Market Synopsis
Comprehensive research carried out at Market Research Future
Reports (MRFR), states that the global magnetic field sensor market is
estimated to record a CAGR of 8%, and valuing approximately USD 6 billion
during the forecast period from 2017 to 2023. The advent of wearable
technologies is applications is estimated to be a significant factor driving
the global Magnetic Field Sensor Market Share. In addition, penetration of MEMS
technology is additionally fueling the market. The technological advancement
has resulted in a significant change in lifestyle. Therefore, the magnetic
field sensors are gaining popularity. The market is estimated to grow
significantly during the forecast period.
However, the huge cost of implementation, the tedious
developmental procedure is projected to be a factor of impediment. But, the
market is estimated to stay lucrative in the forthcoming period. On the other
hand, the expansion of the global magnetic field sensor market is projected to
be affected significantly due to the outbreak of COVID-19. The daily operations
in various regions were put to a halt which immensely affected the
manufacturing cycle of the product.
Key Players
The distinguished competitive players of the Global
Magnetic Field Sensor Market are MEMSIC Inc. (U.S.), Asahi
Kasei MicroDevices (Japan), Infineon Technologies (Germany), Honeywell
International Inc. (U.S.), Analog Devices, Allegro MicroSystems, LLC (U.S.), Inc.
(U.S.), AMS AG (Austria), TDK Corporation (Japan), Robert Bosch GmbH (Germany),
Tower Semiconductor Ltd. (Israel), and a few more.
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Market Segmentation
The global magnetic field sensor market can be segmented on
the basis of range, type, end-users, applications, and regions.
On the basis of range, the global magnetic field sensor market
can be classified on the basis of <1 micro gauss (Low-Field Sensors), 1
micro gauss–10 Gauss (Earth Field Sensors), >10 Gauss (BIAS Magnetic Field
Sensors) consoles.
On the basis of type, the global magnetic field sensor market
can be classified on the basis of magnetoresistive sensors, fluxgate sensors,
Hall Effect sensors, SQUID sensors, and others
On the basis of end-user, the global magnetic field sensor
market can be classified on the basis of consumer electronics, aerospace &
defence, BFSI, transportation, healthcare, industrial, and others.
On the basis of application, the global magnetic field sensor
market can be classified on the basis of flow rate sensing, speed sensing,
detection, navigation and electronic compass, position sensing and others.
On the basis of regions, the global magnetic field sensor
market can be classified on the basis of Europe, North America, Asia Pacific,
and Rest-of-the-World (RoW).
Regional Analysis
In-depth research of Europe, North America, Asia Pacific, and
Rest-of-the-World (RoW) has been performed. The report predicts that the market
is most likely to grow during the assessment period. MRFR indicates the global
market is estimated to be dominated by North America. The region is majorly
focusing on advancing the smartphones, gadgets, and the automotive sector to
gain back the lost momentum. The region is estimated to be a lucrative market
and is likely to produce demands for magnetic sensors. As per the evaluation by
MRFR, the second position is attained by Europe. Owing to the well-developed
industries such as healthcare, BFSI is producing demands for magnetics sensors
and thereby growing the market revenue. On the other hand, the Asia-Pacific
region is estimated to be the fastest-growing market at a global level. Owing
to the presence of developing economies such as India, China, and Japan are
witnessing a growing demand for smart gadgets and magnetic sensors. In
addition, the renewable energy sector is projected to participate significantly
in market expansion.
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complete Report @ https://www.marketresearchfuture.com/reports/magnetic-field-sensor-market-4986
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