Magnetometer Market

The global magnetometer market was valued at $2.2 billion in 2022, and is projected to reach $4.2 billion by 2032, growing at a CAGR of 6.6% from 2023 to 2032

A magnetometer is a scientific device that measures the strength, direction, and orientation of a magnetic field. It is used in a variety of fields such as geology, archaeology, mineral exploration, navigation, and aerospace. Magnetometers are also used in consumer electronics, such as smartphones and laptop computers, to detect device orientation and provide location services. There are various types of magnetometers available, each with its own set of advantages and disadvantages. Fluxgate magnetometers measure magnetic field changes using a ferromagnetic core, whereas proton precession magnetometers measure magnetic fields using the frequency of processing protons. Magnetometers that are optically pumped, magnetoresistive sensors, and SQUID magnetometers are examples of other types of magnetometers such as gaussmeters.

The COVID-19 pandemic has affected the global supply chains and production processes of various industries, including the magnetometer industry. The production and delivery of raw materials, components, and finished products have been disrupted due to restrictions on manufacturing and transportation, which has led to shortages and delays in the availability of magnetometers.

With increasing demand from industries such as aerospace and defense, consumer electronics, and healthcare, the global magnetometer market is expected to grow significantly in the coming years. The market can be divided into four segments: type, technology, application, and geography, with key players such as Honeywell, Lockheed Martin, and Infineon Technologies. The report provides a clear picture of the current market situation and future trends in the magnetometers market based on the impact of various market dynamics and vital forces influencing the market. The drivers and opportunities in the market contributing to the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold the potential to hamper market growth are also premeditated in the magnetometer market.

Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the magnetometers market. The report offers market size and estimations analyzing the magnetometer market through various segments. The global magnetometers market is expected to witness notable growth during the forecast period, owing to the growing demand from the automotive and consumer electronics sector. Moreover, the rise in the use of magnetometers in geophysics and mining is expected to drive the magnetometer market forecast. Furthermore, the advancement in space exploration is reshaping the future of magnetometer industries during the forecast period.

However, the high cost associated with magnetometers is one of the prime factors that restrain the magnetometers market growth. Further, the increase in demand for magnetometers in scientific research and medical applications is projected to provide a lucrative opportunity to expand the magnetometers market during the forecast period.

The magnetometer market is segmented into Type, Product Type, Form Factor, Application, Industry Vertical, and Region.

On the basis of type, the magnetometer market share is categorized into scalar magnetometer, proton precession, fluxgate, vector magnetometer, optical pumping, and others. In 2022, the vector magnetometer segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period. However, the optical pumping segment is expected to emerge as the fastest growing segment of the market during the forecast period 2023-2032.

As per product type, the magnetometer market growth is fragmented into single-axis, three-axis, and 3D. The three-axis segment accounted for a major share in 2022.

Depending on the form factor, it is segregated into portable magnetometers and fixed magnetometers. The fixed magnetometer segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period.

By application, the magnetometer market size is segmented into navigation, space exploration, medical devices, industrial automation, geophysics & mining, and others. In terms of revenue, the navigation segment dominated the market in 2022, and this trend is expected to continue throughout the forecast period.

Based on industry vertical, it is classified into aerospace & defense, automotive, consumer electronics, healthcare, industrial, and others. The consumer electronics segment dominated the magnetometer market opportunity in 2022 and is expected to follow the same trends during the forecast period.

Region-wise, the magnetometer market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific, specifically China, remains a significant participant in the magnetometer market. Major organizations and government institutions in the Asia-Pacific region have significantly put resources into action to develop enhanced aerospace & defense and space exploration solutions which are driving the growth of the magnetometers industry in Asia-Pacific.

COMPETITIVE ANALYSIS

Competitive analysis and profiles of the major global magnetometers market players that have been provided in the report include Geometrics, VectorNav Technologies, Cryogenic Limited, Metrolab Technology SA, Bartington Instruments Ltd., Gem Systems Inc., Foerster Instruments Inc., Marine Magnetics Corp. Lake Shore Cryotronics Inc., and Honeywell International Inc.

Country Analysis

Country-wise, the U.S. acquired a prime share in the magnetometers market in the North American region in 2022 and is expected to grow at a high CAGR of 4.0% during the forecast period. The U.S. dominates the magnetometer market in North America due to its strong R&D capability, robust aerospace and defense industry, high demand for natural resource exploration, and the presence of major magnetometer manufacturers such as Honeywell International Inc., Lockheed Martin Corporation, and Geometrics, Inc. These factors have aided the U.S. in developing a strong domestic market and remaining at the forefront of the magnetometer industry.

In Europe, Germany dominated the magnetometer market in terms of revenue in 2022 and is expected to follow the same trend during the forecast period. Germany dominates the European magnetometer market due to its strong industrial and technological base, emphasis on R&D, strong presence of key manufacturers, and high demand for magnetometers in the automotive and aerospace industries. These factors have aided Germany in establishing a dominant position in the European market and producing innovative, in-demand products.

In Asia-Pacific, Japan holds a dominant market share in the Asia-Pacific region and is expected to follow the same trend during the forecast period, owing to a strong industrial and consumer electronics industry that requires high-performance magnetometers for various applications. Furthermore, the growing interest in the automotive and aerospace industries has created new opportunities for the magnetometer industry in Japan. However, India is expected to emerge as a dominant country in the magnetometer market in the Asia-Pacific region.

In LAMEA, Latin America held a significant market share in 2022 owing to the presence of prime vendors in this region. Latin America also has a well-established mining industry that uses magnetometers for exploration and mineral prospecting. Additionally, the government's investment in infrastructure development and smart city initiatives is expected to create new opportunities for the magnetometer market in Latin America. In addition, the Middle East region is expected to grow at a high CAGR% during the forecast period, owing to the growing construction and infrastructure development industry, which requires high-performance magnetometers for various applications, such as detecting underground pipes and cables.

TOP IMPACTING FACTORS

Significant factors that impact the growth of the global magnetometers industry include advancement in space exploration paired with an increase in the use of magnetometers in geophysics and mining industries. Moreover, the growing demand from the automotive sector is expected to drive market opportunity. However, the high cost associated with magnetometers across emerging economies is acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, the increase in demand for magnetometers demand for scientific research and medical applications is expected to offer potential growth opportunity for the magnetometers market during the forecast period.

HISTORICAL DATA & INFORMATION

The magnetometer market outlook is highly competitive, owing to the strong presence of existing vendors. Vendors of magnetometer machines with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase.

KEY DEVELOPMENTS/ STRATEGIES

Honeywell International Inc., Metro lab Technology SA., Bartington Instruments Ltd., Geometrics, and Foerster Instruments Inc. are the top 5 companies holding a prime share in the magnetometer market. Top market players have adopted various strategies, such as product launches, partnerships, acquisitions, product upgrades, and product development, to expand their foothold in the magnetometer market.

• Oct 2021-Honeywell launched the newest 3-Axis Space Magnetometer designed for small satellites. The new magnetometer meets the needs of the emerging New Space segment, where large numbers of small satellites operate in a lower orbit than larger, traditional satellites. The new magnetometer offers critical capabilities and pricing designed for small satellites. It is mission-ready and entering service now.
• May 2019- Metrolab Technology launched the NMR Magnetic Field Camera MFC2046 which is built on the superior sensitivity of the NMR magnetometer PT2026, with a choice of two probe-array geometries.

• Feb 2023 - Lake Shore Cryotronics and Oxford Instruments made a partnership with a leading global innovator in measurement and control solutions. Together, the businesses developed an automated and ready-to-use electrical transport measurement solution for Oxford Instruments’ Teslatron system.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the magnetometer market analysis from 2022 to 2032 to identify the prevailing magnetometer market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• An in-depth analysis of the magnetometer market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes an analysis of the regional as well as global magnetometer market trends, key players, market segments, application areas, and market growth strategies.

 Magnetometer Market Report Highlights