The magnetic sensor market in Electronics and Semiconductor sector concealed in rising USD 5.6 billion by 2024, growing at a CAGR of 7.5% between 2019 and 2024. Therefore major strategies adopted by these players to compete in the magnetic sensor market are product launches and developments; mergers and acquisitions; and partnerships and agreements.
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The magnetic sensor market is dominated by a few players. In 2016, this market was dominated by Asahi Kasei Microdevices (Japan), Allegro Microsystems (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Honeywell (US), among others. These companies were considered the top 5 players in the magnetic sensor market. Asahi Kasei is headquartered in Tokyo, Japan. Asahi Kasei Microdevices (AKM) is one of the major subsidiaries of the company that operates in the studied market. The company offers a wide range of products, including electronic compasses, 3-axis magnetic sensors, current sensors, rotary position sensors, infrared sensors, Hall effect ICs, magnetoresistive sensors, linear Hall effect ICs, and Hall elements.
The company offers 2 series of current sensors for industrial and automotive applications. Product launches and developments and partnerships are the key strategies adopted by Asahi Kasei MicroDevices to grow in the magnetic sensor market. For instance, in July 2016, AKM launched AK7451, a zero-latency magnetic rotary angle sensor. In January 2015, AKM partnered with Correlated Magnetics Research (US) to demonstrate a novel approach related to magnetic sensor controls for consumer products. The combination allowed to increased precision and new applications in the magnetic sensor market.
Allegro MicroSystemsa, a wholly owned subsidiary of Sanken Electric (Japan), is among the leaders in developing, manufacturing, and marketing high-performance semiconductors. Allegro MicroSystems, founded in 1990, is a global semiconductor company and headquartered in Massachusetts, US. The company provides high-performance semiconductors for automotive and industrial applications. It focuses on innovations in the areas of motor control, regulation, and magnetic field sensing applications.
The company has adopted the strategy of product launches and developments to grow in the magnetic field sensor market. For instance, in July 2017, Allegro MicroSystems introduced a new optimized Hall effect integrated circuit (IC), called ATS699, which provides a user-friendly solution for detection, direction, and true zero-speed, digital gear-tooth sensing. In May 2016, the company launched ATS684LSN, a dual-element differential sensor design capable of providing stable, signal perturbation-immune output performance for speed sensing applications.
In 2016, the company announced new 3-wire, true zero-speed, surface-mount magnetic speed sensor ICs. These ICs provide a user-friendly solution for highly compact ring magnet applications using PCB mounting. These sensors are ideal for applications such as automotive transmissions and industrial equipment. Allegro MicroSystems has strong presence in most of the emerging economies. The company strongly focuses on organic growth strategies, such as product launches, to strengthen its business in magnetic field sensor market. It has launched more than 15 products in the past 4 years.
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