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Magnetic Field Sensors Market: Structure and Overview of Key Market Forces Propelling Market

11-23-2017 10:21 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Magnetic Field Sensors Market: Structure and Overview of Key

The global magnetic field sensors market experiences stiff competition between leading players, thanks to its highly concentrated competitive landscape. In 2014, more than 65% of this market was controlled by its top three participants, namely, Asahi Kasei Microsystems, Allegro Microsystems, and Infineon Technologies, finds Transparency Market Research in a recent study.

Leading companies are increasingly focusing on product innovation as well as advancements in current offerings to withstand this competitive environment. TMR recommends these companies to shift their focus to the markets in Asia Pacific. The presence of a large pool of consumer electronics and automobile manufacturers in Japan, China, Taiwan, and India is expected to provide significant opportunities to magnetic field sensors producers.

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“Magnetic field sensors have witnessed a considerable rise in adoption over the past few years, beating the competition from micro switches, reed switches, and potentiometers,” says an analyst at TMR. The integration of electronics on-chip into these sensors for more intelligence per unit area on the basis of size, cost, and robustness has fueled their demand across the world. Apart from this, the increase in embedded measurement functions for automated intelligent control is also boosting the application of these sensors significantly.

The growing application of these sensors in electric vehicles is the key driving force behind their escalating demand. To cater to the soaring demand for features that enhance the stability, safety, performance, handling, comfort, and convenience of a vehicle, these sensors are widely utilized in electronic stability control systems, anti-lock braking systems, and electric power steering.

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These sensors also find application as rotating speed sensors in automotive speedometers, bicycle wheels, electronic ignition systems, and gear teeth. Brushless DC motors and hybrid electric vehicles are the key users of magnetic field sensors in the automotive industry.

Overall, the prospects in magnetic field sensors look strong and moving upward; however, the price erosion and the decline in the unit shipments are likely to impact negatively on the sales of these sensors. The neck-to-neck competition between manufacturers, coupled with heightened demand for high-volume applications at minimal prices, is shrinking their profit margins and resulting in a considerable decrease in the average selling prices of these sensors.

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The global opportunity in the magnetic field sensors market is rising significantly, analysts at TMR observe. As per their estimates, the market will rise from US$2.0 bn in 2014 to US$3.5 bn by 2021, expanding at a CAGR of 8.30% between 2015 and 2021. North America will maintain its position as the key contributor to the overall market, with its revenue amounting to nearly US$1.4 bn by 2021.

Over the forthcoming years, the automotive industry will remain the key consumer of magnetic field sensors, whereas hall-effect sensors will continue to witness the highest demand among different types of sensors. TMR also forecasts that bias technology will emerge as the most utilized magnetic field sensor technology across the world.

The analysis presented here is based on a report by Transparency Market Research (TMR) titled “Magnetic Field Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

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Transparency Market Research
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Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

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