Magnetometer Market Worth US$ 4.7 Bn Mn by 2027

Posted by surendra choudhary on February 17th, 2020

Transparency Market Research delivers key insights on the global magnetometer market. In terms of revenue, the global magnetometer market is estimated to expand at a CAGR of ~ 6% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global magnetometer market.

A magnetometer is a device used to measure the direction and strength of the magnetic field at a particular location. Magnetometers are employed across several sectors such as energy, healthcare, aerospace & defense, consumer electronics, surveys, and industrial.

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Increasing usage of magnetometers for the detection of archaeological sites is also one of the major factors likely to drive the global magnetometer market in the near future. Archaeologists are using magnetometer-based devices to discover archaeological sites. These sites may consist of minerals that can be detected with the help of magnetometers. Magnetometers in geophysical surveys conducted for mineral exploration are largely used to search for elements such as gold, silver, iron, and copper.

Archaeologists use satellite global positioning systems (GPSs) to rapidly and precisely map the location of archaeological sites on the ground. Magnetometers are incorporated into GPS devices that receive signals from numerous satellites orbiting around the Earth, and measure the distance from each satellite on the basis of how quickly the magnetic signal travels. Then, by means of the geometric principle of trilateration, the device calculates the location of the site on the ground. Thus, magnetometers are increasingly being used for the detection of archaeological sites, due to their better detection capability. This factor is anticipated to fuel the global magnetometer market during the forecast period.

Global Magnetometer Market: Prominent Regions

North America accounted for a key share of the global magnetometer market in 2018. The region is expected to dominate the global market between 2019 and 2027, owing to the increasing adoption of smartphones, tablets, and consumer electronics products in the region. Among the countries/sub-regions, the U.S constituted a significant share of the market in North America in 2018. The U.S. makes high investments in R&D activities aimed at innovating new technologies, and is the most technologically-advanced country.

Europe has emerged as the second-largest market for magnetometers across the world. The region is anticipated to hold a considerable share of the global magnetometer market during the forecast period, owing to the increasing penetration of magnetometers in countries of Western Europe and Central Europe, and increased spending on semiconductor manufacturing. The rising use of magnetometers in aerospace and automotive industries is also expected to augment the adoption of magnetometers in Europe in the next few years.

Asia Pacific is anticipated to be a highly lucrative market for magnetometers throughout the forecast period, owing to the increasing adoption of magnetometers in developing economies in the region, such as China. The lucrativeness of the APAC market is anticipated to increase in the next few years, owing to extensive research and development activities taking place in the field of optical pumped magnetometers in the region.

Key players operating in the global magnetometer market are sharpening their competitive edges to display synergies through close cooperation and collaboration in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increasing production capacity, in order to meet the rising demand.

Global Magnetometer Market: Key Players

Key players operating in the global magnetometer market are Bartington Instruments Ltd, Cryogenic Limited, Gem Systems Advanced Magnetometers, Geometrics, FOERSTER Holding GmbH, Honeywell International Inc., Infineon Technology, Lake Shore Cryotronics, Inc., Lockheed Martin Corporation, NXP Semiconductors N.V, Scintrex Limited, Marine Magnetics Corp, Tristan Technologies, Inc., and VectorNav Technologies.