Wilmington, Delaware, United States, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global magnetometer market was worth US$ 3.0 Bn in 2021 and is estimated to reach US$ 5.5 Bn by 2031. Market forecast projects growth of the global industry at a CAGR of 6.5% during the forecast period, from 2022 to 2031. Increase in need for magnetometers in a number of end-use sectors, such as automotive, consumer electronics, aerospace & military, and healthcare, is predicted to propel growth of the global magnetometer market. Magnetometers provide a number of benefits, including reduced noise and power consumption. Manufacturers are expected to concentrate on developing 3D magnetometers to take advantage of new growth opportunities and diversify their income sources.
The magnetometer supply chain was hampered by COVID-19. Firms in the global magnetometer market are concentrating on high-growth applications including MP3 players, camcorders, and cameras to keep their business going beyond the post-COVID-19 pandemic era. The magnetometer market in Asia Pacific is expected to expand significantly due to rise in usage of electric vehicles in the region.
Mission-critical automotive applications utilizing magnetometers include GPS navigation, magnetic field detection, and electronic compass. Additionally, magnetometers can also be used in consumer electronics products such as gaming systems, desktop computers, tablets, laptops, smartphones, and audio and video equipment. Development of microelectromechanical system (MEMS) technology is credited for its widespread use. It is anticipated that an increase in popularity of mobile magnetometers, SQUID magnetometers, portable magnetometers, stationary magnetometers, and fixed magnetometers in a range of end-use industries would expand manufacturing prospects. As more applications for robotic position sensing, joysticks and gimbals, and others are developed, the size of the global magnetometer market is anticipated to grow.
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Key Findings of Market Report
- Demand for magnetic sensors is expected to rise in the automotive, medical, and industrial sectors in the next few years, propelling the global magnetometer market. Key industry players, including Infineon Technologies AG, have made products based on 3D magnetometers. The global magnetometer market is projected to grow as manufacturers turn their attention toward creating 3D magnetometers.
- Based on product, the three-axis segment accounted for 84.3% of the market share in the global magnetometers industry in 2021. One of the key drivers fueling the market is the increase in usage of these magnetometers in aerospace and military sectors. In aerospace and military sectors, the three-axis magnetometer is a crucial part utilized in spacecraft telemetry for creating the magnetic purity design.
- The automotive sector, which accounted for 33.1% share of the market for magnetometers in 2021, is anticipated to lead the market at a CAGR of 7.8% during the forecast period. Magnetometers are used for a variety of purposes in the automotive industry, including gear stick position sensing, pedal and valve position sensing, multi-function steering vehicle/knob, and a control element in the top module. Increase in usage of magnetometers in the automobile industry is likely to drive the global industry.
Global Magnetometer Market: Growth Opportunities
- Growth in usage of magnetometers in consumer electronics items such as toys, digital cameras, home appliances, smartphones, and various electronic instruments is likely to drive market development. Magnetometers can be utilized in compact, board-mount packages that save space or in robust, shielded enclosures for use in demanding environments. Additionally, the creation of flexible magnetic sensors has inspired a number of end-users to look into new possibilities.
- Magnetometers offer great precision for several measurement parameters, such as proximity, pressure, location, and fluid flow. Advantages of this sensor are its excellent linearity, high sensitivity, low power consumption, and large field range. As a result, manufacturers are focusing on making small, low-voltage 3D magnetometers.
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Global Magnetometer Market: Regional Landscape
- The Asia Pacific region accounted for 34.1% share of the global magnetometer market in 2021, and it is anticipated to dominate the global industry during the forecast period. This can be attributed to the very lucrative business of top automakers in major markets in Asia Pacific, particularly in Japan, India, and China. Furthermore, industry growth in the region is anticipated to be driven by advancements in MEMS technology. The automobile industry is steadily growing in Asia Pacific, and as a result, more magnetometer-based vehicle detection systems are being used for smart parking applications. This is likely to drive market value of magnetometers in the region.
- North America held key share of 29.8% of the global market in 2021. Increase in market demand for magnetometers from defense and aerospace sectors is expected to fuel industry growth in North America. The usage of military-grade fluxgate magnetometers in drones and unmanned aircraft (UAV) is expected to increase, which is likely to raise demand for magnetometers in North America.
Global Magnetometer Market: Key Players
- Gem Systems Advanced Magnetometers
- NXP Semiconductors N.V.
- Bartington Instruments Ltd.
- Lockheed Martin Corporation
- Lake Shore Cryotronics, Inc.
- Honeywell International Inc.
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Global Magnetometer Market: Segmentation
Type
- Scalar Magnetometer
- Vector Magnetometer
Product
- Single Axis
- Three Axis
Form Factor
- Fixed
- Portable
Application
- Space Exploration
- Pedal/Valve Position Sensing
- Healthcare Monitoring
- Archeological Surveys
- Robotics Position Sensing
- Hearable
- Others
End-use Industry
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Others
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