The magnetometer market is anticipated to reach US$ 13.66 billion in revenue by 2025.
Albany, NY -- (SBWIRE) -- 01/04/2018 -- A vital fact about Magnetometers is that it is broadly used in various applications like geographical surveys, archeological surveys, metal detector, space explorations, etc. to detect the mineralization and geological structures. Looking to its wide demand, there has been increasing focus on technological innovation and new investments are also done to manufacture advanced & diverse magnetometer. Due to this, the global market for magnetometer has been experiencing tremendous growth. Market Research Hub (MRH) has recently added a new report titled "Magnetometer Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025" to its wide repository, which offers major insights, analysis, and valuable guidance on the prospects of the market worldwide.
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According to this detailed study, the global market for magnetometer is likely to experience steady growth during 2017-2026, registering CAGR of 8.7%. Also, the market is predicted to bring in US$ 13.66 billion revenue by the end of 2025. The market's revenue was pegged at US$8.25 bn in 2016.
In order to explain the intensity of competition in the market, the report has been segmented geographically into major regions including North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Apart from that, the market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the insulin pumps market and could influence the market in the coming years. The report also highlights the competitive landscape of the magnetometer market, thereby positioning all the major players according to their geographic presence and recent key developments.
Moreover, the magnetometer market is segmented on the basis of technology, product type application and by form factor. On the basis of technology the market is classified as Scalar Magnetometer and Vector Magnetometer. The market on the basis of product type is categorized into Single Axis, 3-Axis, 3 Dimensional. Major applications of magnetometer include Surveyors, Energy, Health Care Monitoring, Pipe Line Monitoring, Natural Calamities Research & Monitoring, Industrial Defense & Aeronautics and Consumer Electronics. The market size and forecast in terms of sales, production, volume, revenue, price, market share and growth rate for each segment has been provided for the period from 2017 to 2025.
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Key Facts about Global Magnetometer Market
- Regionally, North America held dominance in 2016 as the region boasts significant presence of prominent players in the market. The companies operating in the global magnetometer market are currently aiming on standardization, innovation, and achieving process efficiency. This will also bode well for the global magnetometer market.
- The research finds that recent innovations have helped the market realize increased budding. These innovations have enabled magnetometers to reach maximum sensitivity without using cryogenic cooling. This process has thus achieved breakthrough in developing MRI and NMR equipment of smaller size with reduced operating expenses.
- In terms of applications, currently, surveying instruments holds the largest market share as it is used widely across globe for surveillance purpose in geographical exploration.
Later, the report covers thorough competitive outlook that contains market share and profiles of key players functioning in the global market. Lockheed Martin Corporation, Instruments Ltd, Cryogenic Limited, Tristan Technologies, Inc., GEM Technologies, Geometrics, Inc., Honeywell International, Inc., Scintrex Limited, Marine Magnetics Corp., NXP Semiconductors N.V., Infineon Technologies AG, Foerster Holding GmbH, Lake Shore Cryotronics, Inc., and VectorNav Technologies are some of the major players operating within the global magnetometer market.
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