The on-board magnetic sensors market 2020 is presumed to earn high amount of revenues. There has been a constant development in the efficiency of these sensors. The global on-board magnetic sensors market, as per the report offered by Market Research Future (MRFR), is expected to augment at a CAGR of 8.4% over the forecast period 2018 to 2023. It has also been assessed that the valuation of this market will reach USD 1.80 Bn by 2023, increasing from USD 1.11 Bn in 2017. Product is being developed to cater to different needs and the customers have a variety of options to choose from. It is very likely that more industries will hop into the bandwagon and exhibit higher rate of adoption of these sensors in the coming years.
Industrial applications of these sensors are rapidly increasing. It can be accredited to the popularity of the benefits of automation. Industry 4.0 is likely to generate huge amount of demand across the on-board magnetic sensors market. Products are being developed to overcome restraints such as saturation and hysteresis, thus, opening new growth channels. There is to be a fierce competition regarding demand growth among industry verticals. Magnetic sensors are relatively newer concept that has gained much popularity very quickly. A number of industry verticals are inclining towards the use of on-board magnetic sensors.
The segments of On-Board Magnetic Sensor Market are created on the basis of vertical magnetic density, type, application, and region. Based on the type, the on-board magnetic sensor market is bifurcated into magneto resistive sensors, hall effect sensors, squid sensors, and others. On the basis of magnetic density, the on-board magnetic sensor market is segmented into <1 microgauss to 10 gauss (earth field sensors, 1 microgauss (low-field sensors), and >10 gauss (bias magnetic field sensors). The application basis of segmenting the on-board magnetic sensor market consists of detection/NDT, position sensing, speed sensing, and navigation & electronic compass. Based on the vertical, the on-board magnetic sensor market is segmented into consumer electronics, automotive, aerospace & defense, healthcare, industrial and others. Based on the region, the on-board magnetic sensor market is segmented into Europe, Asia-Pacific, North America, and the rest of the world.
Asia Pacific is an important regional segment as it resonates strong demand growth for magnetic sensors. We know that the governments are focusing on the industrial sector of the region. Consumer electronics demand is also soaring, which is likely to generate more demand for current measurement. Introduction of advanced machinery and equipment to support automation goals is expected to further expand the on-board magnetic sensor market in the foreseeable future. Other industries that leverage the deployment on these sensors, including but not limited to automotive, aerospace & defense, healthcare, etc., are also expanding significantly. It is supposed to influence the growth trajectory of the on board magnetic sensor market. Europe is also exhibiting strong growth potential. Automation in industries and revamp of end-user industries are prognosticated to catalyze market growth in this region.
Asahi Kasei Microdevices (Japan), Infineon Technologies (Germany), Sanken Electric (Allegro Subsidiary) (Japan), TDK Corporation (Japan), Murata Manufacturing (Japan), Melexis NV (Belgium), Honeywell International (US), AMS (Austria), TE Connectivity (Switzerland), and NXP Semiconductors N.V. (Netherlands) are few of the key players of the on-board magnetic sensors market. These players are investing in the development of industry-leading technologies to gain edge over others. It ensures that the on-board magnetic sensors market is supposed to gain traction in the coming years. The growth strategies to be observed being employed by market players include, but are not limited to, mergers & acquisitions, collaborations, agreements, partnerships, and alliances.
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