Key Market Dynamics in Magnetic Sensor

The Magnetic Sensor Market was valued at USD 2.94 billion in 2016 and is projected to reach USD 5.37 billion by 2023, at a CAGR of 8.77% between 2017 and 2023, as per a report by MarketsandMarkets.

https://www.marketsandmarkets.com/Market-Reports/magnetic-field-sensors-market-521.html

Why need for magnetic sensors in UAVs is an opportunity?
Sensors allow a UAV to gather information about its environment. This information can be used to guide the UAV to take actions. The more complex a UAV, the more the number of sensors used. A single task may require a combination of different sensors, or different tasks can be performed using a single sensor. A magnetic position sensor is used for position measurement. Position sensors are concerned with the determination of the position of an object with respect to some reference point. Position sensors can be linear, angular, or multi-axis.
Usually, inertial measurement units use multi-axis magnetometers that are used to sense the direction, orientation, and speed changes; and store the data into a central processor. In drones, electronic compasses are used to provide the directional information to the inertial navigation and guidance systems. Magnetoresistive sensors with high accuracy, low power, and fast response time are suitable for UAV applications.

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How growing requirement of low-cost magnetic field sensors among end-user industries could be a challenge?
The end consumers of magnetic field sensors are the key players in segments such as automotive, consumer electronics, medical, industrial, and aerospace and defense.

The major demand for magnetic field sensors is from automotive and consumer electronics industries. Both of these segments are rapidly growing, but, at the same time, they are facing stiff price competition in the market, due to which the players in these segments are demanding low-cost magnetic field sensors. For instance, the total cost of the automobile safety applications developed using magnetic field sensors will impact the total cost of vehicle. Thus, to reduce the overall cost, automobile manufacturers demand for low-cost magnetic field sensors.

Major role of magnetic field sensors in applications such as navigation
Navigation is one of the most important application for magnetic field sensors that are used in automobile, consumer and marine industry. A majority of the smartphone users depend on navigation features to find their required destinations. Many smartphone manufacturers consider navigation as a must-have feature and try to incorporate it in all the smartphones they manufacture, including the budget phones. Owing to this, the market for magnetic compass sensors is expected to grow in the coming years. Many R&D activities are now being carried out to bring location-based augmented reality, which will enable the user to get detailed information about the location.

The electronic compass is used in many high end automobiles to determines the direction in which the car is heading as electronic compass that consists of magnetic sensors senses the absolute position and the change in direction of the car.

Falling average selling prices (ASPs) of sensor components affecting new market entrants
It is expected that magnetic field sensors will undergo price erosion in the coming years. Falling average selling price is due to the pressure the magnetic sensor manufacturers serving various end-user industries, such as automotive, consumer electronics, industrial, medical, and aerospace and defense, are facing to reduce the cost of their end application.

It is estimated that the ASP of overall magnetic field sensors have fallen at 10.28% YOY compared to previous year (2016). Stiff competition is another reason, which has driven down the prices of magnetic field sensors. It is difficult for new players to enter into the market, which is facing such price competitiveness. Despite the decrease in average selling prices, the magnetic field sensor market is expected to generate prominent demand from industries such as automobile and consumer electronics. The major challenges for the companies operating in this segment are to increase their manufacturing capabilities, provide improved quality products, and reduce the overall cost of production.

Mr. Shelly Singh
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide, including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

This release was published on openPR.