According to a new report, published by KBV research, 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.
The Portable segment is showcasing a CAGR of 9.6% during (2023 - 2029). This is because mobile magnetometers are designed to be used while in motion and can be easily carried or transported in a moving vehicle. Hence, the market growth in the portable magnetometer segment is being driven by the increasing demand for self-driving vehicles.
The Vector segment acquired maximum revenue share in the Global Magnetometer Market by Type in 2022 thereby, achieving a market value of $1 billion by 2029. This is because vector magnetometers can measure the flux density value in a particular direction within three-dimensional space. Additionally, the increasing utilization of the vector in the aerospace sector is noteworthy, as satellites employ it to measure the magnetic fields of planets and moons. Thus, the growth of the segment can be attributed to its ability to measure the flux density value in a specific direction within 3D space and its application in the aerospace industry.
The Geophysics & Mining segment has shown the growth rate of 7.2% during (2023 - 2029). This is due to the fact that magnetic surveys are conducted in conjunction with gravity surveys while mining for minerals. In order to find ferrous ore like hematite, ilmenite, and magnetite, magnetic surveys are crucial. Magnetic surveys are frequently carried out using magnetometers. They are extremely accurate measuring devices for magnetic fields in the area.
The 3 Axis segment is leading the Global Magnetometer Market by Product Type in 2022 thereby, achieving a market value of $1.7 billion by 2029. The growth of the 3-Axis sensor segment can be attributed to the rising demand from the defense, automotive, and aerospace industries. In addition, the growing demand for wearable technology has created new opportunities for three-axis magnetometers, which have various applications in electronic compasses, gaming devices, and virtual reality, further propelling the segment's expansion.
The Aerospace & defense segment is poised to grow at a CAGR of 7% during (2023 - 2029). The aerospace and defense industries commonly use magnetometers for GPS monitoring and tracking, as well as for aerial surveillance and mapping of unmanned aerial vehicles (UAVs). Ongoing technological advancements in the aerospace and defense industries are driving manufacturers to enhance magnetometer performance features to meet the needs of their applications, aiding the segment's expansion.
The Asia Pacific market dominated the Global Magnetometer Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.3 billion by 2029. The Europe market is exhibiting a CAGR of 6.3% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 6.1% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/magnetometer-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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