The North America Magnetometer Market would witness market growth of 6.1% CAGR during the forecast period (2023-2029).
The magnetometer market is expected to see substantial growth due to increasing healthcare innovations in the product, particularly in the healthcare industry. The advancements allow industry stakeholders to gain insight into customer requirements, update their business strategies, and revamp their offerings. Moreover, optical magnetometer optical sensors are considered a cost-effective substitute for expensive medical imaging technologies such as MRI and ECG.
This trend is expected to decrease healthcare expenses for nations globally and provide cost-efficient healthcare solutions to stakeholders in the industry. The market is expected to experience growth due to the increased usage of magnetometers in consumer electronics, including toys, home appliances, digital cameras, smartphones, and other electronic instruments. Compact and robust magnetometers are available in board-mount packages or shielded enclosures to meet the needs of various environments. Moreover, the development of adaptable magnetic sensors has motivated several clients to explore novel opportunities.
The United States can lead the E.V. future by increasing job opportunities, boosting domestic production, addressing climate change, and promoting environmental justice. The government has set the target that half of all cars sold in the United States will be electric by 2030. The Inflation Reduction Act is aiding the government in reducing the cost of new and used electric vehicles for consumers and creating a more stable market environment for the automotive industry. Furthermore, the government's increased initiatives to encourage the usage and manufacturing of electric vehicles in neighboring countries are anticipated to drive the demand for magnetometers, resulting in the growth of the regional market.
The US market dominated the North America Magnetometer Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $701.9 million by 2029. The Canada market is poised to grow at a CAGR of 8.5% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 7.6% 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 U.S., Mexico, Canada, and Rest of North America.
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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