Global Magnetometer Market was valued US$ 10.62 Bn in 2019 and is expected to reach US$ 20.85 Bn by 2027, at a CAGR of 8.8% during a forecast period.
Magnetometers have been one of the most important pillars of advanced day science. Its significance in research, near earth geometrics, space exploration, oil & gas and minerals exploration and consumer electronics devices has transformed the human life to a greater extent. In recent years, the magnetometers market has seen a tremendous development, owing to its ever-increasing applications. The majority of vendors in the magnetometers market showcase to spend more in R&D activities to proliferate and better position their products in the market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Magnetometer market dynamics, structure by identifying and analyzing the market segments by component, Application, Form Factor, and region and, projects the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to particular market segment.
Global magnetometer market is expected to tread upward due to its ability of producing low cost MRIs for noninvasive diagnostics and enabling continuous growth. Besides this, the rising investment in portfolio of magnetometer sensors will boost the market gain momentum in the forecast years. It is important to show regard in investment to observe across diverse industries such as defense and aeronautics, consumer electronics among others. Also, move toward automation in consumer electronics as well as defense applications will create remunerative prospects for the market. The scenario holds true in case of developed regions that showcase early adoption of the latest technologies.
According to 2016, technology segment vector magnetometer accounted for share contributing to US$ 4.78 billion of revenue generated in the overall market. It is also expected to hold maximum market share between forecasting periods, exhibit around 6.72% CAGR during the forecast period. This is mainly due to the rising demand of magneto-resistive technology across the globe followed by fluxgate and squid technology.
In term of application sector, consumer electronics accounted for more than 20% of the total market share in 2016. This segment is projected to showcase a CAGR of 8.21% during the forecast period. This is mainly due to the rising interest and demand of low cost magnetometer sensors usage in consumer electronics. Aeronautics and Defense is the second largest shareholding segment which is predicted to grow around CAGR of 7.07% during the forecast period. While predicting outcomes application dominates the magnetometer market with the CAGR of 9.74% by volume during forecast period. However, healthcare industry and Defense and aerospace are the fastest growing segment during the forecast period followed by media and entertainment.
Geographically, North America held predominance in 2016 as the region boasts significant presence of prominent players in the market. Among the countries, US has emerged at fore on the back of significant technological advancements witnessed in the last few years. Development in local magnetometer market is pumped by the increasing investment across diverse industries such as defense and aeronautics, consumer electronics among others.
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Scope of the Global Magnetometer Market
Global Magnetometer Market, by Product:
• Single Axis
• 3 – Axis
• 3 Dimensional
Global Magnetometer Market, by Technology
• Scalar Magnetometer
o Proton Precession Magnetometer
o Ionized Gas Magnetometer
o Over Hauser Effect Magnetometer
• Vector Magnetometer
o Fluxgate Magnetometer
o SQUID Magnetometer
o Search-coil Magnetometer
o Rotating Coil Magnetometer
o Magneto Resistive Magnetometer
Global Magnetometer Market, by Form Factor:
• Fixed
• Portable
Global Magnetometer Market, by Application
• Surveyors
o Geographical
o Archeological
• Energy
o Coal exploration
o Oil and gas exploration
o Mineral Exploration
• Health Care Monitoring
• Pipe line monitoring
• Natural Calamities
• Research and Monitoring
• Industrial
• Defense and Aeronautics
• Consumer Electronics
Global Magnetometer Market, by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players operating in the Global Magnetometer Market
• artington 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.
• VectorNav Technologies
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