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Global magnetic sensors market expected to increase by 7.2% during 2013 to 2018
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Global Magnetic Sensors Market 2014-2018 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-11 09:20:03
The Global Magnetic Sensors market is forecast to grow at a CAGR of 7.21 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing usage in automotive and electronic compasses. The Global Magnetic Sensors market has also been witnessing the miniaturization of magnetic sensors. However, the increasing cost of automotive systems could pose a challenge to the growth of this market.

Key vendors dominating this space are Allegro MicroSystems Inc., Asahi Kasei Corp., Infineon Technologies AG, and Micronas Semiconductor Holding AG.

Other vendors mentioned in the report are Melexis Microelectronic Systems, NXP Semiconductors N.V., and MEMSIC Inc.

The following companies represent the key players in Global Magnetic Sensors Market: Allegro MicroSystems Inc., Asahi Kasei Corp., Infineon Technologies AG, and Micronas Semiconductor Holding AG.

One of the major trends in this market is the miniaturization of magnetic sensors due to their increasing usage in electronic appliances. The size of magnetic sensors has decreased significantly due to advancements in technology, resulting in their use in a greater variety of applications. Since the inception of the giant magnetoresistive type of magnetic sensor, magnetic sensors have further decreased in size. Moreover, the precision and range of sensors has increased considerably. These new sensors are being used in smaller and high-precision products, thereby reducing the weight of the end products while increasing accuracy. As an example, mobile phone manufacturers require low-weight components, hence the availability of low-weight magnetic sensors is proving to be beneficial for these manufacturers

One of the major drivers in this market is the increasing usage of magnetic sensors in automotive and electronic compasses. The Automotive and Electronics industries are the largest end-users of magnetic sensors. Magnetic sensors provide safety as they are used in power trains, air bags, air pressure controls, and fuel systems. The increasing demand for smartphones and tablets also has a positive impact on the market.

Further, one of the major challenges in the market is the increasing cost of automotive systems. The increasing cost of automotive systems, raw materials, and commodity products is making it difficult for automobile manufacturers to keep their product prices low. Hence, automotive manufacturers are looking for low-cost solutions as an alternative to magnetic sensors.

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