Fluxgate Sensor Market size is projected to reach US$ 633.50 million by 2026 and is estimated to grow at a CAGR 7.8% during the forecast period 2021-2026. The growth of Fluxgate Sensor Market is majorly attributed to the rising demand for robotics in industrial automation to provide high accuracy measurements with low power requirements in order to simplify industrial monitoring and control systems preventing from premature equipment failure. Increasing penetration of digitalization in sensing technology is anticipated to drive Fluxgate Sensor Market. The burgeoning demand of fluxgate sensors for the usage for submarine detection as well as navigation systems are the key factors driving the global fluxgate sensors market over the forecast period 2021-2026. On the other hand, fluxgate sensors are widely used in the detection of ferrous objects, position measurement through generated fields and non-destructive testing. Furthermore, rapidly growing digitalization fuels the growth of the global fluxgate sensors market, owing to the significant usage of fluxgate sensors in rapidly growing smart cities and manufacturing industry across the globe.
Fluxgate Sensor Market Segment Analysis – By Axis type
By axis type, Fluxgate Sensor is segmented into single axis sensor and three axis sensor. Three axis sensor is estimated to acquire a market share of 67% by 2026 owing to its beneficiary capabilities including compact structure, precise measurement, low power consumption over single axis sensor. For instance, Bartington Instrument produces Mag-03, which is a versatile, high-performance, fluxgate sensors providing precision measurements of static and alternating magnetic fields in three axes and these sensors can be combined with Power Supplies and Data Acquisition Units to create a complete measurement system.
Fluxgate Sensor Market Segment Analysis – By Industry Vertical
By industry vertical, Fluxgate Sensor Market is segmented into Automotive, Healthcare, Electronics & Semiconductor, Aerospace & Defense, Oil & Gas, Sub-marine, Media & Communications, Power, Utility, Food & Beverage Processing and Others. Electronics & semiconductor sector is estimated to account for the largest Fluxgate Sensor Market share of 19% by 2026 owing to rising advancement in electronic equipment for smart city applications and huge demand for consumer electronics. Automotive is analysed to witness significant growth between 2021 and 2026 due to the rising demand for powertrain, body electronics and alternative fuel vehicle. The utility sector is estimated to witness the highest growth with a CAGR 9.67% during 2021-2026 due to increasing demand for real-time thermal monitoring of mission critical applications to optimize performance and efficiency. In December 2020, Hitachi ABB Power Grids developed a fully integrated 220 KV substation with advanced power system management and equipment monitoring system to fulfill the unprecedented upsurge in electricity in Dublin. Such developments are estimated to significantly trigger the market growth during the forecast period 2021-2026.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19251
Report Price: $ 4500 (Single User License)
Fluxgate Sensor Market Segment Analysis – By Geography
By Geography, Fluxgate Sensor market is segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with a CAGR 9.36% during 2021-2026 owing to heavy industrialization and transition towards digitalization. According to reports by Northeast Group, in October 2020, South-east Asia declared to invest USD 25.9 billion in smart grid infrastructure over the next decade to accelerate smart metering, grid automation for enhancing the developments in utility sector and such government initiatives are set to drive the market. North America is estimated to hold a significant amount of market share with a CAGR 7.08% during the forecast period 2021-2026 owing to high government investments in smart grid infrastructure and continuous up-gradation of existing infrastructure towards latest technology. In February 2021, New York Power Authority (NYPA) announced the availability of remote monitoring of utility assets to prevent equipment failure ensuring more resilient, reliable and flexible energy system and thus accelerating the market growth.
Fluxgate Sensor Market Drivers
Increasing demand for Fluxgate sensors in industrial automation is driving the market
The increasing convergence of industrial sectors with digitalization to deliver smart production and automation is set to drive the market. Increasing penetration of robotics for factory automation has contributed to the growth of the market. Fluxgate sensors, particularly linear and angular position sensing play a major role to run the factory smoothly while optimizing the usage of connected machines without human intervention. The magnetometers can be used to monitor the motor movements of the robots in terms of precision and accuracy. Furthermore, with the rising demand for faster and more efficient production lines, the role of the magnetic sensor is continuously evolving to include the use of safety switches and proximity detection. As per 2020 Industrial report of International Federation of Robotics, 2.7 million industrial robots are operating in factories including automotive, electronics and others around the world. Such growth in robotics across the globe is bolstering the demand for fluxgate sensors market.
Increasing adoption of fluxgate sensors in power distribution units is elevating the growth of the market
Increasing penetration of automation in utility sector to deliver an intelligent power distribution infrastructure has contributed to the growth of the market. Cloud computing and large data analytics are growing exponentially to meet the demand of ever increasing digitalization and due to this, there has been an increased production of power distribution units which are the main part of data centers and large servers. Datacenter infrastructure needs power distribution units (PDU) to supply AC or DC electrical power to the servers. Fluxgate sensors assist PDUs in providing power filtering to the server and intelligent load balancing while they can also be monitored remotely. According to International Energy Agency (IEA) reports, global internet traffic surged by almost 40% between February and mid-April 2020, driven by rising adoption of video streaming, video conferencing, online gaming, social networking services across globe and data centers accounted for almost 1% of global electricity use. Such growth in data transmission networks is augmenting the fluxgate sensor market growth.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=19251
Fluxgate Sensor Market Challenges
Distortion due to hard and soft iron elements is impeding the growth of the market
Fluxgate sensor are reactive to their environment owing to which distortion occurs in the sensor. Magnetic biasing is of two types, that is, hard iron bias and soft iron bias. Hard iron bias is instigated by magnetized material inside the device and Soft iron bias is instigated by interaction between variation in magnetic field of earth and materials inside a magnetometer. Strong iron bias, for instance, is power lines that create a magnetic field that impact drones and aircraft in which deployment of fluxgate sensors is done. The sensor performance is permanently biased if hard iron distortion occurs. Moreover, deflections in the current magnetic field occur in the case of soft iron distortion. Thus, the distortion of the fluxgate sensor restraints the growth of market.
Fluxgate Sensor Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Fluxgate Sensor market. In 2020, the market of Fluxgate Sensor industry outlook has been fragmented by several companies. Fluxgate Sensor top 10 companies include:
● Elmos Semiconductor AG
● Baumer Ltd.
● Robert Bosch GmbH
● NVE Corporation A
● Stefan Mayer Instruments
● Metrolab Technology SA
● Bartington Instruments
● Fluxgate World Subsystems
● Applied Physics Systems
● Cedrat Technologies SA
Acquisitions/Product Launches
In March 2021, LEM launched a new leakage current sensor based on its open-loop Fluxgate Technology for optimizing electric vehicle charging stations.
In March 2021, Metrolab Technology SA signed an agreement with Ayscom dataTec, SL. to expand its magnetometer market in Spain.
Key Takeaways
APAC is estimated to be the fastest-growing market during 2021-2026 with a CAGR 9.36% owing to high investments in industrialization and digitalization.
Electronics is analyzed to be the largest market acquiring a market share of 19% by 2026 due to rapid evolution in electronic equipment.
Increasing demand for fluxgate sensors in industrial automation and increasing penetration of advanced power distribution units are driving the market.
Material distortion in fluxgate sensors is one of the challenges impeding the market growth
Relevant Report Titles:
Magnetic Sensors Market
https://www.industryarc.com/Report/15436/magnetic-sensors-market.html
For more Automation and Instrumentation Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/