Magnetic Field Sensors Market to Record Rise in Incremental Opportunity During the Forecast Period
Upsurge in requirement all over the automotive sector is considered to be a foremost aspect driving magnetic field sensors market development all over the years to come. Automotive is estimated to be a high development application category because of expanding need to coordinate security function in vehicles. These sensors are utilized widely over various security frameworks, for example, Anti-Lock Braking Systems (ABS) and Electronic Stability Control (ESC), torque and power detecting, steering angle sensing amid others. E-compasses or electronic compasses are picking up footing because of their capacity to upgrade user navigation and is likewise anticipated that would fuel market development.
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Increasing requirement in consumer electronics because of smartphone proliferation is in addition considered to fuel the market for magnetic field sensors expansion over the years to follow. On the other hand, raised requirement for low-priced magnetic field sensors might get a challenge to market expansion. In addition, increased requirement all over various application fields comprising consumer electronics industry, homeland security, healthcare and defense & military is considered to favorably affect market expansion. The magnetic field sensors provides better competence as well as sensing performance as a result of which the market is foreseen to witness remarkable expansion all over the following next years. Increased adoption of magnetic field sensors and technological progressions in the electric vehicles provides avenues for market expansion throughout the approaching next years. Moreover, increased implementation of these sensors in medical applications as well as high market prospects in rising economies in addition offers market expansion opportunities.
North America is considered to be one of the most lucrative markets for the technology of the magnetic field sensor, trailed by the Asia Pacific and Europe. Japan and The U.S. are also anticipated to be the two foremost markets for this sensing technology. The Asia Pacific region is likely to see fast expansion over the years to come because of rising domestic automotive need in the developing markets of China and India.
Support from the government for utilizing eco- friendly vehicle is anticipated to fuel the worldwide magnetic field sensor market. Moreover, advancements in the area of automobile infotainment systems are considered to fuel the worldwide magnetic field sensor market to some degree. Likewise, requirement in gaming consoles, expanding attractiveness of electronic compasses and constant requirement for computer and computing peripherals is looked at to further enhance requirement for magnetic field sensor technology. On the other hand, irregularity of a magnetic field sensor body, temperature fluctuations, distortional variation and inaccessibility of aftermarket service is believed to impede the worldwide magnetic field sensor market.
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Attributable to development in the automotive industry which might expand the need for magnetic field sensor technology, multinational organizations have begun putting resources into the developing markets of Asia Pacific. A few of the foremost market players active in the global market are Asahi Kasei Microdevices Corporation, Allegro MicroSystems Inc., Melexis Microelectronic Systems, Infineon, NXP Semiconductors, Honeywell International, MEMSIC Inc., and Robert Bosch GmbH. Product differentiation and innovation are the foremost growth strategies acquired by various market players.
For instance, in October 2016, an analog solution and sensor provider, AMS, has come into the agreement to take on Heptagon, a micro-optics solution and optical packaging provider. This acquirement will aid AMS to enhance its placing in the market for optical sensing technologies. During March 2016, Analog Devices come into the agreement to take on a sensing technology provider, SNAP sensor SA. This acquirement will aid Analog Devices in growing its consumer base and place in platform-level Internet of Things (IoT) solutions, signal processing and sensing market.