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(Transportation-News.com, August 29, 2018 ) Industry Outlook and Trend Analysis
The Magnetometer Market was worth USD 7.08 billion in 2014 and is expected to reach approximately USD 14.95 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 8.66% during the forecast period. A magnetometer is a tool that measures magnetism—either the magnetization of an attractive material like a ferromagnet, or the strength, direction, or relative difference in a magnetic field at a specific area. A compass is a simple sort of magnetometer, one that measures the direction of an encompassing magnetic field. Magnetometers are broadly used for estimating the Earth's attractive field and in geophysical studies to recognize magnetic anomalies of various types. They are used in the military to identify submarines. Magnetometers can be useful as metal detectors: they can detect just magnetic metals, however can detect such metals at a substantially bigger depth than ordinary metal detectors; they are fit for detecting big objects, for example, at tens of metres, cars, while a metal detector's range is rarely more than 2 metres.
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Drivers and Restraints
Magnetometers have been a standout amongst the most vital pillars of advanced science. Its importance in space exploration, research, oil & gas, near earth geometrics and minerals exploration and consumer electronics has changed the human life to a more prominent degree. This has vastly driven the demand for Magnetometers in several application areas. As of late, the magnetometers market has seen an enormous development, attributable to its consistently expanding applications. The lion's share of sellers in the magnetometers market are spending more in R&D exercises to multiply and enhanced situating of their products in the market.
Market Segmentation
The Magnetometer Market is segmented on the basis of Technology, Product Type, Application and Form Factor. Based on technology the market is segmented into Scalar Magnetometer and Vector Magnetometer out of which the vector magnetometer representing share of US 4.78 billion of revenue generated in the overall market and is also expected to hold maximum market share. Based on product type the market is segmented into Single Axis, 3 – Axis, 3 Dimensional. On the basis of application is segmented into Energy, Surveyors, Pipe Line Monitoring, Health Care Monitoring, Industrial Defence & Aeronautics, Natural Calamities Research & Monitoring, and Consumer Electronics out of which consumer electronics accounted for more than 20% of the total market share and is anticipated to reflect a significant CAGR over the forecast period. Based on form factor
Regional Outlook and Trend Analysis
Geographically, North America held predominance in 2016 as the area has major players in the market. Among countries reflecting lucrative prospects, the US has developed at fore on the back of huge technological progressions saw over the most recent couple of years. Development observed in this territorial magnetometer market is pumped by the expanding venture crosswise over different enterprises, for example, defence and aeronautics, consumer electronics among others.
Competitive Insights
The major players in the market are Infineon Technologies, Lockheed Martin, NXP Semiconductors, Honeywell, Scintrex Limited, Lake Shore Cryotronics Inc, Bartington Instruments Ltd, Cryogenic Limited, Lake Shore Cryotronics Inc, Geometrics Inc and Foerster Holding GmbH. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Magnetometer Market is segmented as follows-
By Technology:
Vector Magnetometer
Scalar Magnetometer
By Product Type:
Single Axis
3 - Axis
3 Dimensional
By Application:
Energy
Pipe line monitoring
Research and Monitoring
Defence and Aeronautics
Surveyors
Health Care Monitoring
Natural Calamities
Industrial
Consumer Electronics
By Form Factor:
Portable
Fixed
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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