Magnetic field sensor market will be worth $2.9 billion by 2020, says report

According to a new market research report, Magnetic Field Sensors Market by Type, 2013 -2020, published by MarketsandMarkets, the value of the global magnetic field sensor market was worth $1.6 billion in 2013 and is expected to reach up to $2.9 billion by 2020, at an estimated CAGR of 8.04% from 2014 to 2020.

The study, Magnetic Field Sensors Market by Type,  (Hall Effect, Magnetoresistive, SQUID, Others), Technology (Low Field, Earth Field, BIAS Magnetic Field Sensors), Applications (Automotive, Consumer Electronics, Industrial & Infrastructure, Medical, Aerospace & Defense) and Geography – Forecasts & Analysis to 2013 -2020, contains 109 market data tables and 62 figures spread through 204 pages and an in-depth table of contents. 

The growth of the magnetic field sensor market is being propelled for many reasons, including a growing automobile production market, increasing demand in gaming consoles, increasing popularity of electronic compasses, and continuous demand for computer and computing peripherals. The existing competition within the technologies, inconsistency in the magnetic field strength, and unavailability of a strong aftermarket are acting as the restraints for the market.

The market size of the magnetic field sensor market is expected to grow from the $1.6 billion that it accounted for in 2013 to $2.9 billion by 2020, at an estimated CAGR of 8.04% from 2014 to 2020. The volume of the magnetic sensors is currently estimated to be 5.9 billion units and is expected to rise to 9.6 billion units at an estimated CAGR of 6.75% from 2014 to 2020.