Magnetometer Market - Forecast(2024 - 2030)

Magnetometer Market Size is forecast to reach $2.8 billion by 2030, at a CAGR of 6.5% during 2024-2030. A magnetometer is a device employed to detect, measure, and record magnetic fields. The device measures magnetic flux density in units of Tesla. Given the fact that the magnetic flux density in air is directly proportional to magnetic field strength, the magnetometer is capable of detecting magnetic fluctuations in the earth’s field. Magnetometers have been one of the most important pillars of modern-day science. Its significance in research, space exploration, near-earth geometrics, oil & gas and minerals exploration, and consumer electronics devices has transformed human life to a greater extent. In recent years, the magnetometers market has seen tremendous growth, owing to its ever-increasing applications. The majority of vendors in the magnetometers market are spending more on R&D activities to proliferate and better position their products in the market. There is a growing demand for miniaturized magnetometers, driven by applications in wearable devices, smartphones, and IoT sensors. This trend is fueled by the need for compact, low-power sensors that can provide accurate magnetic field measurements in various consumer and industrial applications. Moreover, Defense applications require more efficiency with less size; thus, manufacturers are heavily investing in research and development activities especially aimed at miniaturization and improving efficiency. The demand from the spacecraft industry for magnetometers is increasing rapidly given the increasing number of satellites being deployed. Researchers are looking forward to customizing devices according to their needs and are also planning to improve operational efficiency. As a result, these are the trends collectively indicate a promising future for the magnetometer market, driven by the surge in demand across consumer electronics and automotive applications.

The report: “Magnetometer Industry Outlook – Forecast (2024-2030)”, by Industry ARC covers an in-depth analysis of the following segments of the Magnetometer Market.

By Type: Single Axis, 3-Axis, 3D

By Product Type: Scalar Magnetometers, Vector Magnetometers

By Form Factor: Stationary Magnetometers, Portable/Mobile Magnetometers

By Technology: MEMS, Magneto resistive, Fluxgate/Coil, Hall Effect, Magneto Inductive, SQUID, Optically Pumped, Nuclear Precession

By Application: Consumer Electronics, Aerospace & Defense, Education & Research, Commercial, Healthcare Monitoring, Security, Forensic, Image processing of the magnetic data, and Others

By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina, and Rest of South America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe) APAC (China, Japan India, South Korea, Australia & New Zealand, and Rest of Asia-Pacifics), and RoW (Middle East and Africa)

• Geographically APAC dominates the global Magnetometer market share of 40%. In APAC, especially the US, allocates substantial defense funds, fueling investment in magnetometers crucial for missile guidance, UAVs, and naval navigation systems, thereby boosting market expansion.

• The inclusion of magnetometers in PCB boards is an emerging trend, as they offer additional advantages given that the core could be directly electrodeposited in the PCB board, avoiding the use of glue to fix the magnetic amorphous to the core of the device. 

• Consumer electronics, particularly smartphones and wearable devices, have emerged as the largest application segment for magnetometers. These devices utilize magnetometers for functions such as navigation, augmented reality (AR), virtual reality (VR), gaming, and compass applications.

 

The Vector Magnetometers segment held a significant share of the Magnetometer market in 2023.  The Vector Magnetometers segment has consistently maintained a substantial share in the magnetometer market, reflecting its crucial role in various applications. The demand for Vector Magnetometers is driven by its superior precision and ability to measure magnetic fields in multiple directions, making it indispensable in industries such as geophysics, aerospace, and defense. Their widespread adoption can be attributed to the growing need for accurate and versatile magnetic field measurements in diverse environments. As industries continue to prioritize advanced sensing technologies, the Vector Magnetometers segment is poised to maintain its significant market presence, fueled by the increasing demand for high-performance magnetic field measurement solutions.

Consumer Electronics segment held a significant share of the Magnetometer market in 2023.  The escalating demand for consumer electronics, including smartphones, tablets, and wearables, has been a key driving factor for the increased adoption of magnetometers. These devices play a crucial role in enhancing the functionality of electronic gadgets, enabling features such as compass applications and augmented reality experiences. The growing consumer preference for advanced and feature-rich electronic products, coupled with the integration of magnetometers for improved navigation and orientation capabilities, has fueled the demand within the Consumer Electronics segment. As technology continues to advance, the Magnetometer market anticipates sustained growth, driven by the relentless innovation in consumer electronic devices.

APAC held the largest Magnetometer Market share of up to 40% in 2023. e Magnetometer market in the Asia-Pacific (APAC) region is experiencing robust growth driven by several key demand factors. As industries in APAC continue to expand and diversify, the need for accurate and reliable magnetic field measurement tools has escalated, positioning magnetometers as essential components across various sectors. One significant demand factor in the APAC region is the burgeoning consumer electronics industry. With countries like China, South Korea, and Japan being global hubs for electronics manufacturing, magnetometers find extensive application in devices such as smartphones, tablets, and wearable technologies. These sensors are crucial for ensuring the proper functioning of compasses and orientation features, contributing to the seamless user experience in electronic gadgets. Furthermore, the automotive industry in APAC plays a pivotal role in propelling the magnetometer market. With a surge in electric vehicle production and advancements in autonomous driving technologies, magnetometers are integral for precise navigation, heading determination, and ensuring optimal performance of safety features like lane-keeping assistance. As a result, the APAC region's magnetometer market is fueled by the rapid growth of consumer electronics, the expanding electric vehicle market, and the increasing requirements in automotive industry applications.

The magnetometer market is witnessing robust growth driven by escalating urbanization, rapid industrialization, and a surge in research and development endeavors. The increasing trend towards urban living has spurred demand for navigation systems, smart infrastructure, and geological exploration, all of which heavily rely on magnetometers. Industrialization, with its emphasis on automation and advanced manufacturing processes, has amplified the need for precise magnetic field measurement tools in various applications, including robotics and quality control. For instance, according to the U.S. Department of the Treasury, UserInvest.gov monitors over $350 billion in announced BIL funding until October 2023. Approximately 50% of these announcements target vital projects such as roads and bridges. Notably, funds also support crucial sectors like broadband, public transportation, water infrastructure, and clean energy. As a result, this market is anticipated to experience a surge in demand, driven by robust investment initiatives in essential infrastructure projects. 

Magnetometers play a pivotal role in diverse aerospace applications, particularly in determining the orientation of aircraft in space. These systems rely on magnetometers for precise navigation and control. Moreover, magnetometers contribute to magnetic anomaly detection during geophysical surveys, enabling the identification of mineral deposits and geological features. In space weather monitoring, these instruments are crucial for tracking solar activity and assessing its effects on Earth's magnetic field. With a burgeoning emphasis on space exploration and the continuous evolution of next-generation aircraft, the demand for magnetometers in the aerospace industry is poised to escalate, underscoring their indispensable role in advancing technological capabilities and ensuring the efficiency and accuracy of aerospace operations. The Aerospace Technology Institute (ATI) forecasts a £4.6 trillion global market for new aircraft deliveries spanning 2022-2050, reflecting substantial growth and innovation in the aviation industry. As aircraft rely on magnetometers for navigation and control systems, the increasing demand for air travel is expected to drive demand for advanced magnetometer technologies.

The market encounters impediments in its growth trajectory attributed to the exorbitant expenses linked with advanced magnetometers. These elevated costs pose a significant challenge, potentially impeding market expansion. As businesses strive to adopt cutting-edge magnetometer technologies, the financial burden becomes a restricting factor, affecting overall market dynamics. Addressing cost concerns is crucial to unlocking the full potential of advanced magnetometer adoption and fostering sustained market growth.

Magnetometer Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Magnetometer Market. The top 10 companies in the Magnetometer Market are: Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Geometrics, Honeywell International, Infineon Technologies AG, Foerster Holding GmbH, Lake Shore Cryotronics, NXP Semiconductors N.V, Marine Magnetics Corp, and among others.

In Feb 2023, Lake Shore Cryotronics and Oxford Instruments partnered with a measurement and control solutions innovator. They jointly created an automated electrical transport measurement solution for Oxford Instruments’ Teslatron system.

In April 2023, Honeywell’s acquisition of Compressor Controls Corporation bolsters its Process Solutions arm, enhancing industrial control and automation capabilities. This move empowers customers to expedite their energy transition, solidifying Honeywell's position as a frontrunner in automation and process solutions for a sustainable future.