Press release
Global Magnetometer Market Research With Size, Growth, Segments And Forecast To 2033
Global Magnetometer Market Research
The Business Research Company presents an extensive market research report on the Magnetometer Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market Players:
Major companies operating in the magnetometer market report are 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
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/magnetometer-global-market-report
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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