Magnetic Field Sensors Market - Growing Application in Electric Vehicles Fuels Demand for Magnetic Field Sensors

The widespread application of magnetic field sensors across a number of industries to detect the magnetic field of the earth as well as that of soft magnets, permanent magnets, electric currents, and vehicle disturbance, has influenced their demand greatly over the past few years. These sensors also find prominent applications in automobiles and consumer electronics, owing to which, the ongoing surge in these industries are likely to add to their increasing demand remarkably over the next few years.

According to TMR, the opportunity in the magnetic field sensors market, globally, is expected to rise at a CAGR of 8.30% during the period from 2015 to 2021, increasing from an overall value of US$2.0 bn in 2014 to an estimated value of US$3.5 bn by the end of 2021.

The strict rules and regulations implemented by various governments to increase the use of energy-efficient as well as eco-friendly appliances, particularly in developed countries in North America and Europe, is also expected to boost the demand for these sensors in the near future. However, the inadequate supply of aftersales services and the continual price erosion in this market is estimated to hamper the market’s growth considerably in the coming years.

Increasing Demand for Hybrid and Electric Vehicles Fuels Application of Magnetic Field Sensors in Automotive Sector

Industrial, healthcare, robotics, defense and aerospace, energy, consumer electronics, power and utilities, and automotive are the prime application areas of magnetic field sensors. The automotive industry has surfaced as the leading consumer of these sensors among these segments.

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The increasing demand for hybrid and electric vehicles has given an upward push to the application of these sensors in this segment, fueling their demand significantly. Analysts expect the magnetic field sensors segment to rise in valuation at a high single-digit CAGR to touch US$959.4 mn by the end of 2021. Other segments are also expected to report a rise in the application of these sensors in the years to come.

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Asia Pacific to Present Most Promising Opportunities to Magnetic Field Sensors Manufacturers

Regionally, the worldwide magnetic field sensors market is broadly segmented in Asia Pacific, Europe, North America, and the Rest of the World. North America emerged as the key contributor to this market in 2014 with a share of more than 40%. Europe and Asia Pacific trailed closely with a share of 31% and 20%, respectively.

The increase in the research and development activities, together with the early adoption of latest technologies, has been driving the opportunity in these sensors in North America, which is likely to reach US$1.4 bn by the end of 2021. Asia Pacific, however, is anticipated to present most promising opportunities to manufacturers over the years to come due to the surge in the consumer electronics and the automotive industries in this region.

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Allegro Microsystems, Asahi Kasei Microsystems, and Infineon Technologies are the key manufacturers of magnetic field sensors across the world. In 2014, together they accounted for a share of 66.5% in the overall market. NXP Semiconductors, Honeywell International, Micronas Semiconductors Holdings AG, ams AG, Memsic Inc., and Melexix NV are some of the other prominent participants in this market.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.