Valley Cottage, NY -- (SBWIRE) -- 11/22/2017 -- Expanding sensor based applications across various industries is the key factor contributes the growth of global magnetic sensors market. Magnetic sensor converts a magnetic field into an electrical signal, utilized to sense the magnetic field strength to measure current, position, motion, direction, and other physical parameters. Magnetic sensors can be classified based on the vector components of the magnetic field and measurement of the total magnetic field. Some of the common technologies used for magnetic field sensing includes anisotropic magneto-resistance, hall-effect, giant magneto-resistance, magnetic tunnel junctions, giant magneto-impedance, nuclear precession, SQUID, optically pumped, fluxgate, and microelectromechanical systems-based magnetic sensors. Magnetic sensors are widely used across various industries including automobile, defence, consumer electronics and healthcare.
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Magnetic Sensors Market: Market Dynamics
Growing importance contact less sensing technologies and wear-free measurement of mechanical quantities such as angle of rotation and angular speed, drives the growth of globalmagnetic sensors market. Expanding automotive sector coupled with increasing demand for magnetic sensors for various automotive applications, increasing demand for magnetic sensors across various consumer electronics applications, and growing popularity of magnetic sensing technologies across various biomedical applications accelerates the growth of global magnetic sensors market. Furthermore, increasing demand for MEMS-based magnetic field sensor across various medical and healthcare applications accelerates the growth of global magnetic sensors market. Rising scope of magnetic sensing technologies in electric vehicles and increasing government initiatives on promoting electric vehicle, is identified as the potential areas of opportunity for manufacturers focused on developing magnetic sensors and related components. However, decreasing sensors cost and increasing demand for low cost & power efficient magnet sensors are identified as restraints expected to have negative impact on the growth of global magnetic sensor market.
Magnetic Sensors Market: Regional Outlook
Among all regions, magnetic sensors market in Asia Pacific is expected to dominate the market due to rapid industrialization, and expanding automotive sector. North America and Europe is expected represent significant market share due presence of major players and continuous adoption to advanced sensing technologies.
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Magnetic Sensors Market: Competitive Landscape
Some of the prominent venders in the global magnetic sensors market includes TE Connectivity Corporation, Asahi Kasei Corporation, NXP Semiconductors, Honeywell International Inc., Analog Devices, Inc., ams AG., Infineon Technologies AG, STMicroelectronics, Diodes Incorporated, and Melexis
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