The Latin America, Middle East and Africa Magnetometer Market would witness market growth of 9.7% CAGR during the forecast period (2023-2029).
The magnetic saturation circuit is another term for a fluxgate magnetometer. The product features a dual set of parallel bars enveloped by a coil and positioned close to one another. An alternating current is applied to the fluxgate magnetometer to generate the magnetic field. A fluxgate magnetometer is a device used to measure magnetic fields. It is composed of a magnetically sensitive core that is wrapped by two wire coils. One of the coils is supplied with an alternating current, which produces a changing magnetic field that induces a current in the other coil.
The induced output current's production results from the alternating magnetic field. Advancements in magnetometer technology have been significant since the initial introduction of the device in 1833. As a result, magnetometers have become a popular tool in various business applications. For example, magnetometers are utilized to measure the Earth's magnetic field, conduct geographical surveys, detect submarines for military purposes, and detect metal/weapons. In recent years, there has been a significant reduction in the cost of integrating magnetometers into integrated circuits due to their miniaturization.
Travelers are increasingly choosing Dubai over all other destinations. Many famous buildings in the region, such as Burj Al Arab and Burj Khalifa, draw tourists. The region also has many luxury hotels, expensive restaurants, and upscale spas. Additionally, there has been an increase in development activity across the GCC countries in recent years, and HAVC systems are highly sought-after for both residential and commercial projects. Magnetometer usage is expected to increase as the smart home idea and rapid uptake of smart home equipment gain popularity, helping the regional market to expand.
The Brazil market dominated the LAMEA Magnetometer Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $59.2 million by 2029. The Argentina market is experiencing a CAGR of 10.3% during (2023 - 2029). Additionally, The UAE market would display a CAGR of 9.4% during (2023 - 2029).
Based on Form Factor, the market is segmented into Fixed, and Portable. Based on Type, the market is segmented into Vector, Fluxgate, Proton Precession, Scalar, and Others. Based on Application, the market is segmented into Navigation, Industrial Automation, Geophysics & Mining, Space Exploration, and Medical Devices & Others. Based on Product Type, the market is segmented into 3 Axis, 3Dimensional, and Single Axis. Based on Vertical, the market is segmented into Consumer Electronics, Aerospace & Defense, Automotive, Healthcare, Industrial, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Magnetometer Market is Projected to reach USD 3.3 Billion by 2029, at a CAGR of 6.8%
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.
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