[FURL=https://www.industryarc.com/Report/19251/fluxgate-sensor-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Fluxgate Sensor Market[/FURL] 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.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.
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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.
Fluxgate Sensor Market Drivers
Increasing demand for Fluxgate sensors in industrial automation is driving the market
Increasing adoption of fluxgate sensors in power distribution units is elevating the growth of the market
Fluxgate Sensor Market Landscape
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
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