Global Magnetometers Market – Industry Trends and Forecast to 2029

Magnetometers Market Analysis and Size

One of the main foundations of contemporary science has been the magnetometer. Its importance in science, space exploration, near-Earth geometry, oil and gas exploration, mineral exploration, and consumer electronics gadgets has significantly altered human life. Due to its expanding uses, the magnetometers market has shown considerable growth in recent years. The majority of suppliers in the magnetometers market are increasing their R&D expenditures in an effort to expand and enhance their product offerings.

Global magnetometers market was valued at USD 1.67 billion in 2021 and is expected to reach USD 2.65 billion by 2029, registering a CAGR of 5.96% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Magnetometers Market Scope and Segmentation

Market Definition

A magnetometer is a device used to detect, measure, and record magnetic fields or to measure magnetic forces. The instrument uses Tesla units to measure magnetic flux density. An important trend for the magnetometer market is the integration of magnetometers into PCB boards.    

Global Magnetometers Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rising demand for electric cars

One of its main benefits is that electric vehicles produce no pollution. A number of large automakers, including GM (U.S.), Ford (U.S.), and Renault (France), are also growing their hybrid and electric vehicle divisions. Power electronics, a crucial hybrid technology, adds about 20% to the cost of a hybrid car.  

• Opportunities presented by aerospace and defence industry

In the aviation and defense sectors, magnetometers are widely utilized for GPS monitoring and tracking and unmanned aerial vehicles (UAVs) for aerial surveillance and mapping. Additionally, magnetometer performance features are being improved by manufacturers to meet the demands of their applications in the aerospace and defense industries thanks to ongoing technological breakthroughs in these industries.

Furthermore, the factors such as rising urbanization, industrialization and mounting number of research and development activities are some other important market drivers. Additionally, improved demand from consumer goods industry and surge adoption of magnetic sensors in process industries are anticipated to drive the market's growth rate.

Opportunities

• Growth and expansion

Growth and expansion of the education and research industry especially in the developing economies will present very many opportunities for the growth of the market. Keeping up with advancements in manufacturing/ production technology may also be beneficial for the market as a whole.

Restraints/Challenges  

• Surging level of competition in the market

Although the shipment of magnetic sensors has expanded due to their broad use in automated vehicles, consumer electronics, and healthcare equipment, price erosion has greatly slowed the rate of growth in these sales. The fierce competition among the growing number of sensor manufacturers contributes to some of this. Many businesses are focusing their R&D efforts on developing affordable alternatives to current magnetic sensing technologies, such as position, speed, and angle sensors made with MEMS and 3D sensing technology.

• High costs involved

High costs of raw materials will impede the market growth rate. Rising cost of processing have already been acting as major hurdles. Further, fluctuating costs incurred during the manufacturing process will yet again derail the market growth rate in the long run. Supply chain disruptions arising out of COVID-19 restrictions has further worsened the situation.

This magnetometers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the magnetometers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Magnetometers Market

In an effort to track the internal organs of the infected individuals, the global COVID-19 outbreak has created an inherent demand for sensing technologies across the healthcare sector. To detect cardiac conductivity in the human body, University College London researchers created an atomic magnetometer in 2020. A downturn in the market's growth trajectory has been caused by disruptions in the raw material supply chain and a halt in the production of these devices.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• The AK8781, an ultra-compact package latch-type Hall IC appropriate for small DC brushless (BL) motors, was introduced by Asahi Kasei Corporation in June 2020. It is a compact package that responds quickly and can operate at high temperatures. It is anticipated that the introduction of this product will aid in the micro-miniaturization and high efficiency of DCBL motors.
• To create cutting-edge medical imaging solutions for cardiac diagnostics, TDK Corporation partnered with Genetesis, a magnetocardiography (MCG) technology business with headquarters in the US and a global leader in non-invasive biomagnetic imaging solutions, in April 2020. As a result of this development, Genetesis is anticipated to benefit from TDK Corporation's global presence and expertise in MEMS technologies, magnetic noise suppression systems, piezoelectric actuators, and biomagnetic sensors.

Global Magnetometers Market Scope

The magnetometers market is segmented on the basis of product, form factor, technology, application and type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Single Axis
• 3-Axis
• 3D

Form Factor

• Stationary Magnetometers
• Portable/Mobile Magnetometers

Technology

• MEMS
• Magneto Resistive
• Fluxgate/Coil
• Hall Effect
• Magneto Inductive
• SQUID
• Optically Pumped
• Nuclear Precession

Application

• Consumer Electronics
• Smartphones
• Tablets
• Optical Storage
• Aerospace & Defence
• Airborne and UAV
• Ground
• Marine
• Space Operations (Plasma Flows)
• Education & Research
• Commercial
• Mineral Exploration
• Coal Exploration
• Oil & Gas Exploration
• Pipeline Monitoring
• Drilling
• Natural Calamities Research and Monitoring (Earthquakes and Volcanology)
• Archaeology
• Automotive
• Others
• Healthcare Monitoring, Security
• Forensic
• Image Processing of the Magnetic Data
• Others

Type

• Scalar Magnetometers
• Proton Precession Magnetometer
• Over Hauser Effect Magnetometer
• Ionized Gas Magnetometers
• Vector Magnetometers
• Fluxgate Magnetometers
• Squid Magnetometers
• Search-Coil Magnetometer
• Rotating Coil Magnetometers
• Induction Coil Magnetometers
• Magneto Resistive Magnetometers

Magnetometers Market Regional Analysis/Insights

The magnetometers market is analyzed and market size insights and trends are provided by country, product, form factor, technology, application and type as referenced above.

The countries covered in the magnetometers market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

During the forecast period, due to the increase in the level of investment in various industries such as consumer electronics, aeronautics and others and the increasing inflow of innovations along with increasing government backing, North America is anticipated to account for a sizeable portion of the market. The region has a greater rate of power production.

Over the forecast period, Asia-Pacific is anticipated to have the highest CAGR. Over the course of the forecast period, it is expected that the demand for magnetometers in the region will rise. The booming demand for high grade monitoring systems is bolstering the growth in this region.  

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Magnetometers Market Share Analysis

The magnetometers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to magnetometers market.

Some of the major players operating in the magnetometers market are

• TE Connectivity (Switzerland)
• Texas Instruments Incorporated. (U.S.)
• Honeywell International, Inc. (U.S.)
• Infineon Technologies AG (Germany)
• NXP Semiconductors (Netherlands)
• Bartington Instruments Ltd (U.K.)
• Lockheed Martin Corporation. (U.S.)
• Cryogenic Limited. (U.K.)
• FOERSTER Holding GmbH (Germany)
• STMicroelectronics (Switzerland)
• Robert Bosch GmbH (Germany)
• Gem Systems Advanced Magnetometers (Canada)
• Geometrics (U.S.)
• Lake Shore Cryotronics, Inc. (U.S.)
• Scintrex (Canada)
• Marine Magnetics Corp. (Canada)
• Tristan Technologies, Inc. (U.S.)
• VectorNav Technologies, LLC (U.S.)

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