Magnetometer market is anticipated to worth USD 1,901 million by 2025s
Published | April 2019
According to BlueWeave Consulting, the global Magnetometer market is anticipated to worth USD 1,901 million by 2025, with a CAGR of 5.9% during 2019-2025. The Global Magnetometer Market is expected to grow with a significant rate during the forecast period 2019-2025, owing to the rising of the Magnetometer in various industries such as surveyors, energy, healthcare monitoring, pipeline monitoring, natural calamities, industrial, defense & aeronautics, and consumer electronics. The demand for these instruments in several sectors, such as defense & aerospace and military for object detection, will boost the Magnetometer market in the upcoming year.
Moreover, the major factor driving the market growth is technological advancements in magnetometer coupled with higher utilization by manufacturing industries for enhanced data quality, improved sensitivity, and operational efficiency. Furthermore, the demand for consumer electronics enabled with GPS, which provides integrated and seamless positioning solutions, will accelerate the growth of the Magnetometer market. Additionally, the integration of sensors and the advancement of technologies would help to improve the scope of the magnetic magnetometers in several industries.
The inclusion of magnetometers to the PCB boards is an emerging trend through which it offers additional advantages coupled with the huge demand of consumer electronics that will contribute to the Magnetometer market growth during the forecast period. The magnetometer market is driven due to its enhanced data quality, improved sensitivity, and operational efficiency in manufacturing industries. With the improvements in the processing and display speed is an enhancement in the effectiveness of these instruments, which will augment the global Magnetometer market in the forecast period.
Browse Detailed Analysis with TOC, “Global Magnetometer Market Size, by Technology (Scalar Magnetometer and Vector Magnetometer), by Product Type (Single Axis, 3 - Axis, and 3 Dimensional), by Application(Surveyors, Energy, Health Care Monitoring, Pipe Line Monitoring, Natural Calamities Research & Monitoring, Industrial Defense & Aeronautics, and Consumer Electronics), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Growth Potential, Trends Analysis, Competitive Market Size and Forecast, 2019-2025”
Vector technology is projected to be the leading segment of the overall market during the forecast period.
Based on technology type, the Magnetometer market segmented into Scalar Magnetometer and Vector Magnetometer. The Vector Magnetometer dominates the global Magnetometer owing to growing its application in the aerospace industry for measuring features in a specific direction. Scalar Magnetometer will trigger by the augmentation in uses in environmental surveys, geophysical exploration, and weapon detection.
3-Axis product type of magnetometer is expected to be the dominating segment of the overall market during the forecast period
Based on product type, the Magnetometer market segmented into Single Axis, 3 – Axis, and 3 Dimensional. 3 – Axis will lead the market owing to growing its uses in electronics devices smartphones, tablets, etc. Single Axis market will drive by its applications in Cryogenic probes to measure magnetization inside RF for its features like a portable, high-performance instrument, which provides precision measurements and display of the intensity of static and slowly varying magnetic fields in the direction of the probe.
Consumer Electronics is projected to lead the industry for utilizing applications of the Magnetometer during the forecast period.
Based on Application, the global Magnetometer market segmented into Surveyors, Energy, Health Care Monitoring, Pipe Line Monitoring, Natural Calamities Research & Monitoring, Industrial Defense & Aeronautics, and Consumer Electronics. By application type, Consumer Electronics will lead the market owing to the rise in demand for electronics devices enabled with GPS. Pipe Line Monitoring market will drive by the demand of magnetometer for underground mapping utilities such as pipes and cables by channeling electrical current through the item to be mapped.
North America accounts for the lion’s share of the global Magnetometer market during the anticipated period.
Based on region, the Magnetometer market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the Magnetometer market during the forecast period, owing to the presence of major manufacturing companies and aerospace and defense. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period due to the rise in demand of magnetometer in military & defense sectors towards sophisticated machines for performing submarine in countries like China and India.
Global Magnetometer Market Competitive Landscape
Companies such as Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Geometrics, Inc., Honeywell International, Inc., Infineon Technologies AG, Foerster Holding GmbH, Lake Shore Cryotronics, Inc., Lockheed Martin Corporation, NXP Semiconductors N.V., Scintrex Limited, Marine Magnetics Corp., Tristan Technologies, Inc., Robert Bosch GmbH, and VectorNav Technologies are the key players for Manufacturing of Magnetometer.