The global magnetic field sensor market to grow at a CAGR of 9.48% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global magnetic field sensor market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in market is emergence of wearable technologies. There has been an upsurge in the adoption of wearable devices to enhance the quality of life worldwide. Wearable technologies are essentially a mobile form of communications technology that can be attached to a body part and can be used to monitor daily activities apart from providing communication services.
According to the report, one driver in market is improved efficiency of the automotive segment. A massive number of sensors are required in modern day cars, and many more applications are expected to become regular features of cars in the future. This can be attributed to consumers demanding features that improve safety, handling, stability, performance, comfort, convenience, and other attributes of a vehicle. The body and powertrain segments in vehicles, show the highest potential for the use of magnetic sensors.
In the body (cabin) domain there are over 35 applications for sensors, mainly hall-effect magnetic sensors along with low-cost micro switches, reed switches, and potentiometers. In addition, the growing integration of GPS in vehicles for navigation purposes will see a surge in demand for e-compasses, which, in turn, will create a high demand for magnetic sensors.
Further, the report states that one challenges in market is lengthy design phase increases time-to-market. The fabrication of thin-film magnetic microstructures requires the deposition of conductors, insulators, and other materials to ensure that the magnetic field sensors are efficient and capable of performing the desired functions and tasks. However, most manufacturers are using thin film metal alloys, which lack the requisite characteristics, as bulk ferromagnetic materials. This results in eddy currents and adverse hysteresis effect, which increases the core loss and decreases the inductance. Manufacturers must attend to this problem, thereby resulting in a long designing stage. Magnetic field sensor manufacturers are adding in-house calibration routines into their manufacturing processes that allow individual sensor calibration.