Global Magnetometer Market by Technology (Scalar Magnetometer (Proton Precession Magnetometer, Over Hauser Effect Magnetometer, Ionized Gas Magnetometer) , Vector Magnetometer (Fluxgate Magnetometer, SQUID Magnetometer, Search-coil Magnetometer, Rotating Coil Magnetometer, Magneto Resistive Magnetometer), by Product (Single Axis, 3 – Axis, Dimensional ), by Form Factor (Fixed, Portable),by Application (Surveyors (Geographical, Archeological), Energy (Coal exploration, Oil and gas exploration, Mineral Exploration), Health Care Monitoring (Pipe line monitoring, Natural Calamities, Research and Monitoring, Industrial, Defense and Aeronautics, Consumer Electronics)), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and South America) – is expected to reach us$ 19.17Bn by 2026, at a CAGR of 8.8% during a forecast period.
In recent year, use of Smartphones has triggered the magnetometer market growth. Sophisticated Smartphone applications, such as maps or augmented reality, use the measurement of the earth’s magnetic fields to chalk out the orientation of the phone. The sensors in Smartphones utilize solid state technology for identifying the earth’s magnetic field along with 3 – Axes. The trend of miniaturization of electronics is further encouraging its use in Smartphones, thereby boosting the growth of magnetometer market. Further design challenges faced by engineers, such as the optimization of noise, linearity, sensitivity, hysteresis, and dynamic range, will hinder the magnetometer market growth. A slight deviation in the sensor readings can cause major mislead in applications such as detection of natural hazards and calamities. In addition, variations in the field strength between two magnets, distorting effects of nearby magnetically permeable materials, and differences in temperature also impact the precision in the readings. The challenges faced by the designers to manufacture magnetometers suited for the expanding application demands will restrain the magnetometer market growth.
North America dominates the largest market share during the forecast period.
The magnetometer market in North America will experience growth attributed to the consumer electronics industry coupled with rapid industrialization. Magnetometers are used for healthcare monitoring in cardiac applications such as the diagnostic system for non-invasive measurement of heart functions. The military & defense sectors sophisticated machines for performing submarine activities will contribute toward the growth. Further around similar time, Europe developed as the second most driving business sector for magnetometer around the globe. The rising use of magnetometer in automotive and aerospace industries is expected to result in the higher adoption of magnetometer in Europe.
3 – Axis magnetometers segment is rapidly increasing during the forecast period.
Demand for three- Axis magnetometers instruments ensures a cost-optimized design, low current consumption, and more accurate & robust design. The additional degree of freedom in 3D magnetometers expands the application sector of these instruments. The high detectivity and linearity of three-dimensional magnetometers will boost their demand, thereby supporting the magnetometer market growth. The 3 – Axis nonmagnetic technology is being used in several aspects in areas such as data storage, biomedicine, and sensing. 3- Axis magnetometers are addressing the specific needs of innovative magnetic sensor applications in consumer and automotive industries.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Foerster Holding GmbH, Geometrics, Inc., Honeywell International, Inc., Infineon Technologies AG, Scintrex Limited, Lake Shore Cryotronics, Inc., Lockheed Martin Corporation, NXP Semiconductors N.V., Marine Magnetics Corp., Tristan Technologies, Inc., and VectorNav Technologies.
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