The Magnetic Field Sensor Market has witnessed strong growth owing to the increasing demand from various end-use industries that the magnetic field sensor caters to such as transportation, BFSI, consumer electronics, healthcare, and more.
JERSEY CITY, N.J., July 12, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Magnetic Field Sensor Market" By Type (Hall Effect Sensor, Magneto Resistive Sensors, SQUID Sensors), By Magnetic Sensor (Speed Sensing, Detection/NDT, Position Sensing), By End-User (Healthcare, Aerospace and Defense, Industrial), and By Geography. According to Verified Market Research, the Magnetic Field Sensor Market size was valued at USD 4.04 Billion in 2020 and is projected to reach USD 7.77 Billion by 2028, growing at a CAGR of 8.51% from 2021 to 2028.
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Global Magnetic Field Sensor Market Overview
The global magnetic field sensor market is principally driven by the increasing demand from various end-use industries that the magnetic field sensor caters to such as transportation, BFSI, consumer electronics, healthcare, aerospace and defense, industrial, and more. Several other industries such as security, electronics, military, etc. depend massively on magnetic field sensors for their respective functionalities.
The emergence of wearable technologies and the widening role of magnetic flux sensors in applications are other few driving factors for the growth of the magnetic field sensor market. Wearable technologies are extensively used in consumer electronics devices. Thus the growing adoption of magnetic field sensors in consumer electronic products owing to the increase in the number of smartphone users across the globe is fueling the growth of the market over the forecast period. Additionally, the penetration of MEMS technology is also impelling the market growth of magnetic field sensors.
Key Developments
- In September 2021, TDK Corporation announced its collaboration with Sensors Converge, formerly known as Sensors Expo. TDK presents a new pressure sensor, engage in industrial, automobiles, and pressure gauge live theatre sessions, communicate on a panel and demonstrate a variety of products from multiple TDK Group company brands such as InvenSense, Micronas, TDK, and Trained model at the event.
- In April 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation, a semiconductor design and production company located in the United States, to expand its power semiconductors, automobiles microcontrollers, detectors, and security solutions options. In addition, the company seeks to meet the needs of ADAS/AD, IoT, as well as 5G mobile infrastructure and services.
- In June 2020, Asahi Kasei Corporation invented the AK8781, an ultra-small package latch-type Hall IC, especially for small DC brushless motors. It's a set of outcomes with a fast response time that's perfect for high applications. This product's release is anticipated to produce the micro-miniaturization and high performance of DCBL motors.
Key Players
The major players in the market are TE Connectivity, AMS AG, TDK Corporation, Melexis, Alps Electric Co., Allegro Microsystems, Asahi Kasei Microdevices Corporation, Baumer Ltd., NXP Semiconductor, and Memsic Corporation.
Verified Market Research has segmented the Global Magnetic Field Sensor Market On the basis of Type, Magnetic Sensor, End-User, and Geography.
- Magnetic Field Sensor Market, By Type
- Hall Effect Sensor
- Magnetoresistive Sensors
- SQUID Sensors
- Others
- Magnetic Field Sensor Market, By Magnetic Sensor
- Speed Sensing
- Detection/NDT
- Position Sensing
- Navigation and Electronic Compass
- Flow Rate Sensing
- Others
- Magnetic Field Sensor Market, By End-User
- Healthcare
- Aerospace and Defense
- Industrial
- Transportation
- Consumer Electronics
- BFSI
- Magnetic Field Sensor Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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