Magnetometer Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Magnetometer Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3.21 billion In 2028 At A CAGR Of 6.5% :

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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Magnetometer Market Major 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 Driver - 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.

The Rising Tide Of Magnetometer Demand In Aerospace And Defense Industries

The growing aerospace and defense industry is expected to propel the growth of the magnetometer market going forward. The aerospace and defense industry encompasses companies that design, manufacture, and sell aircraft, spacecraft, weapons, and related systems and services for civilian and military purposes. Magnetometers in the aerospace and defense industries are essential for navigation, orientation, and detecting metallic objects in aircraft, spacecraft, and military equipment. For instance, in January 2024, according to Airbus SE, a Netherlands-based aircraft manufacturing company, it achieved an 11% rise in commercial aircraft deliveries in 2023, reaching a total of 735. Therefore, the growing aerospace and defense industry is driving the growth of the magnetometer market.

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Prominent Trend - 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.

Magnetometer 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Magnetometer Market Report Structure
3. Magnetometer Market Trends And Strategies
4. Magnetometer Market - Macro Economic Scenario
5. Magnetometer Market Size And Growth
…..
27. Magnetometer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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