The Magnetic Sensors Market deals with the magnetic sensing devices, which are used for detecting and measuring magnetic fields. Magnetic sensor is a device used to study the magnetic filed around coil or electric device or permanent magnets. It is also known as magnetic field sensor.
Basically, magnetic sensor uses “Hall Effect”, hence it is also known as hall effect sensor. It is used to identify magnitude and direction of field. Based on the technology, the Magnetic Sensors Market is segmented as low field sensor, earth field sensor and bias magnetic field sensor. Magnetic field or hall effect sensor applications include robotics, energy & power, consumer electronics, health-care, automotive, aerospace and defense.
Advancement of small scale MEMS magnetic sensor for detecting and measuring magnetic fields is the key growth factor driving the Magnetic Sensors Market. Growth of consumer electronics appliances is also another growth factor of this market. In addition, integration of magnetic sensors in automotive industry creates new growth opportunities for the market of magnetic sensors. However, technological limitations of magnetic sensors and inconsistent strength of magnetic field are the major key restrains for the market growth.
Asia-Pacific dominates the Magnetic Sensors Market, due to increasing demand for automobiles and smart-phones in this region. North America is projected to have the fastest growth due to revised government policies and expansion of magnetic sensors business in this region. Europe is expected to register moderate growth during the forecast period followed by Rest of the World.
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