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Magnetic Field Sensor Market Insights:
The global magnetic field sensor market will touch USD 10.9945 billion at an 8.00% CAGR by 2032, as per the latest Market Research Future report. The increasing adoption of magnetic field sensor in the automotive sector will boost market growth over the forecast period for the increasing need for integrating safety functions in cars and the requirement for improving communication. The magnetic field sensors are used widely in an array of safety systems like ABS and ESC and also steering angle sensing and force & torque detection.
The magnetic field sensors offer multiple benefits that will offer lucrative opportunities for the magnetic field sensor market in the forecast period. These benefits include low power consumption, higher reliability, high sensitivity, 12c programmability & advanced features like magnet tempco compensation, and tamper detection/second threshold.
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Key Players:
are the notable vendors in the Magnetic Field Sensor Market.
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Magnetic Field Sensor Market Regional Analysis:
North America will command this market over the forecast period for the presence of well-developed auto sector, rising usage of novel technologies & strong presence of eminent competitors. Besides, the increasing investments in consumer electronics sector, auto manufacturers using currently launched small magnetic sensor devices in cars for better communication, the region being the hub for R&D in sensor technologies to develop advanced magnetic sensors, are also fuelling market growth. Besides, the region has a diverse industrial landscape that includes aerospace companies, automotive manufacturers, and consumer electronics giants are boosting the need for magnetic sensors.
Magnetic Field Sensor Market Segmentation:
The magnetic field sensor market is bifurcated based on applications, range, and type.
By type, hall effect sensors will lead the market over the forecast period.
By range, 1 micro gauss will domineer the market over the forecast period.
By applications, speed sensing will spur the market over the forecast period.
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The presence of alternative technologies like gyroscopes and accelerometers with motion sensing and orientation capabilities, unavailability of strong aftermarket, and inconsistency in magnetic field strength may act as market restraints over the forecast period.
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