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Albany, New York, June 21, 2019 (GLOBE NEWSWIRE) -- The global magnetometer market is extensively competitive and fragmented due to the presence of large pool of market players, briefs an upcoming Transparency Market Research (TMR) report. The key players in the market include Honeywell International, Inc., Foerster Holding GmbH, Geometrics, Inc., Bartington Instruments Ltd, and, Cryogenic Limited. These companies are concentrating to adopt strategies such as technological investments in new product development to penetrate into the global magnetometer market. The manufacturers are keen on implementing advanced technologies and state-of-the-art magnetometers.
The increasing demand in the consumer electronics sector is expected to surge the global market in the upcoming years. The global magnetometer market is projected to rise at a robust rate of CAGR 8.7% during the forecast period 2017 to 2025. The global magnetometer was evaluated at US$8.25 bn in 2016 and it is expected to reach the estimated valuation of US$13.66 bn by the end of 2025.
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In terms of region, previously North America held the largest share in the global magnetometer market and it is likely to continue the dominance during the forecast period. The growth in this region can be accounted to presence of leading market players and latest technological advancements. Simultaneously, Europe is projected to emerge as a second largest market due to rising demand from aerospace and consumer electronics sector during the forecast period. On the basis of segmentation, in terms of applications, the global magnetometer market is segmented into surveyors, energy, healthcare monitoring, pipe line monitoring, natural calamities, industrial, defence & aeronautics, and consumer electronics. Of all these, consumer electronics is projected to witness a highest growth in the global magnetometer market.
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Rising Demand for Better Healthcare to Promote Global Magnetometer Market
The rising demand for better equipment from healthcare sector leads to production of MRI and NMR machines. This, in turn creates demand for magnetometers. Such technological innovations lead to provide accurate predictions in case studies of the patients. Hence, the global magnetometer market is projected to expand at a substantial rate in the upcoming years. Additionally, reducing operative costs and governments initiatives to strengthen the industrial sector of economies is another factor that is expected to drive the magnetometer market during the forecast period.
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Wide Applications to Provide Impetus to Growth in Global Magnetometer Market
Wide applicability of magnetometer in various industries such as aerospace, defence, consumer electronics, and others are projected to boost the demand for magnetometer. Rising automation across the industries is expected to drive the demand for magnetometer, thus, the global magnetometer market is anticipated to swell up in the forthcoming years.
Extensive automation in defence and electronic goods sectors will surge the global magnetometer market during the forecast period. Further, the developed countries are expected to adopt latest technologies at the earliest, which is further is projected to boost the global magnetometer market to expand during the forecast period.
There have been instances of rising natural calamities such as tsunami, hurricane, and earthquakes; these factors provide demand for the magnetometer. Hence, the global magnetometer is expected to strengthen at a robust rate in the upcoming years. High cost of production may restrain the global magnetometer market. Nevertheless, increasing demand for oil and gas is expected to surge the growth in the global magnetometer market.
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This review is based on the findings of a TMR report, titled, “Magnetometer Market (Technology - Scalar Magnetometer and Vector Magnetometer; Product Type - Single Axis, 3 - Axis, and 3 Dimensional; Application - Surveyors, Energy, Health Care Monitoring, Pipe Line Monitoring, Natural Calamities Research & Monitoring, Industrial Defense & Aeronautics, and Consumer Electronics; Form Factor - Fixed and Portable)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
The global magnetometer market is segmented into:
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