Long hailed for its widespread use in scouring the Earth’s magnetic field, the adoption of magnetometers has effectively resonated in various industrial applications that involve geophysical surveys and detecting magnetic anomalies. With the ever-expanding range of industrial applications of magnetometers, end users are voicing demand for advancements in their features, such as improved sensitivity, accuracy, and precision.
With the advent of emerging technology, manufacturers in the magnetometer market are focusing on enhancing the quantum properties of atomic sensors to improve the sensitivity and speed of magnetometers, and ultimately improve their efficiency in industrial applications. Ongoing research and development in quantum technologies is expected to contribute toward improving the sensitivity and precision of magnetometry measurements, enabling market players to stand out in the competition with high-performance magnetometers.
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The global magnetometer market report generated by our top analysts at Transparency Market Research scrutinizes the prevailing trends, threats, opportunities, and the key determinants that are fueling the growth of this market during the forecast period.
Over the years, the magnetometer market has gained momentum, reaching a valuation of ~US$ 2.9 billion in 2018. The landscape is growing fast, owing to the rapidly changing and dynamic environment that has promulgated their use for the detection of mineral deposits, coal exploration, and identifying precious archaeological artefacts, along with their inclusion in consumer electronics and the smartphone industry. This market is expected to touch the ~US$ 3 billion mark by 2019.
The demand for magnetometers is likely remain comparatively higher in developed regions such as North America and Europe, holding a formidable revenue share of the magnetometer market, and continuing their dominance especially in the area of consumer electronics.
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Though the market is likely to stabilize in the United States and Canada, the market for magnetometers in the European Union (EU) is growing at a fast rate. European countries, including Germany, the United Kingdom, and France are expected to account for one-third revenue share of the global magnetometer market, mainly attributing to the presence of key market players, their penetrative reach across the region, and the heavy funding and investments done in the semiconductor and medical industries in the EU.
Extensive research by our authors has been carried out using both, primary and secondary research parameters. Information on the magnetometer market has been sourced from Transparency Market Research’s internal repositories as well as client-specific databases. Qualitative and quantitative information on the magnetometer industry is then culled out by exhaustive research. Our research has been lauded and widely sought-after, thanks to the infinite supply of information that we obtain from company websites, industrial publications, and government statistics. Face-to-face discussions give us valuable inputs in the planning stage of the research. Key opinion leaders, distributors, and vendors also aid us in analyzing the demand-supply gap, if any.
Magnetometer Market – Segmentation
In order to understand the finer and broader nuances of the market, the segmentation of the magnetometer market has been done on the basis of technology, product, form factor, end-use industry, and region. This is one way by which incremental opportunities can be assessed in the market landscape.
