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Pumping Up the Magnetic Field Sensors Market by 2020
Magnetic Field Sensors Market
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North America has the largest market for magnetic field sensor technology, followed by Europe and Asia Pacific. The U.S. and Japan are the two major markets for magnetic field sensing technology. Asia Pacific region is expected to witness highest growth in forecasted period owing to increasing domestic automotive demand in the emerging markets of India and China.
Encouragement from the government for using eco-friendly vehicle is driving the global magnetic field sensor market. Additionally, developments in the field of automobile infotainment systems are expected to drive the global magnetic field sensor market to some extent. Also, demand in gaming consoles, increasing popularity of electronic compasses, and continuous demand for computer and computing peripherals is expected to increase further demand for magnetic field sensor technology. However, inconsistency of a magnetic field sensor body, distortional variation, temperature fluctuations unavailability of aftermarket service is expected to hamper the global magnetic field sensor market.
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Owing to growth in automotive industry which may increase demand for magnetic field sensor technology, multinational companies have started investing in the emerging markets of Asia Pacific. Some of the major companies operating in the global magnetic field sensor technology are Allegro MicroSystems Inc., Asahi Kasei Microdevices Corporation, Melexis Microelectronic Systems, NXP Semiconductors, Infineon, Honeywell International, Robert Bosch GmbH and MEMSIC Inc.
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