The Global Magnetometer Market size is expected to reach $3.3 billion by 2029, rising at a market growth of 6.8% CAGR during the forecast period.
A magnetometer is a tool utilized in various industries to quantify the intensity, orientation, and direction of a magnetic field. It has diverse applications across industries, including geology, navigation, mineral exploration, archaeology, and aerospace. In addition, magnetometers are utilized in commercial electronics, like smartphones and laptops, to identify device orientation and offer location services.
There exists a range of magnetometers with distinct pros. Fluxgate magnetometers and proton precession magnetometers are two types of instruments used to measure changes in magnetic fields. Fluxgate magnetometers utilize a ferromagnetic core, while proton precession magnetometers rely on the frequency of processing protons. Optically pumped magnetometers, magnetoresistive sensors, and SQUID magnetometers are other types of magnetometer options for gaussmeters.
Magnetometers have become increasingly prevalent in the aviation and defense sectors. They are utilized not only for GPS monitoring and tracking but also for their ability to aid in aerial investigation and mapping when integrated into UAVs. In addition, the continuous technological progress in the aerospace and defense industry allows manufacturers to enhance the magnetometers' performance features to meet the specific demands of their uses in these business sectors.
Customers in the aerospace and defense sectors are shifting towards utilizing three-axis magnetometers that possess exceptional variable permeability properties. This is due to their good linearity, superior noise performance, and high sensitivity. As a result, key stakeholders are eager to broaden their attention toward seizing prospects associated with the amalgamation of magnetometers and UAV technology.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Honeywell International, Inc. are the forerunners in the Magnetometer Market. Companies such as VectorNav Technologies, LLC, Lake Shore Cryotronics, Inc. and Metrolab Technology SA are some of the key innovators in the Magnetometer Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Geometrics, Inc. (OYO Corporation), Metrolab Technology SA, VectorNav Technologies, LLC, Lake Shore Cryotronics, Inc., FOERSTER Holding GmbH, Bartington Instruments Ltd., Cryogenic Limited, Marine Magnetics Corp., and GEM Systems, Inc.
A magnetometer is a tool utilized in various industries to quantify the intensity, orientation, and direction of a magnetic field. It has diverse applications across industries, including geology, navigation, mineral exploration, archaeology, and aerospace. In addition, magnetometers are utilized in commercial electronics, like smartphones and laptops, to identify device orientation and offer location services.
There exists a range of magnetometers with distinct pros. Fluxgate magnetometers and proton precession magnetometers are two types of instruments used to measure changes in magnetic fields. Fluxgate magnetometers utilize a ferromagnetic core, while proton precession magnetometers rely on the frequency of processing protons. Optically pumped magnetometers, magnetoresistive sensors, and SQUID magnetometers are other types of magnetometer options for gaussmeters.
Magnetometers have become increasingly prevalent in the aviation and defense sectors. They are utilized not only for GPS monitoring and tracking but also for their ability to aid in aerial investigation and mapping when integrated into UAVs. In addition, the continuous technological progress in the aerospace and defense industry allows manufacturers to enhance the magnetometers' performance features to meet the specific demands of their uses in these business sectors.
Customers in the aerospace and defense sectors are shifting towards utilizing three-axis magnetometers that possess exceptional variable permeability properties. This is due to their good linearity, superior noise performance, and high sensitivity. As a result, key stakeholders are eager to broaden their attention toward seizing prospects associated with the amalgamation of magnetometers and UAV technology.
COVID-19 Impact Analysis
The rise of alternative energy sources and electric vehicles has led to a greater demand for magnetometers in EV powertrains and wind turbines. This has aided in reducing the adverse effects of the pandemic. Moreover, the logistics and transportation industry experienced a boost in revenue during the pandemic due to the increased online sales of equipment that utilizes magnetometers. The magnetometer market experienced a decline in revenue due to the impact of COVID-19, but the market quickly rebounded as there was a surge in interest in electric vehicles.Market Growth Factors
Manufacturers' increasingly focus on producing 3D magnetometers
Magnetometers offer precise measurements for various parameters, including proximity, pressure, fluid flow, position, etc. In addition, the sensor boasts various beneficial features, such as superior sensitivity, exceptional linearity, extensive field range, and minimal power usage. As a result, manufacturers are prioritizing the creation of compact 3D magnetometers with low voltage. Hence, such developments are expected to increase their adoption in various areas and propel market growth.Growing Demand for Magnetometers in the Consumer Electronics Sector
The advancement of adaptable magnetic sensors has captured the interest of diverse stakeholders to pursue novel prospects. The utilization of magnetometers in mobile navigation is a fast-growing application in the business industry. The inclusion of an electronic compass is essential in mobile devices, particularly smartphones and tablets. The magnetometer market is predicted to experience growth in the coming years due to the rising demand for consumer electronics globally, which has led to an increase in the use of magnetometers in the industry.Market Restraining Factors
The high level of market competition
Although the shipment of magnetic sensors has increased due to their widespread use in healthcare equipment, automated vehicles, and consumer electronics, the growth rate in sales has been significantly slowed due to price erosion. Some of this can be attributed to the high competition between the ever-increasing number of sensor manufacturers. Many companies devote their research and development resources to creating low-cost alternatives to existing magnetic sensing technologies. These alternatives include sensors for position, speed, and angle manufactured using MEMS and 3D sensing technology. Consequently, the new suppliers are hesitant to enter this extremely competitive market, which will restrict market growth.Type Outlook
Based on type, the magnetometer market is segmented into scalar magnetometer, proton precession, fluxgate, vector magnetometer, optical pumping, and others. The scalar segment acquired a garnered a significant revenue share in the magnetometer market in 2022. This is owing to the ability of the scalar magnetometers to measure the scalar value of magnetic fields accurately. Furthermore, the increasing usage of magnetic field measurement in various scientific applications such as volcanology, geophysical exploration, environmental surveys, and weapon detection is driving the demand for this technology and aiding the segment to grow in the projected period.
Product Type Outlook
By product type, the magnetometer market is fragmented into single axis, 3 axis, and 3Dimensional. The 3Dimensonal segment generated a substantial revenue share in the magnetometer market in 2022. This is due to 3D magnetometers' growing utilization in autonomous vehicles and drones. In addition, the 3D magnetometer has its application in virtual and augmented reality applications and 3D mapping and imaging. Hence, these factors associated with the 3D magnetometer segment will surge its growth in the forecasted period.Form Factor Outlook
On the basis of form factor, the magnetometer market is bifurcated into portable and fixed. In 2022, the fixed segment dominated the magnetometer market with the maximum revenue share. The growth of this segment can be attributed to the rising adoption of IoT devices that are capable of mapping and monitoring the Earth's magnetic field. In addition, the increase in prominent companies' efforts to create and implement advanced space exploration and mining solutions globally has resulted in its expansion.Application Outlook
By application, the magnetometer market is categorized into navigation, space exploration, geophysics & mining, industrial automation and medical devices & others. The medical devices & others segment recorded a remarkable revenue share in the magnetometer market in 2022. This is because SQUID magnetometers are sensitive enough to pick up on the body's weak magnetic fields. Furthermore, these provide the possibility of a new kind of functional imaging because they are non-invasive and capable of directly observing the electrophysiological activity. Hence, magnetoencephalography's increasing use is expected to assist the segment's expansion.Vertical Outlook
Based on vertical, the magnetometer market is classified into aerospace & defense, automotive, consumer electronics, healthcare, industrial, and others. In 2022, the consumer electronics segment held the highest revenue share in the magnetometer market. This is because the magnetometer is a crucial sensor utilized in consumer electronics. The device is designed to quantify the magnitude and orientation of the magnetic field in units of Tesla. In addition, the rising demand for smart home appliances has led to growth in the magnetometer market within this segment.Regional Outlook
Region wise, the magnetometer market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the Asia Pacific region led the magnetometer market by generating the highest revenue share. The APAC region is expected to experience growth due to the flourishing consumer electronics sector, which is in line with the rapid industrialization in emerging economies such as Japan, India, and China. The mobile phone industry is a key driver of demand in the consumer electronics segment. In addition, the healthcare industry's expansion in the area is expected to influence the market notably.The Cardinal Matrix - Magnetometer Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Honeywell International, Inc. are the forerunners in the Magnetometer Market. Companies such as VectorNav Technologies, LLC, Lake Shore Cryotronics, Inc. and Metrolab Technology SA are some of the key innovators in the Magnetometer Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Geometrics, Inc. (OYO Corporation), Metrolab Technology SA, VectorNav Technologies, LLC, Lake Shore Cryotronics, Inc., FOERSTER Holding GmbH, Bartington Instruments Ltd., Cryogenic Limited, Marine Magnetics Corp., and GEM Systems, Inc.
Strategies Deployed in Magnetometer Market
Partnerships, Collaborations and Agreements:
- Feb-2023: Lake Shore entered into a partnership with Oxford Instruments, a UK manufacturing and research enterprise engaged in developing tools and systems for markets and research. With this partnership, combining the powers of both companies would enable Lake Shore to provide its customers with a fully integrated solution, the M81-SSM synchronous source measure system, delivering high synchronized DC, 100 kHz AC, and mixed DC + AC sourcing and measuring, incorporating lock-in measurement potential, for precision, low-noise marking of materials, helpful in the measurements operated at cryogenic temperatures in systems such as TeslatronPT.
- Dec-2022: Honeywell International expanded its partnership with Nexceris, a developer of Li-ion Tamer lithium-ion gas detection solutions, to boost electric vehicles (EVs) safety. With this partnership, Nexceris would build up a powerful portfolio of battery monitoring sensors which would be combined with Honeywell's battery sensors and gas detection monitoring suite and manufacturing capabilities to provide vehicle manufacturers the advanced gas detection solutions in EV battery packs.
- Jul-2022: Honeywell signed a memorandum of understanding (MOU) with Hanwha Systems, a defense electronics and information infrastructure technologies provider, for the development of aerial systems and urban air mobility (UAS/UAM) technology in the South Korean region. With this agreement, both companies would work towards the development of various hybrid propulsion solutions for Hanwha Systems’ UAM platform and the application of Honeywell’s wider suite of solutions.
- Nov-2021: Honeywell signed an agreement with TAE Aerospace, a global aerospace company. With this agreement, TAE Aerospace would be provided with Heavy/Overhaul Maintenance Service Center Authorization for TFE731 series engines and GTCP36-100/150 APUs for the Business and General Aviation market, expanding Honeywell's channel partner network in the Asia-Pacific region. Through this agreement, customers possessing TFE731 and GTCP36-100/150 models would be empowered to schedule Heavy/Overhaul maintenance and repair at TAE Aerospace facilities in the Australian region.
- Mar-2021: Metrolab signed a distribution agreement with AyscomDataTec S.L., a Test and Measurement instrument provider. With this agreement, Ayscom dataTec would provide aid to Metrolab in distributing Metrolab's offerings in Spain.
- Mar-2021: Metrolab came into an agreement with eNGN Technologies, a test and measurement solutions provider. Through this agreement, eNGN Technologies' strong presence in offering measurement solutions would facilitate Metrolab to extend its reach in Portugal enabling Metrolab to offer a wide range of its offerings in Portugal.
- Mar-2021: Honeywell came into an agreement with Fiplex Communications, a developer of in-building communications systems, for the acquisition of the latter one. With this agreement, Fiplex Communications would become a part of the Honeywell family, facilitating Honeywell in broadening its in-building connectivity and communications offerings enabling it to serve its customers better. Additionally, Fiplex's products and software would empower Honeywell to make enhancements in the development of upgraded editions of fire and life safety solutions to safeguard both building occupants and first responders.
Product Launches and Product Expansions:
- Sep-2021: Honeywell unveiled a 3-Axis Space Magnetometer developed for small satellites. The 3-Axis Space Magnetometer is the new addition to Honeywell’s magnetometer range and is developed to meet the requirements of the rising New Space segment. Honeywell’s 3-Axis Space Magnetometer would be of weigh 315 grams and of compact size offering augmented radiation tolerance at a diminished cost than other alternatives. Moreover, it can be conveniently used in Low Earth Orbit (LEO) constellations.
- Sep-2021: Honeywell made enhancements to its family of space offerings by the inclusion of three new products. The latest additions would incorporate Honeywell's X Band Downlink Transmitter and Optical Communication Terminal (OCT), easing out the transmission of high-bandwidth data both down to Earth and between satellites. Moreover, Honeywell is introducing a range of Commercial Series reaction wheel assemblies developed for commercial space satellites. Honeywell's X Band product would offer Space Situational Awareness services, providing crucial information to facilitate operators in the navigation of their satellites safely and operate worldwide space traffic in orbit.
Acquisitions and Mergers:
- Aug-2022: Lake Shore Cryotronics acquired Desert Cryogenics, a cryogenic and vacuum micromanipulated probe station manufacturer. Through this acquisition, Desert Cryogenics' probe stations would empower Lake Shore to utilize this platform to develop several test systems over it. Desert Cryogenics systems make it possible to configure with horizontal or vertical field magnets, high-resolution microscopes, and CCD cameras to provide precision positioning of the probe tips on the wafer or system that would be tested.
- Dec-2021: Honeywell took over US Digital Designs, Inc., alerting and dispatch communications services provider, to strengthen first responders’ efficacy. Through this acquisition, US Digital Designs, Inc. would become a part of Honeywell enabling it to enhance Honeywell's Fire and Connected Life Safety systems business and Honeywell's range of solutions for public safety communications, delivering first responders better situational awareness of building emergencies and upgraded life safety. Additionally, US Digital Designs' solutions would pass on detailed data about the emergency, including the type of danger, and locus within the impacted building, prior to the onsite arrival of first responders, empowering Honeywell to serve its customers better by offering improved life safety offerings.
Scope of the Study
By Form Factor
- Fixed
- Portable
By Type
- Vector
- Fluxgate
- Proton Precession
- Scalar
- Others
By Application
- Navigation
- Industrial Automation
- Geophysics & Mining
- Space Exploration
- Medical Devices & Others
By Product Type
- 3 Axis
- 3Dimensional
- Single Axis
By Vertical
- Consumer Electronics
- Aerospace & Defense
- Automotive
- Healthcare
- Industrial
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Honeywell International, Inc.
- Geometrics, Inc. (OYO Corporation)
- Metrolab Technology SA
- VectorNav Technologies, LLC
- Lake Shore Cryotronics, Inc.
- FOERSTER Holding GmbH
- Bartington Instruments Ltd.
- Cryogenic Limited
- Marine Magnetics Corp.
- GEM Systems, Inc.
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- Exhaustive coverage
- The highest number of Market tables and figures
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Magnetometer Market by Form Factor
Chapter 5. Global Magnetometer Market by Type
Chapter 6. Global Magnetometer Market by Application
Chapter 7. Global Magnetometer Market by Product Type
Chapter 8. Global Magnetometer Market by Vertical
Chapter 9. Global Magnetometer Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Honeywell International, Inc.
- Geometrics, Inc. (OYO Corporation)
- Metrolab Technology SA
- VectorNav Technologies, LLC
- Lake Shore Cryotronics, Inc.
- FOERSTER Holding GmbH
- Bartington Instruments Ltd.
- Cryogenic Limited
- Marine Magnetics Corp.
- GEM Systems, Inc.
Methodology
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