Magnetometer Market Size- By Type, Product Type, By Form Factor, By Application, By EndUser- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Global Magnetometer Market Overview:

According to SPER Market Research, the Global Magnetometer Market is estimated to reach USD 6.14 billion by 2032 with a CAGR of 6.72%.

Due to the rise in magnetometer demand across a number of end-use industries, including aerospace & defence, consumer electronics, automotive, and healthcare, the worldwide magnetometer market is anticipated to expand at a respectable rate during the projected period. A magnetometer measures the direction and intensity of the magnetic field at a specific point. There are two different kinds of magnetometers based on axis: single axis magnetometers and three axis magnetometers. In mission-critical automotive applications including the electronic compass, GPS navigation, and magnetic field sensing, magnetometers are employed. Due to developments in microelectromechanical system (MEMS) technology, magnetometers can also be used in consumer electronics applications like as computer tablets, cellphones, gaming and audio/video devices, desktop PCs, and personal electronics. During the forecast period, manufacturers should see an increase in possibilities due to the rising usage of stationary magnetometers, also known as fixed magnetometers. During the forecast period, the global magnetometer market is expected to be driven by an increase in the use of magnetometers in consumer electronics items such home appliances, digital cameras, smartphones, toys, electronic instruments, and other electronic equipment. Without coming into touch with the target, magnetometers can be used to determine speed and direction, location, alignment, proximity, and rotational position. Magnetometers can be used in tiny, space-saving circuit board mount packages or in sturdy, shielded enclosures for usage in challenging settings.

Impact of COVID-19 on the Global Magnetometer Market:

The magnetometer supply chain was hampered by COVID-19. To maintain their business growth beyond the peak of the COVID-19 epidemic, firms in the worldwide magnetometer market are concentrating on high-growth applications including cameras, camcorders, and MP3 players. The COVID-19 epidemic is getting worse because of its rapid global expansion and the lack of available therapeutic and diagnostic tools. Since the outbreak's epi-centre was in China, which houses the majority of manufacturing facilities for sensing technologies, continued disruption has led to apparent changes in the magnetometer market's overall demand and supply chain. On the other hand, sensing technologies are in demand in the healthcare industry in order to track the internal organs of patients who have the COVID-19 infection.

Scope of the Report:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered:By Type, By Product Type, By Form Factor, By Application, By End User

• Regions covered:North America, Europe, Asia Pacific, Latin America, Middle East and Africa

• Companies Covered:Barington Instruments Ltd, Cryogenic Limited, FOERSTER Holding GmbH, Gem Systems Advanced Magnetometers, Geometrics, Honeywell International Inc, Infeneon Technology, Lake Shore Cryotronics, Inc, Lockhead Martin Corporation, Marine Magnetics Corp, NXP Semiconductors N.V, Scintrex Limited, Tristan Technologies, Inc, VectorNav Technologies

Global Magnetometer Market Segmentation:

• By Type: Based on the Type, Global Magnetometer Market is segmented as; Scalar Magnetometer, Proton Precession, Optical Pumped Magnetometer, Vector Magnetometer, Fluxgate, Search Coil, Rotating Coil, NV Magnetometer.

• By Product Type: Based on the Product Type, Global Magnetometer Market is segmented as; Single Axis, 3-Axis, 3-dimensional.

• By Form Factor: Based on the Form Factor, Global Magnetometer Market is segmented as; Portable, Fixed.

• By Application: Based on the Application, Global Magnetometer Market is segmented as; Geophysical Survey, Pipeline Monitoring, Navigation Services.

• By End User: Based on the End User, Global Magnetometer Market is segmented as; Consumer Electronics, Oil and Gas, Mining, Aerospace and defense, Automotive, Healthcare, Industrial, Others.

• By Region: Due to the increasing use of electric vehicles in the region, the magnetometer market in Asia Pacific is expected to expand significantly over the coming several years.During the projected period, the Asia-Pacific region is anticipated to dominate the global market. This can be attributed to the successful presence of top automakers in significant economies around Asia Pacific, including Japan, India, and China. In addition, developments like industrialization, fast urbanisation, and rising consumer demand for cell phones, PCs, etc. have produced significant prospects for magnetometer producers.