The magnetometer global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Magnetometer Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The magnetometer market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.50 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to Increase in the adoption of electric vehicles, Growing investments in defense and military sectors for magnetic anomaly detection and surveillance purposes, and increase in demand for manometers from consumer electronic industry.
The magnetometer market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing demand from industries such as aerospace and defense, surge in application of manometers in automotive sectors. Major trends in the forecast period include advancement in technologies, advancements in sensor technology, and developments in microelectromechanical system (MEMS) technology.
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Scope Of Magnetometer Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Magnetometer Market Overview
Market Drivers –
The rising demand for electric cars is expected to propel the growth of the magnetometer market going forward. Electric cars are vehicles powered entirely by electricity, typically using one or more electric motors and rechargeable batteries for propulsion. Magnetometers in electric cars are used for accurate navigation and orientation by aiding in sensor fusion with gyroscopes and accelerometers. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, total electric car sales increased from 6,500,000 in 2021 to 10,200,000 in 2022. Therefore, rising demand for electric cars is driving the growth of the magnetometer market.
Market Trends –
Major companies operating in the magnetometer market are developing innovative products, such as AMR magnetometer sensors, to increase their profitability in the market. An AMR (Anisotropic MagnetoResistive) magnetometer sensor is a device that measures magnetic fields by detecting changes in resistance due to the orientation of magnetic field lines relative to the sensor’s material. For instance, in February 2023, MEMSIC Inc., a US-based manufacturing company specializing in semiconductors, launched the AMR magnetometer MMC5616WA. These magnetometers offer advanced features for diverse uses like automotive, industrial, and consumer electronics, delivering smart and secure sensing of physical motion and displacement. These sensors are essential in medical, wearable, and smart home applications for their reliable and intelligent detection capabilities.
The magnetometer market covered in this report is segmented –
1) By Type: Scalar Magnetometer, Proton Precession, Fluxgate, Vector Magnetometer, Optical Pumping, Other Types
2) By Form Factor: Portable, Fixed
3) By Application: Navigation, Space Exploration, Medical Devices, Geophysics And Mining, Industrial Automation, Other Applications
4) By Industry Vertical: Aerospace And Defense, Automotive, Consumer Electronics, Healthcare, Industrial, Other Industries
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Regional Insights –
North America was the largest region in the magnetometers market in 2023. The regions covered in the magnetometer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Robert Bosch GmbH, Honeywell International Inc., Asahi Kasei Corporation, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors, Master Magnetics Inc., Lake Shore Cryotronics Inc., Cryogenic Limited, Institut Dr. Foerster GmbH & Co. KG, PCE Instruments Limited, Scintrex Limited, Gem Systems Inc., Apogee Instruments Inc., VectorNav Technologies, Metrolab Technology SA, Senis AG, Tristan Technologies Inc., Group3 Technology Ltd., AlphaLab Inc., Geonics Ltd., Marine Magnetics Corp., Metronix GmbH, Nucrypt LLC, Bartington Instruments Ltd
Table of Contents
- Executive Summary
- Magnetometer Market Report Structure
- Magnetometer Market Trends And Strategies
- Magnetometer Market – Macro Economic Scenario
- Magnetometer Market Size And Growth
…..
- Magnetometer Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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