Magnetometer is a scientific instrument incorporated with sensors to measure magnetic flux density. Since magnetic flux density is directly proportional to magnetic field strength, the output provides direction, strength, or relative change of magnetic field lines at a particular location in the area of the instrument. Magnetometers find ample use in oil & gas and mining industries to detect mineral deposits, depressed ships, and precious archaeological artefacts as it is relatively affordable and provides enhanced accurate data quality and offers wide magnetic field range of measurement. It is highly used in geophysical surveys and space exploration as it demonstrates features such as high sensitivity, fast response, operational efficiency, and can be used throughout the orbit. Consumption of low power and improvements in processing and display speed further enhance product quality standard in the market. Innovation in this sector owing to huge investments is expected to boost the magnetometer market share at a steady rate in the coming years.

COVID-19 Scenario Analysis

The COVID-19 pandemic is becoming more serious, owing to continuous global spread and unavailability of appropriate therapeutic and diagnostic systems. Since the outbreak epicenter was in China, which accounts for the premium part of manufacturing units of sensing technologies, ongoing disruption has caused apparent changes in the overall demand and supply chain of the magnetometer market.

Contrarily, sensing technologies are in demand in the healthcare sector with a view to monitor internal organs of COVID-19 infected patients. Recently, in April 2020, scientists of medical faculty of the University of New York used magnetometers to visualize 3D map of the electrical activity of the human body. Heart and other internal organs create a slight magnetic field that can be seen through the instrument, which has sensors to monitor changes in condition in real-time. Researchers have studied brain, muscles, hand, heart, and back of the patients using this technology. 

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Surge in use of smartphone applications such as augmented reality that utilizes solid-state technology to identify earth’s magnetic field for navigation purposes, growth in utilization in volcanology applications, weapon detection, and increase in use of drones in land mining and farming act as drivers for the magnetometer market growth. In addition, magnetometers with high sensitivity, and unique permeability properties are used at a prominent degree in the aviation and spacecraft industry in unmanned aerial vehicles (UAVs) for aerial mapping and investigations. However, challenges faced, owing to complex design such as optimization of external noise in circuit, maintenance of linearity of signal to get best outcome, and variation in field strength between two magnets as well as difference in temperature affecting precision in readings are obstacles for the magnetometer market growth. Miniaturization of electronic sensors and trending use of magnetometers in defense sector owing to huge capital investments by government pave new pathways in the magnetometer industry.

New product launches to flourish the market

Significant magnetometer market players have adopted necessary steps to improve overall accuracy, sensitivity, precision, and performance of magnetometers.

In May 2020, Bartington Instruments Ltd., a global leader in the manufacturing of magnetometers introduced its lowest noise sensor which is considered to be the lowest level of noise available on commercial fluxgate sensors. These fluxgate type vector magnetometers combined with test coil facility, temperature sensor, and environmentally sealed enclosure make these sensors ideal for monitoring low amplitude field variation in marine environment or geophysics explorations. It is also used in research labs to characterize small magnetic field variation for quantum computing or particle physics.

Surge in use in automotive and industrial application

Magnetometers find extensive use in automotive and aerospace & defense industries for anti-braking systems and navigational purposes. Companies are trying to strengthen their research and development efforts in field of high frequency components. 

In April 2019, Infineon Technologies announced that it is focusing on automotive 77GHz radar system for driver assistance systems that offer integrated functions such as huge precision and enhanced scalability from long to short range. Its implementation reduces the number of components needed and is robust to suit automotive environment over full temperature range. This system collects information in and around the vehicle and results in cost-efficient short-range radar implementation providing optimized automated driving solution with 3600 coverage.

Market Scope and Structure Analysis:

Key benefits of the stakeholders:

• The study gives an analytical overview of Magnetometer market trends with future estimations to determine imminent investment pockets.
• The report analyses information related to key drivers, restraints, and opportunities along with detailed magnetometer market analysis.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 

Key Segments Covered:

Questions answered in the Magnetometer Market research report:

• Who are the leading players in the magnetometer market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
• What would be the detailed impact of COVID-19 on the market?