Magnetometer Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2869
Magnetometer Market size is poised to grow at a rapid rate during the forecast period owing to the growing utilization of these instruments in archaeological sites for the detection of submerged or buried objects. These instruments are also being used for detecting mineral deposits, depressed ships, and submarines. In addition, they are used in several applications such as geographical surveys and space explorations for sensing geological structures and pipeline monitoring for the inspection of corrosion in underground systems. The increasing use of these instruments for object detection in several sectors, such as defense & aerospace and military, will support the industry growth.
Recent technological advancements in these instruments that enhance their features will support the magnetometer market growth. Developments in the sensor industry are further aiding the industry demand. Companies are increasingly focusing on manufacturing magnetometers with enhanced data quality, improved sensitivity, and operational efficiency. Improvements in the processing and display speed are further enhancing the effectiveness of these instruments. Magnetometers with built-in GPS that provide integrated and seamless positioning solutions are gaining popularity across the globe. Recent technologies in magnetometers that provide new means of addressing geophysical problems will fuel the magnetometer market growth.
The surge in the use of smartphones in the recent years has triggered the magnetometer market growth. Sophisticated smartphone applications, such as augmented reality or maps, use the measurement of the earth’s magnetic fields to chalk out the orientation of the phone. The sensors in smartphones utilize solid state technology for identifying the earth’s magnetic field along three perpendicular axes. The trend of miniaturization of electronics is further encouraging its use in smartphones, thereby boosting the magnetometer market growth.
Design challenges faced by engineers, such as the optimization of noise, sensitivity, linearity, hysteresis, and dynamic range, will hinder the magnetometer market growth. A slight deviation in the sensor readings can cause major losses in applications such as detection of natural hazards and calamities. Moreover, variations in the field strength between two magnets, distorting effects of nearby magnetically permeable materials, and differences in temperature also impact the precision in the readings. The challenges faced by the designers to manufacture magnetometers suited for the expanding application demands will hamper the magnetometer market growth.
The demand for vector magnetometers that ensure higher accuracy than scalar ones will boost the magnetometer market growth. The orientation of vector magnetometers can affect the measurement precision of the magnetic anomaly, thereby swelling the localization error of a magnetic target. As compared to vector magnetometers, the measurement in scalar magnetometers is not influenced by its orientation. The use of scalar magnetometers by research installations that are engaged in volcanology applications will further support the magnetometer market growth. By using a fluxgate magnetometer and an overhauser magnetometer, the field direction data can be gathered with a high degree of absolute precision.
The spur in the demand for three-dimensional magnetometers will aid the industry growth. These instruments ensure a cost-optimized design, low current consumption, and more accurate & robust design. The additional degree of freedom in 3D magnetometers expand the application areas of these instruments. The high linearity and detectivity of three-dimensional magnetometers will boost their demand, thereby supporting the magnetometer market growth. The 3D nanomagnetism technology is being used in several aspects in areas such as biomedicine, data storage, and sensing. 3D magnetometers are addressing the specific needs of innovative magnetic sensor applications in automotive and consumer industries.
The booming energy sector globally will contribute to the magnetometer market growth. They can be used for coal, mineral, and oil & gas explorations. Oil & natural gas exploration companies use magnetometers for the precise detection of the resources. Airborne magnetometer surveys are used for the detection of near-surface hazards that are hard to resolve in the seismic data. The use of these instruments for mineral exploration will aid the magnetometer market growth. The expanding oil & gas industry will provide growth opportunities to the industry. High sensitivity magnetometers that enable fast mineral detection is expected to gain popularity over the coming years.
The magnetometer market in Asia Pacific will experience growth attributed to the consumer electronics industry coupled with rapid industrialization in countries including China, Japan, and India. Magnetometers are used for effective healthcare monitoring in cardiac applications such as the diagnostic system for non-invasive measurement of heart functions. The developing healthcare sector in Japan demanding high-quality monitoring systems will support the industry growth. The military & defense sectors in countries including China and India adopting sophisticated machines for performing submarine activities will contribute to the industry growth.
The key players operating in the magnetometer market include Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Bartington Instruments Ltd., Lockheed Martin Corporation, Cryogenic Limited, Institut Dr. Foerster GmbH & Co. KG, ST Microelectronics N.V., and Robert Bosch GmbH. The market is characterized by the rising competition among the players and increasing investments in the R&D of these instruments. The industry participants are focusing on enhancing the features of these instruments while integrating additional features to launch innovative solutions catering to the growing end-use demands.
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