New analysis from Frost & Sullivan, Analysis of the Global Magnetic Sensors Market, has found that the market earned revenues of $1.66 billion in 2012 and estimates this to reach $3.51 billion in 2019.
With navigation emerging as a must-have feature in smartphones and cellular handsets, the need for digital compasses has spurred the global magnetic sensors market.
“Moreover, the mandatory fitment of magnetic sensors in vehicles due to regulations from the automotive sector has fuelled sale volumes,” said Frost & Sullivan Measurement and Instrumentation Senior Industry Analyst V Sankaranarayanan. “Opportunities for magnetic sensor vendors in the automotive industry will continue to open up as new applications emerge.”
“Manufacturers are investing in technological advancements and the widening of magnetic sensor application areas,” added Sankaranarayanan. “Magnetic sensors have already evolved greatly in terms of sensitivity, size, packaging and flexibility. Miniaturisation, in particular, will be a common trend in the global magnetic sensors market.”
Demand from Asia-Pacific and Latin America is likely to push technology and product development further.