Magnetometer Market | Increase in the R&D activities For Better Radiological Imaging

According to Precision Business Insights (PBI), the latest report, the market value of the magnetometer market size is expected to be valued at USD 1,723.5 million in 2022 which is expected to grow at a CAGR of 6.1% over 2022-2028. The primary factors that drive the market are the increasing application of magnetometers in various fields, an increase in research and development activities to obtain better products, and technological advancements in the products.

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Aerospace and Defence to Dominate the Magnetometer Market:
Based on application type, aerospace and defence hold the highest market share. The major factor for the rise of this segment is the exceptional use of magnetometers in GPS tracking and UAVs for aerial mapping and investigation. Increasing technological advancements in the aerospace and defence sector to come up with an enhanced version of magnetometers that can suit their business requirements. This industry is trying to integrate three-axis magnetometers with variable permeability properties, good linearity, superior noise performance, and high sensitivity which can further drive the market in the future.

Asia Pacific Magnetometer Market:
Asia Pacific region is expected to grow significantly in the global magnetometer market size over the forecast period. The Asia Pacific region is expanding due to upcoming consumer electronics companies followed by quick industrialization in developing countries like India, China, and Japan. The consumer electronic segment is dominated by the increasing demand for smartphones. The improved healthcare system in these regions is also a factor that drives the global magnetometer market size. Magnetometer-based devices are used for cardiac monitoring. Apart from this, these devices are used in the military and defense services, and increasing demand for machines that can perform submarine activities in India and China that further accelerating the market growth.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global magnetometer market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In November 2021, CubeSat-RadCube, launched by European Space Agency which uses a magnetometer, measured magnetic field strength and space radiation environment. In September 2021, DNV-B14™, a chemical vapour deposition quantum diamond for detecting magnetic field devices, solid-state gyroscopes, RF sensors, and room temperature masers was launched by Element Six, part of the De Beers Group.

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The Magnetometer market is segmented based on, product type, technology, application, end users, and region.
Based on the product type, the market is segmented into the following:
• Single Axis
• 3-Axis
• 3D

Based on the technology, the market is segmented into the following:
• MEMS
• Magneto resistive
• Fluxgate/Coil
• Hall Effect
• Magneto Inductive
• SQUID
• Optically Pumped
• Nuclear Precession

Based on the application type, the market is segmented into the following:
• Consumer Electronics
• Aerospace & Defense
• Education & Research
• Mineral Exploration
• Coal Exploration
• Oil & Gas Exploration
• Natural Calamities Research and Monitoring
• Archaeology
• Automotive
• Healthcare Monitoring
• Security
• Forensic
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the magnetometer market report are Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Geometrics, Inc., Lake Shore Cryotronics, Inc., NXP Semiconductors N.V., Scintrex Limited, Honeywell International, Inc., Infineon Technologies AG, Tristan Technologies, Inc., Marine Magnetics Corp., and Foerster Holding GmbH.

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This release was published on openPR.