Magnetometer Global Market Report 2024

The magnetometer market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to the increase in the adoption of electric vehicles, growing investments in defense and military sectors for magnetic anomaly detection and surveillance purposes, and the increase in demand for manometers from the consumer electronics industry.

The magnetometer market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The forecasted growth in the upcoming period can be attributed to several factors, including increasing demand from industries such as aerospace and defense, as well as a surge in the application of manometers in the automotive sector. Major trends expected during this period include advancements in technologies related to manometers, advancements in sensor technology used in manometers, and developments in Microelectromechanical System (MEMS) technology, which could impact the manometer market.

The increasing demand for electric cars is expected to drive the growth of the magnetometer market in the future. Electric cars, powered entirely by electricity, typically use one or more electric motors and rechargeable batteries for propulsion. Magnetometers in electric cars play a crucial role in accurate navigation and orientation by aiding in sensor fusion with gyroscopes and accelerometers. For example, in April 2023, the International Energy Agency reported that total electric car sales increased from 6,500,000 in 2021 to 10,200,000 in 2022. Hence, the rising demand for electric cars is fueling the growth of the magnetometer market.

The growing aerospace and defense industry is expected to drive the growth of the magnetometer market in the future. The aerospace and defense industry includes companies involved in designing, manufacturing, and selling aircraft, spacecraft, weapons, and related systems and services for civilian and military purposes. Magnetometers play a crucial role in this industry for navigation, orientation, and detecting metallic objects in aircraft, spacecraft, and military equipment. For example, in January 2024, Airbus SE reported an 11% increase in commercial aircraft deliveries in 2023, totaling 735 aircraft. Hence, the expanding aerospace and defense industry are fueling the growth of the magnetometer market.

Major companies in the magnetometer market are focused on developing innovative products, including AMR (Anisotropic MagnetoResistive) magnetometer sensors, to enhance their profitability. AMR magnetometer sensors measure magnetic fields by detecting changes in resistance due to the orientation of magnetic field lines relative to the sensor's material. For example, in February 2023, MEMSIC Inc., a US-based semiconductor manufacturing company, launched the AMR magnetometer MMC5616WA. These sensors offer advanced features for various applications such as automotive, industrial, and consumer electronics, providing smart and secure sensing of physical motion and displacement. AMR magnetometer sensors are crucial in medical, wearable, and smart home applications for their reliable and intelligent detection capabilities.

Major companies operating in the magnetometer market report are Robert Bosch GmbH, Honeywell International Inc., Asahi Kasei Corporation, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors, Master Magnetics Inc., Lake Shore Cryotronics Inc., Cryogenic Limited, Institut Dr. Foerster GmbH & Co. KG, PCE Instruments Limited, Scintrex Limited, Gem Systems Inc., Apogee Instruments Inc., VectorNav Technologies, Metrolab Technology SA, Senis AG, Tristan Technologies Inc., Group3 Technology Ltd., AlphaLab Inc., Geonics Ltd., Marine Magnetics Corp., Metronix GmbH, Nucrypt LLC, Bartington Instruments Ltd.

North America was the largest region in the magnetometers market in 2023. The regions covered in the magnetometer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the magnetometer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Magnetometers are instruments used to measure magnetic fields, whether on Earth or around objects. They are extensively used in geological surveys to detect variations in the Earth's magnetic field, which can indicate the presence of minerals.

The main types of magnetometers include scalar magnetometers, proton precession magnetometers, fluxgate magnetometers, vector magnetometers, optical pumping magnetometers, and others. Scalar magnetometers measure the scalar component of a magnetic field. These instruments come in various form factors, including portable and fixed installations. Magnetometers find applications in navigation, space exploration, medical devices, geophysics and mining, industrial automation, and other fields. They are used across industries such as aerospace and defense, automotive, consumer electronics, healthcare, industrial sectors, and others.

The magnetometer market research report is one of a series of new reports that provides magnetometer market statistics, including magnetometer industry global market size, regional shares, competitors with a magnetometer market share, detailed magnetometer market segments, market trends, and opportunities, and any further data you may need to thrive in the magnetometer industry. This magnetometer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The magnetometer market consists of sales of gradiometers, Helmholtz coils, magnetic sensors, and modules. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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