Research and Markets - Global Magnetic Field Sensors Market CAGR Growth of 9.78% by 2020 - Trends, Technologies & Opportunities 2016-2020 - Key Vendors: NXP Semiconductors, Infineon Technologies, Bosch Sensortec
The report forecasts the global magnetic field sensor market to grow at a CAGR of 9.78% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend which is propelling market growth is the emergence of wearable tech. Globally, individuals are increasingly adopting wearable devices to enhance the quality of their lifestyle. Wearable tech is a mobile form of communications technology that is worn on the body and can be used to monitor daily activities and access smartphone functionalities. It includes smart watches, smart glasses (such as Google Glass), smart fabrics, heart rate monitors, and fitness tracking gadgets (such as FitBit Surge). Magnetic sensor manufacturers such as Infineon have started developing MEMS magnetic sensors to support the requirements of wearable technology.
According to the report, a key growth driver is the improved efficiency in the automotive segment. Numerous sensors are required in modern cars, and many more automotive applications are expected to be introduced in the coming years. This can be attributed to consumers demanding features that improve safety, handling, stability, performance, comfort, and convenience. In vehicles, the body and powertrain segments show the highest potential for magnetic field sensors.
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