Magnetometer is used across several industries due to use of magnetic field sensors. There has been increasing focus on technological innovation and new investments are also done to manufacture advanced & diverse magnetometer. Additionally, Magnetometer has diverse applications such as surveyors, energy, healthcare monitoring, pipe line monitoring, natural calamities, industrial, defense & aeronautics, and consumer electronics. Currently, surveying instruments holds the largest market share as it is used widely across globe for surveillance purpose in geographical exploration.

The magnetometer market is anticipated to grow at a CAGR of 8.7% during the forecast period from 2017 to 2025 to reach US$ 13.66 billion by 2025. In 2016, the global magnetometer market revenue was pegged at US$ 8.25 billion.

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Consumer Electronics Emerges as Leading Segment in Terms of Application

The magnetometer market is segmented on the basis of technology, product type application and by form factor. On the basis of technology the market is classified as Scalar Magnetometer and Vector Magnetometer. The market on the basis of product type is segmented into Single Axis, 3 – Axis, 3 Dimensional. Magnetometer market on the basis of application is segmented into Surveyors, Energy, Health Care Monitoring, Pipe Line Monitoring, Natural Calamities Research & Monitoring, Industrial Defense & Aeronautics and Consumer Electronics. Further, magnetometer market on the basis of form factor is segmented in fixed form and portable form.

In 2016, technology segment vector magnetometer accounted for share contributing to US$ 4.78 billion of revenue generated in the overall market.  It is also expected to hold maximum market share between 2017 and 2025, exhibit a 6.72% CAGR during the forecast period. This is mainly due to the rising demand of magneto-resistive technology across the globe followed by squid and fluxgate technology.

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In 2016, in terms of application consumer electronics accounted for more than 20% of the total market share. This segment is anticipated to showcase a CAGR of 8.21% during the forecast period. Defense and aeronautics is the second largest shareholding segment which is predicted to grow at the CAGR of 7.07% during the forecast period. Predicting outcomes application dominates the magnetometer market with the CAGR of 9.74% by volume during forecast period.

This is mainly due to the rising demand of low cost magnetometer sensors usage in consumer electronics. Consumer electronics segment held the largest share followed by defense and aerospace segment. Defense and aerospace is the second-largest industry accounted the market share for more than 18% in 2016. However, healthcare industry is the fastest growing segment during the forecast period followed by media and entertainment.

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Presence of Several Leading Players Makes North America Lucrative Market for Magnetometers

Regionally, North America held dominance in 2016 as the region boasts significant presence of prominent players in the market. Among nations showing lucrative prospects, the US has emerged at fore on the back of significant technological advancements witnessed in the last few years. Growth witnessed in this regional magnetometer market is pumped by the increasing investment across diverse industries such as defense and aeronautics, consumer electronics among others.

Around the same time, Europe emerged as the second-leading market for magnetometer around the world. The rising use of magnetometer in aerospace and automotive industries are expected to result in the higher adoption of magnetometer in Europe.

The key players dominating the magnetometer market globally include Bartington Instruments Ltd, Cryogenic Limited, GEM Technologies, Geometrics, Inc., Honeywell International, Inc., Infineon Technologies AG, Foerster Holding GmbH, Lake Shore Cryotronics, Inc., Lockheed Martin Corporation, NXP Semiconductors N.V., Scintrex Limited, Marine Magnetics Corp., Tristan Technologies, Inc., and VectorNav Technologies.