Magnetometer Market size is observing growth, due to the ever-rising applications in research, near earth geometric, space exploration, oil and gas and minerals exploration, as well as consumer electronics devices. Moreover, a majority of vendors in the industry are spending heftily in R&D activities to penetrate the market and secure a better position worldwide.
Magnetometer is a device that is employed to measure, detect, and record magnetic fields. It measures magnetic flux density in Tesla. The device is also capable of detecting magnetic fluctuations in the earth’s field.
The global magnetometer market is expected to face growth challenges owing to the complexities in designing the features of the device. Also, minor deviations in GPS, temperature differences, and presence of hard iron objects, present distortions in sensors readings. This eventually negatively influences the development of market.
Magnetometers are being largely used across the aviation and defense industry; not just for GPS monitoring and tracking, but for application in UAVs for aerial investigation and mapping. Furthermore, ongoing advancements in technologies across the aerospace and defense sector, are enabling producers to augment the performance characteristics of magnetometers to suit the requirements concerning their applications in these business spaces.
End-users in the aerospace and defense industries are pivoting towards the deployment of three-axis magnetometers with exceptional variable permeability properties, in line with superior noise performance, good linearity, and high sensitivity. Prominent players are looking forward to expanding their focus on capturing opportunities related to the integration of magnetometers with UAV technology. For instance, the National Geophysical Research Institute, India, had in 2020, developed a unique UAV based magnetic exploration system for mapping basement topography, mineral exploration, and aquifer mapping of diverse geological terrains.
Magnetometer market is touted to garner significant returns from the healthcare industry, on grounds of the rising healthcare innovations in the product. The developments enable the market players to understand the patients’ needs, modernize the business models, and help them overhaul the solutions. Additionally, optical magnetometer optical sensors have been regarded as an effective alternative to highly priced medical imaging applications like MRI and ECG. This trend is estimated to reduce healthcare costs for countries across the globe while delivering cost-effective solutions to stalk holders in the healthcare industry.
Asia Pacific magnetometer market is likely to gain considerable proceeds through 2027. The growth in the regional market is anticipated to come from the thriving consumer electronics industry, aligned with rapid industrialization in evolving economies like Japan, India, and China. The consumer electronics segment is predominantly driven by rising demand from the mobile phone industry. Growing healthcare space in the region is also poised to have a significant impact on the market in the coming years. These devices are used for efficient healthcare monitoring in cardiac applications. Besides, developing military and defense segments in India and China will further add to the market progression with the rising demand for sophisticated machines for performing submarine activities.
Infineon Technologies AG, Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Honeywell International, Inc, Lockheed Martin Corporation, NXP Semiconductors N.V, and others are some of the well-known players operating in the global market.
These leading conglomerates have been implementing innovative strategies including partnerships, collaborations, product launches, and more to gain a significant position in the overall market.
The global outbreak of COVID-19 has produced an innate need for sensing technologies across the healthcare industry, in an attempt to monitor the internal organs of the infected patients. In 2020, researchers of the University College London had developed an atomic magnetometer to measure cardiac conductivity in the human body. However, disruptions in the raw material supply chain and halt in production of these devices have brought about a decline in the growth graph of the market.