According to Stratistics MRC, the Global 3D Magnetic Sensor Market is expected to grow at a CAGR of 19.7% during the forecast period. Some of the key factors influencing the market are growing in the automotive industry and unceasing growth in consumer electronics. However, Lengthy design phase increases time-to-market and falling average selling prices (ASPS) of sensor components affecting new market entrants hampers the market growth of 3D magnetic sensor market.
The 3D magnetic sensor is a sensor that is able to detect magnetic signals in X, Y, and, Z directions. It supports a wide measurement range with high resolution in 3D detection and captures magnetic fields in 3-dimensions. The sensor family has ideally suited for the measurement of three-dimensional movement within a magnetic field, linear slide movement as well as 360 degrees angle rotation.
Based on Technology, Hall Effect Sensors segment is constantly enhancing as the Hall Effect sensor is a device that is used to measure the magnitude of a magnetic field. Its output voltage is directly proportional to the magnetic field strength through it. Hall Effect sensors are used for proximity sensing, positioning, speed detection, and current sensing applications.
By Geography, Asia Pacific is anticipated to exhibit the considerable growth due to increase in demand for consumer electronic devices such as laptops, smartphones, and cameras are driving the growth of the market in this region. The implementation of a wide range of sensors, even in budget smartphones, and the growing demand for fitness bands are the key factors driving the market in APAC.
Some of the key players in Global 3D Magnetic Sensor market are AKM, Allegro MicroSystems, Analog Devices, Asahi Kasei, Bosch, Honeywell International, Infineon Technologies, Melexis, NXP Semiconductors, STMicroelectronics and TDK.