Magnetometer Market: Analyzing Global Trends and Opportunities 2024

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.

Market Overview -
Magnetometers are instruments that measure magnetic fields, either on the Earth or those around objects. They are widely used in geological surveys to detect variations in the Earth's magnetic field, indicating the presence of minerals.

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Electric Vehicle Popularity Spurs Growth In Magnetometer Industry
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.

Competitive Landscape -
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

MEMSIC Inc.'s Breakthrough In Precision Magnetic Sensing Technology
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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