Magnetometer Market - Forecast(2021 - 2026)
Magnetometers have been one of the most important pillars of modern day science. Its significance in research, space exploration, near earth geometrics, 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 growth, owing to its ever-increasing applications. The majority of vendors in the magnetometers market are spending more in R&D activities to proliferate and better position their products in the market. The global magnetometer market is projected to generate more than $1890 million by 2023 growing at a CAGR of over 5.8% during 2018-2023. As of 2017, consumer electronics remained the most dominate end user segment with over 26% market share in terms of revenue.
What is Magnetometer?
Magnetometer is a devices employed to detect, measure and record magnetic fields. The device measures magnetic flux density in units of Tesla. Given the fact that the magnetic flux density in air is directly proportional to magnetic field strength, magnetometer is capable of detecting magnetic fluctuations in the earth’s field.
What are the major applications for Magnetometer?
The common applications for magnetometer are navigation, anti-braking system in automotive, mineral exploration to search for elements such as gold, silver, iron copper, and others. Most of the modern smart phone employs magnetometer for navigational purposes. Apart from these applications it is used in the defense for navigating unmanned aerial aircrafts. In 2017, the consumer electronics sector dominated the market with majority of demand rising from the mobile phone industry.
Market Research and Market Trends of Magnetometer Devices Ecosystem
Magnetometer are now majorly being deployed in air borne magnetic surveys, submarines, and UneXploded Ordinance (UXO) detection. Defense applications requires more efficiency with less size, thus manufacturers are heavily investing in research and development activities especially aimed at miniaturization and to improve the efficiency. Manufacturers are trying to achieve this by making them compatible with microelectronics technology.
The inclusion of magnetometers to the PCB boards is an emerging trends, as they offer an additional advantages given that the core could be directly electrodeposited in the PCB board, avoiding the use of glue to fix the magnetic amorphous to core of the device.
The demand from the spacecraft industry for magnetometers is increasing rapidly given the increasing number of satellites being deployed. Researchers are looking forward to customize device according to the needs and are also planning to improve operational efficiency.
GDM Group of Magnetic Devices based in Complutense (UCM), had developed a three axis flux gate magnetometer with specifically designed sensors and electronics to support extreme temperature and humidity.
Who are the Major players in Magnetometer Market?
The companies referred in the research report includes Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Geometrics ,Honeywell International, Infineon Technologies AG, Foerster Holding GmbH, Lake Shore Cryotronics, Lockheed Martin Corporation, NXP Semiconductors N.V, Scintrex Limited, Marine Magnetics Corp., Tristan Technologies and , VectorNav Technologies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
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Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
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