according to a new report by Radiant Insights, Inc.
Technological
advancements and an increased awareness regarding vehicle safety are
anticipated to drive the global magnetic sensors market growth over the
forecast period. Escalating demand for GPS & navigation enabled smartphones
and wearable devices is expected to further incite industry growth.
Magnetic
sensing devices are used for detecting and measuring magnetic fields. These
sensors assist in wear-free measurement of angular speed and angle of rotation
with contactless operation. They are widely used in consumer electronic devices
such as smartphones and wearable devices for position sensing, switching,
current sensing, and angular sensing. In addition, they are used in white goods
and heavy consumer durables such as air conditioners and refrigerators.
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visit: http://www.radiantinsights.com/research/magnetic-sensors-market
However,
intense competition and a gradual decline in the average selling price have
left the industry unattractive for vendors, thereby challenging market growth.
Further
key findings from the report suggest:
Magnetic
sensors used across various industry verticals are based on different sensing
technologies such as Hall Effect, Anisotropic Magnetoresistance (AMR), Giant
Magnetoresistance (GMR), and others such as Tunneling Magnetoresistance (TMR)
and Superconducting Quantum Interface Device (SQUID).
Hall
Effect based sensing module segment dominates the industry accounting for over
55% of the market share in 2014. They are extensively used in various
automotive safety systems including Anti-lock Braking Systems (ABS) and
advanced driver assistance systems.
Magnetic
sensors find numerous applications across various verticals including
automotive, consumer electronics, industrial, and others such as aerospace and
defense, R&D, and non-destructive testing activities. Automotive
applications segment dominated the industry accounting for over 50% of the
market revenue share in 2014. These sensing devices form an essential part of
major safety and driver assistance systems in modern day vehicles thereby
driving their demand. Moreover, such sensors and switches have become a
critical part of the battery systems in hybrid and Electronic Vehicles (EV)
owing to their efficient and battery saving operation.
Asia
Pacific region dominates the global market in terms of demand and is projected
to grow at a CAGR of nearly 12% over the forecast period. Presence of major
end-use industries in the region has led to an increasing demand for such
sensing modules in the region. Countries such as China, Japan, and India house
most of the technological and automotive giants leading to an escalating demand
over the forecast period.
Key
industry participants include Baumer, Honeywell International Inc., iC-Haus,
Infineon Technologies AG, Mesmic Corporation, NXP Semiconductors, and Robert
Bosch GmbH. Major vendors are based in countries from the European Union and
Asia Pacific region to cater to an ever-increasing need for such sensing
devices from the growing automotive and consumer electronic industry.
Manufacturers resort to mergers, alliances, and vertical integration to
streamline the process of procurement and drive profitability.
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