Global Magnetic Field Sensor Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Magnetic field sensor Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global magnetic field sensor market report has been segmented on the basis of sensor type, deployment, end user, and region.

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Global Magnetic Field Sensor Market: Overview

Magnetic field sensor is used for measuring the direction and strength of the magnetic field or magnetic flux. Commonly, magnetic field sensors are used in navigation, scientific measurement, and industrial sector. Optically pumped sensors, magnetoinductive sensors, proton precession sensors, magnetoresistive sensors, flux gate sensors, SQUID sensors, and hall effect sensors are types of magnetic field sensor. According to the requirement of application and analysis of performance specifications certain type of magnetic field sensor is selected.

Global Magnetic Field Sensor Market: Dynamics

Growing demand for consumer electronics products among end-users is a major factor driving growth of the global magnetic field sensor market. Growing automotive sector, coupled with rising preference for eco-friendly vehicles are also factors fueling growth of the global market. In addition, government initiatives to encourage usage of green vehicles is a factor anticipated to support growth of the target market.  Furthermore, growing use of magnetic field sensor in navigation systems is a factor expected to support growth of the global magnetic field sensor market in the near future.

However, the inconsistent magnetic field is a factor that may hamper growth of the global magnetic field sensor market. Nevertheless, growing use of magnetic field sensors in unmanned aerial vehicles and hybrid vehicles can create high revenue opportunities for players in the target market. In addition, increasing adoption of magnetic field sensors in the Internet of things applications is anticipated to positively affect growth of the global market over the forecast period.

Global Magnetic Field Sensor Market: Segment Analysis

Currently, among the sensor type segments, the hall effect sensors segment is dominating the global market in terms of revenue and expected to register lucrative growth over the forecast period. Increasing use of hall effect sensors, owing to their high accuracy and wide operating range is a factor supporting growth of this segment in the global market.

Among the end user industry segments, the consumer electronics segment is expected to register fastest growth in terms of revenue in the near future. Increasing use of magnetic field sensors in navigation and motion gaming is a factor driving growth of this segment in the global market.

Global Magnetic Field Sensor Market: Regional Analysis

The market in Asia Pacific expected to accounts for major share in terms of revenue over the forecast period. Growing automotive and consumer electronics industry especially in countries such as China and India is a key factor driving growth of the target market in this region. In addition, increasing adoption of advanced technology is another factor expected to support growth of the target market in the Asia Pacific region. Rising disposable income and rising demand for smart devices among individuals are also factors propelling growth of the magnetic field sensor market in this region.

Global Magnetic Field Sensor Market Segmentation:

Segmentation by sensor type:

• Fluxgate Sensors
• Magnetoresistive Sensors
  • Giant Magnetoresistive (GMR) Sensors
  • Anisotropic Magnetoresistive (AMR) Sensors
  • Tunnel Magnetoresistive (TMR) Sensors
• SQUID Sensors
  • High-Temperature SQUID
  • Low-Temperature SQUID
• Hall Effect Sensors
  • Hall ICs
  • Hall Elements
• Others (Overhauser, Magneto-Optical, etc.)

Segmentation by range:

• More than 10 Gauss (BIAS Magnetic Field Sensors)
• 1 Microgauss to 10 Gauss (Earth Field Sensors)
• Less than 1 Microgauss (Low-Field Sensors)

Segmentation by application:

• Position Sensing
• Speed Sensing
• Navigation and Electronic Compass
• Flow Rate Sensing
• Detection/NDT
• Others

Segmentation by end user industry:

• Aerospace & Defense
• Consumer Electronics
• Banking, Financial Services, and Insurance (BFSI)
• Industrial
• Healthcare
• Others (Energy & Power, Research, etc.)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa