What are the Historical Developments and Current Growth Metrics of the Magnetometer Market?
The magnetometer market has seen considerable growth due to a variety of factors.
• In the past few years, the magnetometer market has experienced robust growth. The market is projected to rise from $2.5 billion in 2024 to $2.69 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%.
Several factors have contributed to this growth during the historical period, including increased adoption of electric vehicles, a surge in investments within the defense and military sectors for magnetic anomaly detection and surveillance, and an escalated demand for manometers in the consumer electronics industry.
What Is The Projected Growth Of The Magnetometer Template Market?
The magnetometer market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the magnetometer market size is projected to witness significant growth, ballooning to $3.4 billion by 2029 with a compound annual growth rate (CAGR) of 6.0%.
This growth during the projected period is tied to increasing demand from industries like aerospace and defense, as well as a rise in the usage of manometers in automotive sectors. Key market trends anticipated for this period consist of technology advancement, progress in sensor technology, and strides in microelectromechanical system (MEMS) technology.
What Are The Key Drivers Fueling Growth In The Magnetometer Market?
The market for magnetometers is poised to expand due to the growing popularity of electric cars. Electric cars, which rely solely on electricity for propulsion via electric motors and rechargeable batteries, require magnetometers to facilitate precise navigation and orientation in conjunction with gyroscopes and accelerometers. The International Energy Agency, a France-centric intergovernmental group, reported in April 2023 that electric car sales escalated from 6,500,000 in 2021 to 10,200,000 in 2022. This surge in electric car demand is fueling the growth of the magnetometer market.
Magnetometer Market Driver: The Surge In Magnetometer Use In The Aerospace And Defense Sectors
What Are The Principal Market Segments In The Global Magnetometer Industry?
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
Subsegments:
1) By Scalar Magnetometer: Total Field Magnetometers, Proton Magnetometers, Overhauser Magnetometers
2) By Proton Precession: Portable Proton Magnetometers, Fixed Proton Magnetometers, Marine Proton Magnetometers
3) By Fluxgate: Single-Axis Fluxgate Magnetometers, Three-Axis Fluxgate Magnetometers, Miniature Fluxgate Sensors
4) By Vector Magnetometer: Three-Component Vector Magnetometers, Airborne Vector Magnetometers, Laboratory Vector Magnetometers
5) By Optical Pumping: Alkali Vapor Magnetometers, Helium-4 Magnetometers, Potassium Optical Magnetometers
6) By Other Types: Cryogenic Magnetometers, Induction Coil Magnetometers, SQUID (Superconducting Quantum Interference Device) Magnetometers
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What Trends Are Shaping The Magnetometer Market?
Top firms in the magnetometer market are concentrating on creating innovative products like AMR magnetometer sensors to enhance their market gains. An AMR (Anisotropic MagnetoResistive) magnetometer sensor works by observing changes in resistance as the orientation of magnetic field lines shift in relation to the material of the sensor. For example, in February 2023, the US-based manufacturing company MEMSIC Inc., known for their semiconductor specialisation, introduced their AMR magnetometer MMC5616WA. These magnetometers provide advanced features suitable for various sectors like automotive, industrial, and consumer electronics, enabling smart and safe sensing of physical movement and displacement. Moreover, these sensors are indispensable in areas such as medical, wearable, and smart home applications due to their dependable and smart detection abilities.
Who Are the Key Players In The Magnetometer Market?
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
What Are The Regional Insights Into The Magnetometer Market?
North America was the largest region in the magnetometers market in 2024. The regions covered in the magnetometer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
