Global magnetic field sensors market worth $2 billion by 2016

DALLAS, USA: According to a new market research report "Global Magnetic Field Sensors Market (2011-2016)" published by MarketsandMarkets, the demand for magnetic field sensors in the year 2010 was 3.67 billion units; which are expected to reach 7.14 billion units in 2016 at a CAGR of 10.3 percent.

In value terms, the market for magnetic field sensors stood at $1.1 billion in year 2010 and is expected to reach $2 billion by year 2016 at a CAGR of 8.7 percent during the projected period.

The need for magnetic field sensors is evolving and is continuously growing. Today's magnetic field sensors mainly utilize digital technology, which means better in efficiency and sensing performance. Magnetic field sensors have a special place in different industry verticals.

The major applications of magnetic field sensors are in automotive industry, consumer electronics industry, homeland security, healthcare, and defense industry. The consumer segment, together with computing applications, is the largest user; followed by the automotive segment. In automotive industry, the magnetic field sensors are improving driver's safety and comfort and engine's efficiency and performance.

Magnetic field sensors offer several key advantages: they allow contactless and consequently wear-free measurement of mechanical and electrical quantities such as angle of rotation, angular speed, linear position, linear speed, and current. With advantages both on cost and performance front over the other technologies, magnetic field sensors have a bright future and will continue to grow in the coming years.

The revenue for the magnetic field sensors market is expected to grow from $1.1 billion in 2010 to $2 billion in 2016 at a CAGR of 8.7 percent from 2011 to 2016. The volume of magnetic field sensors is currently estimated to be 3.67 billion units and expected to reach 7.14 billion units at a CAGR of 10.3 percent from 2011 to 2016.

Many smartphones contain magnetic field sensors. There are compass applications which show direction.

Researchers at Deutsche Telekom have used magnetometers embedded in mobile devices to permit touchless 3-D interaction. Their interaction framework, called Magi Tact, tracks changes to the magnetic field around a cell phone to identify different gestures made by a hand holding or wearing a magnet.