Global Magnetometer Market to Surpass US$ 13 Billion in Revenues by 2025
Recently, a new research study based on magnetometer titled “Magnetometer Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” has been added into the database of Market Research Reports Search Engine (MRRSE). According to the study, the Global Magnetometer Market worth US$ 8.25 billion in 2016, is estimated to achieve US$ 13.66 billion in value by the end of 2025. The study further estimates that the global magnetometer market is projected to grow at over 8.7% CAGR during the assessment period from 2017 to 2025. In terms of revenues, the global magnetometer market is projected to surpass US$ 13 billion by 2025.
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According to the report, the wide-ranging applications of magnetometers in different end-use applications are likely to provide an impetus to growth during the assessment period. Magnetometers are used across various industries, such as healthcare, mining, defense, and consumer electronics. Steady demand from these end-use industries is likely to provide an impetus to growth during the assessment period.
For detailed analysis, the global market has been divided into various segments and sub-segments which are technology, product type, application, form factor and geography. By technology, the global market has been sub-segmented into scalar magnetometer (over hauser effect magnetometer, proton precession magnetometer and ionized gas magnetometer) and vector magnetometer (SQUID magnetometer, fluxgate magnetometer, rotating coil magnetometer, search-coil magnetometer and magneto resistive magnetometer). The product type segment has been categorized into single axis, 3 dimensional and 3 – axis. On the basis of application segment, the global market has been bifurcated into surveyors (geographical and archeological), energy (oil and gas exploration, coal exploration and mineral exploration), pipe line monitoring, health care monitoring, natural calamities, industrial, consumer electronics, research and monitoring and defense and aeronautics. The form factor segment is divided into portable and fixed. Geographically, the global market is divided into key regions which are North America, South America, Europe, Asia Pacific and Middle East and Africa.
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According to the report, defense and consumer electronics will continue to be the two largest application segments for magnetometer during the assessment period. While the consumer electronics segment is projected to grow at over 8% CAGR through 2025, the defense and aeronautics segment is projected to grow at just over 7% during the assessment period.
Some of the key companies profiled are Bartington Instruments Ltd, GEM Technologies, Honeywell International Inc., Institut Dr. Foerster GmbH & Co. KG., Lockheed Martin Corporation, Scintrex , Tristan Technologies, Inc., Cryogenic Limited, Geometrics¸ Infineon Technologies AG, Lake Shore Cryotronics, Inc., NXP Semiconductors N.V, Marine Magnetics Corp. and VectorNav Technologies.
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