The global magnetic field sensor market is expected to register growth over the forecast period. Surging demand across the automotive industry is expected to be a key driving factor for the market growth over the forecast period. Automotive is expected to be a high growth application segment due to increasing need to integrate safety function in vehicles. Magnetic field sensors are used extensively across numerous safety systems such as Electronic Stability Control (ESC) and Anti-Lock Braking Systems (ABS), force and torque sensing, steering angle sensing among others. Electronic compasses or E-compasses are gaining popularity due to their ability to enhance user navigation, and is also expected to fuel market growth.
Growing demand in consumer electronics owing to smartphone proliferation is also expected to drive magnetic field sensors market growth over the forecast period. However, increased demand for low-cost magnetic field sensors may pose a challenge to market growth. Additionally, increased demand across several application areas including homeland security, consumer electronics industry, healthcare and military & defense is expected favorably impact market growth. Magnetic field sensors offer better efficiency and sensing performance due to which the market is expected to witness substantial growth over the next few years. Technological advancements and increased of magnetic field sensors adoption in electric vehicles offer avenues for market growth over the next few years. Furthermore, increased adoption of magnetic field sensors in medical applications and high market potential in emerging economies also provide market growth opportunities.
Key players in the magnetic field sensor market include Honeywell, Robert Bosch GmbH, NXP Semiconductors, Infineon and Micronas Semiconductors. Innovation and product differentiation are key growth strategies adopted by several market players.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.