In the current market scenario, sensors play an important role for measuring various parameters such as temperature, pressure, flow, and magnetic field in most of the industries. Sensors are likely to be amongst the important components for emerging markets such as Internet of Things (IoT) and driverless car. They can measure everything from their surroundings such as motion, light, sound, humidity, and temperature to biometrics, such as blood pressure and heart rates. Industries such as automotive, consumer electronics, A&D, healthcare, industrial, and others (F&B, energy & power, research sector, and robotics) require magnetic field sensors for various applications. Some of the major applications for magnetic field sensors are position sensing, navigation, rotation, flow rate sensing, and proximity detection among others.
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The overall magnetic field sensor market is expected to grow from USD 2.25 billion in 2015 to USD 4.16 billion by 2022, at a CAGR of 8.87% between 2016 and 2022. Some of the leading players in the magnetic field sensor market are Asahi Kasei Corporation (Japan), Infineon Technologies AG (Germany), Melexis NV (Belgium), Sanken Electric Co., Ltd. (Japan), and Micronas Semiconductor Holdings AG (Switzerland), among others. These players have adopted various growth strategies such as new product launches and developments, partnerships, contracts, collaborations, acquisitions, and expansions to widen their global presence and increase their shares in the magnetic field sensor market.
One of the major challenges for magnetic field sensor market is the stiff competition among established technology markets. Currently in magnetic field sensor market, sensor types such as Hall effect sensors and magnetoresistive sensors (AMR, TMR, GMR) are amongst the widely preferred sensors. As of now, Hall effect sensors are replaced by Hall ICs in the electronics sector for various applications. Technologies such as Hall effect and AMR have been in the market since long time. Now from past two years (Between 2014 and 2016), MEMS-based sensors such as MEMS-magnetic field sensor and inductive sensing are also in demand. Apart from this other sensors like magneto inductive sensor, reed switches sensor, magneto-optical sensor are not used in much applications. So for magnetic field sensor market to grow there should be an increase in the demand of these sensors as well for the market to rise.
Microelectromechanical systems (MEMS) comprises of mechanical and electrical components designed in a way to work together for various day to day applications related to biomedical and consumer electronics sector. MEMS-based magnetic field sensor has a wide variety of applications in medical & healthcare sector. MEMS-based sensor products provide an interface that can sense, process, and/or control the surrounding environment. Nowadays MEMS inertial sensing is being widely used in cars and notable consumer electronics. MEMS-based magnetic field sensors are likely to witness increasing demand between 2016 and 2022 owing to its features such as smaller in size, reliable and more functional as compared to other technology based-sensors.
Among all the end-user industries, the market for the consumer electronics industry is expected to grow at the highest rate between 2016 and 2022. Magnetic field sensor is primarily used for detecting and measuring magnetic fields. Magnetic field sensors are widely used in all the applications related to consumer electronics, medical, automotive and defense sector. Some of the prime applications of magnetic field sensors in consumer electronics industry are in smartphones, laptops, computers, tablets, digital video disc (DVD) players, printers, cameras, and in large appliances such as washing machines.
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Asia Pacific is the most attractive region for the magnetic field sensors market. The market in APAC is expected to grow at a high rate between 2016 and 2022. The magnetic field sensors market in sectors such as consumer electronics, automotive, healthcare, and industrial is expected to witness an increasing demand in the future. The implementation of a wide range of sensors, even in budget smartphones, and the growing demand for fitness bands are the key factors driving the magnetic field sensors market in APAC. Countries such as Japan, India, South Korea, and China are driving the market for magnetic field sensors in APAC.