Worldwide Magnetic Sensor Market Status for Major Applications, Growth Rate, Market Challenges and Forecast 2025
According to a new report published by Reports Monitor titled, “Magnetic Sensor Market By Type, Technology and Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Magnetic Sensor Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America dominates the Magnetic Sensor Market, and is expected to maintain this trend throughout the forecast period.
Magnetic field surrounds an electric current. The field is detectable by its force or interaction on electrical charges, magnets and magnetic products. The strength and direction of a magnetic field can be measured and documented. Fluctuations in that field are sensed and adjustments or changes are made in a machines response, a doctor’s decision, the direction the navigational instrument gives or the response of a detection system. For instance, the Earth's magnetic field is measured and tracked by magnetic sensors. Most magnetic sensors are used for measurement in industrial processes, navigational tools, and scientific measuring.
Growing application of Magnetic Sensor in electric Vehicles is expected to propel the demand for Magnetic Sensor globally. Magnetic Sensor provides safety, performance, handling, comfort, and enhances the stability of a vehicle. Growing demand for features like Antilock Braking Systems and Central Lock System is fuelling the demand for magnetic sensors.
Global magnetic sensor market is majorly segmented on the basis of Type (Anisotropic magneto-resistive (AMR) Magnetometer, Giant magneto resistance (GMR) Magnetometer, Hall Effect, and Tunnel magneto resistance (TMR) Magnetometer), Technology (Bias Magnetic Field Sensor Technology, Earth Field Sensor Technology and Low Field Sensor Technology) & Applications (Aerospace and Defense, Automotive, Consumer electronics, Energy & Power, Healthcare, Industrial, Robotics and Others).
North America is expected to be the largest market for magnetic sensors owing to the growth of consumer electronics industry in this region. Asia Pacific region is expected to be fastest growing market for magnetic sensors. Government regulations and policies in India and China regarding ABS and growth of automotive industry in this region are fuelling the demand for magnetic sensor in this region.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in Global Magnetic Sensor Market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
The major companies profiled in the report include: Allegro MicroSystems, LLC, Alps Electric Co., Ltd., Baumer Group, Elmos Semiconductor AG, Honeywell International, Inc., Infineon Technologies AG, Melexis Corporation, NXP Semiconductors, Robert Bosch GmbH, and Rotary & Linear Motion Sensor (RLS).
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