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