According to the new market research report by IndustryARC “Magnetometer Market: By Product Type (Single Axis, 3-Axis, 3D), By Form Factor (Stationary Magnetometers, Portable/Mobile Magnetometers), By Technology, By Application & By Geography- Analysis & Forecast (2018-2023)” the market is expected to reach $1893.87 million in 2023 and will grow at a CAGR of 5.8% in the coming years. The 3 axis magnetometer is used for applications like consumer electronics, oil & gas, aerospace, detection, and others. This factor also drives the growth of the market. 

Browse 84 Market Tables, 179 Figures spread through 147 slides and an in-depth TOC on “Magnetometer Market (2018 - 2023)

Asia Pacific has a major share in the Magnetometer Market

Asia Pacific dominates the Magnetometer Market and is expected to reach $666.43 Million by 2023 at a CAGR of 8.3%. North America comes next with a CAGR of 5.70% during the forecast period and is expected to reach $704.67 Million by 2023. MEMS is the dominant technology in North America. This is due to the broader performance at a low cost. 

Consumer electronics in North America dominates the Magnetometer Market. In consumer electronics, the MEMS magnetometer are integrated into smartphones and are used for advanced navigation and intelligent interactive services. US is the second largest manufacturer which has fifth place in the manufacturing output. Canada has been concentrating on the healthcare industry since a long time, involving the use of automate systems. This enhances the growth of magnetometer sensor in the coming years. 

Selected Regulatory Analysis done in the full Report:

Consumer electronics is the most demanding segment for the suppliers for magnetometers. The increase in the number of functionalities in smaller devices for reducing the size of electric components has encouraged the use of magnetometers. Consumer electronics consists of smartphones, tablets, cameras, TVs, and wearable devices. A gauss meter can provide navigation based services in these devices. 

E-compasses is a new application for magnetometers in mobile phones. The compasses can measure the intensity of the magnetic field. The smartphone revolution has spurred the growth of fluxgate magnetometer recently due to the use of magnetometers in smartphones. Virtual reality has also made use of the accelerometer magnetometer in the form of e-compasses and calibration applications. 

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Excerpts Growth Factors Mentioned in the Full Report:

Recently, the sensitivity of magnetometers has been the main focus of development. An example is optical atomic magnetometers that have high sensitivity. This factor creates opportunities for the 3 axis magnetic field sensor. 
Nuclear magnetic resonance, detecting bio magnetic signals from the human body, and exploring magnetic fields in space has bolstered the growth of the digital magnetometer in the coming years. 
Recently, a sensor hub has been deployed by the manufacturers of the consumer electronic devices. A magnetometer chip inside the sensor can determine the position and assist in guidance. 
Inertial navigation systems are used in autonomous vehicles. The magnetometers are helpful in determining the magnetic field intensity to determine the position of the inertial navigation system and guide the device. 
The R&D activities in magnetometer survey to reduce the footprint and increase the efficiency have a positive impact on the growth of the Magnetometer Market. 

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Keyplayers of the Magnetometer Market:

BOSCH Sensortec provides consumer electronics with micro electro mechanical systems based sensors. It launched a sensor which measures pressure humidity, temperature, and quality of air in a house. Analog Devices on the other hand produces high performance signal processing solutions that enable the automotive systems to be safer. STMicroelectronics NV is a leader in the semiconductor segment. It offers electronic devices across all the electronic segments. 

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