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 2020. 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.
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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.
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.
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).
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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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