A vector is a mathematical entity that has magnitude as well as direction. The magnetic field of the Earth is a vector at any given location. A magnetic compass is used to determine a horizontal bearing direction, whereas a vector magnetometer detects the overall magnetic field's magnitude and direction. Because magnetometers can detect the magnetic field fluctuations induced by deposits, they are employed in geophysical surveys to detect iron deposits. Shipwrecks and other buried or submerged items are also detected using magnetometers. One of the most essential cornerstones of contemporary science has been magnetometers. Its importance in research, space exploration, near-earth geometrics, oil, gas, and mineral prospecting, as well as consumer electronics gadgets, has greatly influenced human life.
COVID-19 scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the vector magnetometer industry attributed to the lockdown in countries worldwide. This has hampered the growth of vector magnetometers market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of vector magnetometers in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for vector magnetometers was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for vector magnetometers.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Vector magnetometer manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- Vector magnetometer manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The magnetometers market has experienced considerable expansion in the recent years. To proliferate and better position their goods in the market, the majority of vendors in the magnetometers market are investing more in R&D activities. The challenges faced by the designers to manufacture magnetometers suited for the expanding application demands hamper the growth of the magnetometer market.
The Vector magnetometer market trends are as follows:
Vector Magnetometer ensure higher accuracy than scalar ones.
The magnetometer market is anticipated to experience growth due to increased demand for vector magnetometers, which have higher accuracy than scalar magnetometers. The orientation of vector magnetometers can alter the measurement precision of a magnetic anomaly, resulting in an increase in the magnetic target's localization error. In contrast to vector magnetometers, scalar magnetometers' measurements are unaffected by their orientation. The usage of scalar magnetometers by research facilities working on volcanology applications foster the growth of the magnetometer industry. The field direction data may be acquired with a high degree of absolute precision utilizing a fluxgate magnetometer and an overhauser magnetometer.
Increase in Energy sector globally.
The growing magnetometer market will be aided by the world's developing energy industry. Magnetometers are used by oil and gas exploration firms to precisely discover resources. Near-surface dangers that are difficult to resolve in seismic data are detected via airborne magnetometer surveys. Magnetometer market expansion will be aided by the usage of these devices for mining exploration. The growing oil and gas business will create prospects for the business to expand. Magnetometers with high sensitivity that can identify minerals quickly are predicted to gain prominence in the next years.
Key benefits of the report:
- This study presents the analytical depiction of the global Vector Magnetometer industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global vector magnetometer market share.
- The current market is quantitatively analyzed to highlight the global Vector magnetometer market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
- The report provides a detailed global vector magnetometer market analysis based on competitive intensity and how the competition will take shape in coming years.
Vector Magnetometer Market Report Highlights
| Aspects | Details |
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 Key Market Players | NXP Semiconductors N.V, Honeywell International, Bartington Instruments Ltd, Lake Shore Cryotronics, Foerster Holding GmbH, Geometrics, GEM Technologies, Cryogenic Limited, Infineon Technologies AG, Lockheed Martin Corporation |
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