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The Magnetometer Market Registered US$ XX Bn in 2019 and it is Estimated to Reach Over US$ 4 Bn by 2028, Likely to Grow with a CAGR of 5.8% During the Forecast Period.
A magnetometer is an instrument that measures the strength and direction of the magnetic flux within the vicinity of the instrument. Magnetometers are utilized in geophysical surveys to seek out deposits of iron because they will measure the magnetic flux variations caused by the deposits.
The common applications for magnetometer are navigation, anti-braking system in automotive, mineral exploration to look for elements like gold, silver, iron copper, etc. Most of the latest smartphones employs magnetometer for navigational purposes. Aside from these applications, it is utilized in the defense sector for navigating unmanned aerial aircraft. In 2018, the buyer electronics sector dominated the market with the majority of demand rising from the mobile industry.
Increasing usage of magnetometers for the detection of archaeological sites is additionally one among the main factors likely to drive the global magnetometer market within the near future. Archaeologists are using magnetometer-based devices to get archaeological sites. These sites may contain minerals which will be detected with the assistance of magnetometers. Magnetometers in geophysical surveys conducted for mineral exploration are largely used to explore for elements like gold, silver, iron, and copper.
By Technology, Vector Magnetometer Segment is anticipated to Exhibit Fastest Growth during the Forecast Period
Among all technology, the vector magnetometer segment is anticipated to have the highest market share due to its increasing application in the aerospace & defense industry, used for measuring features in a particular direction. Whereas the scalar magnetometer is used in geophysical exploration, environmental surveys, and weapon detection.
By Type, 3 Axis Segment is anticipated to lead the Magnetometer Market
3 Axis will lead the market due to rising its uses in electronics devices smartphones, tablets, etc. Single Axis market would drive by its uses in Cryogenic probes to measure magnetization inside RF for its features like moveable, high-performance instrument which offers precision measurements and display of the intensity of static and gradually changing magnetic fields in the path of the probe.
By Application, Consumer Electronics Segment accounted for Significant Share in Global Magnetometer Market in 2019.
Consumer electronics will lead the market due to the increase in demand for electronic devices supported with GPS. Magnetic sensors for the Internet of Things (IoT) isn't a completely unique technological concept within the smartphone industry anymore, because it is emerging as a rapidly growing trend. Magnetometers can provide turnkey solutions by their usage in cell phones and tablets, and with their noise filtering capabilities, incredibly dynamic ranges, and reduced power consumption, they're going to still find applications within the consumer electronics landscape within the coming years.
The Magnetometer Market in North America occupied a Significant Market Share in 2019.
By geography, the Magnetometer market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the globe Magnetometer market due to the presence of major manufacturing companies including the large demand of magnetometer in aerospace and defense. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period because of the increase in demand of magnetometer in military and defense sectors towards sophisticated machines for performing submarine in countries like China and India.
Leading players are engaged in extensive research activities and focus on adopting advanced technologies to innovate their products. This is expected to improve their position within the market against their competitors. Competition among the players within the global Magnetometer market is projected to extend considerably during this tenure. This is often mainly due to the presence of a large number of players that have created a fragmented vendor landscape within the market. Key industry players such as Cryogenic Limited, Bartington Instruments Ltd, GEM Technologies, Honeywell International, Geometrics, Infineon Technologies AG, Tristan Technologies, Lake Shore Cryotronics, Foerster Holding GmbH, Lockheed Martin Corporation, Scintrex Limited, NXP Semiconductors N.V, Marine Magnetics Corp., VectorNav Technologies., among others.
Magnetometer Market Segmentation:
- Scalar Magnetometer
- Vector Magnetometers
- Search Coil
- Rotating Coil
- Magneto Resistive
- NV Magnetometer
- Single Axis
- Three Axis
- Aerospace & Defense
- Consumer Electronics
- North America
- Latin America
- Asia- Pacific (APAC)
- Middle East and Africa (MEA)