Low Field Sensors Market Size, Share, Opportunities, And Trends By Type (Squid Sensor, Search Coil Sensor), By Application (Medical Application, Military Surveillance, Others), And By Geography - Forecasts From 2023 To 2028

The intensity and direction of a magnetic field, as well as magnetic flux, are measured using low-field sensors. They are primarily employed in industrial, scientific, and navigational uses. When they engage with a medium, ferromagnetic materials in sensors respond to changes in temperature or magnetoelastic materials respond to changes in mechanical stress. The low-field sensor is used in a variety of applications, including medical applications and military surveillance, and as emerging magnetic sensor technologies are considerably changing industrial usage, this rapid increase in the application in the different sectors will drive the low-field sensor market growth throughout the forecasted period.

The increasing application in the medical industry will boost the market growth

The demand for low-field sensors is rising as interest in remote health tracking systems increases. The use of magnetic devices is expanding in the medical field as they can be utilized for other applications where a position, gap, alignment, or orientation needs to be measured. This device without contact helps in such as precision detection of the relative position between components in medical equipment, tracking the relative position of components in hospital beds, measuring current flow in sensitive equipment, safety interlocks in equipment, and more. The rising development of hospitals and medical facilities will boost market growth. In March 2022, the Strong Memorial Hospital of UR Medicine in Rochester, New York, announced that it to invest $557 million in building a nine-story hospital equipped with 100 private inpatient rooms. In August 2022, according to the State health department of Delhi, India, 11 new hospitals will open in Delhi shortly, adding more than 10,000 beds to the city's healthcare system by end of 2023. The increased usage and developments in the medical industry will boost the low-field sensors market growth

The rising usage of military surveillance is propelling the market growth.

The growing demand for more sophisticated and precise guidance systems has accelerated the usage of low-field magnetic sensors as they are frequently used in security and military applications such as navigation, location tracking, antitheft systems, detection, discrimination, and localization of ferromagnetic and conducting objects. The increasing number of military expenditures by government bodies worldwide will boost market growth. In March 2022, the Chinese government declared an RMB 1.45 trillion ($229.6 billion) annual defense budget, which represents an increase of 7.1% from the 2021 budget of RMB 1.36 trillion ($209.2 billion). In February 2023, according to Press Information Bureau, the Indian Defence receives Rs 5.94 lakh crore in Budget 2023-24, a 13% increase over the 2022-2023 year. The increased investment in the military will boost the usage of low-field sensors, thereby boosting the overall global market growth during the forecasted period.

During the forecast period, the North American region is expected to dominate the market

Owing to the region's increasing end-user applications and investment in industries that are major end-users of low-field sensors, such as defense, and medical, are boosting the market growth in North America. For instance, according to the Centers for Medicare & Medicaid Services, National healthcare factsheet US, in 2021, Medical and healthcare expenditures will have increased by 21%, or 8.4%, to $900.8 billion. Spending on individual health treatment per person in 2020 varied from $7,522 in Utah to $14,007 in New York. As per the same source, in 2020, the spending per capita in New York State ($10,191) was 37 percent greater than the national average. According to the US Department of Defence, In April 2023, Tranche 0 Satellites, the Transport and Tracking Layer Satellites, were successfully launched by the Space Development Agency. These satellites will show off low-latency communication links to support the warfighter with a robust network of integrated capabilities, including tracking of advanced missile threats, with wide-field-of-view sensors on its missile tracking satellites. In March 2023, The Canadian Department of National Defence purchased a microsatellite to enhance the armed services' surveillance capabilities, the Magellan Aerospace has been given a $15.8 million Canadian dollar ($11.3 million) contract to develop the new space surveillance system. The rapid increase in medical and defense investment in the North American region will boost the low-field sensor market growth during the forecasted period.

Market Key Developments.

In January 2023, Asahi Kasei Microdevices Corporation (AKM) introduced the AK09940A, a 3-axis low-field magnetic sensor that uses a TMR magnetic sensor element and offers the best-in-class, ultra-low noise, and ultra-low power consumption efficiency.

In June 2019, TT Electronics launched the new OPB9001 Series reflective sensors at Sensors Expo Booth #530. There have been two new optoelectronics product releases: the OPF350A and OBF352A fiber optic transmitters; the new PSM Series miniature slide potentiometer; and a vast array of field-proven optoelectronic products and technologies for industrial, medical, aerospace, and defense.

Segmentation

• By Type

• • Squid Sensor
  • Search Coil Sensor

• By Application

• • Medical Application
  • Military Surveillance
  • Others
• By Geography

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • UK
  • France
  • Spain
  • Others

• Middle East and Africa

• • Saudi Arabia
  • UAE
  • Others

• Asia Pacific

• • China
  • Japan
  • South Korea
  • India
  • Australia
  • Others