Satellite Magnetometer Trends and Forecast
The future of the global satellite magnetometer market looks promising with opportunities in the communication satellite, navigation satellite, and earth observation satellite markets. The global satellite magnetometer market is expected to grow with a CAGR of 6.3% from 2024 to 2030. The major drivers for this market are increasing demand for accurate geomagnetic data for space exploration & research, rising satellite missions for earth observation & environmental monitoring, and growing application of this technology in defense & national security for detecting magnetic anomalies.
• Lucintel forecasts that fluxgate magnetometer is expected to witness the higher growth over the forecast period.
• Within this market, communication satellite is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
China: In February 2024, Beijing Tianwen Aerospace announced the successful launch of a new high-precision satellite equipped with a domestically produced magnetometer. This launch aims to enhance ChinaÄX%$%Xs space weather monitoring capabilities and support the growing commercial space industry.
United States: Honeywell International Inc., a major player in the US market, unveiled its latest 3-axis Radiation-Hardened Magnetometer in May 2024. This new product targets the small satellite market, catering to the increasing demand for affordable and reliable navigation solutions for constellations.
India: The Indian Space Research Organisation (ISRO) announced plans in April 2024 to develop a new fleet of magnetometer-equipped satellites for Earth observation. This initiative focuses on improving geospatial data collection and supporting mineral exploration efforts.
European Union: In a joint effort to bolster European space leadership, the European Commission announced a €20 million grant program in March 2024 to support research and development of next-generation magnetometer technologies for scientific and commercial applications.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Satellite Magnetometer by Segment
The study includes a forecast for the global satellite magnetometer by type, application, and region.
Satellite Magnetometer Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Fluxgate Magnetometers
• Ionized Gas Magnetometers
Satellite Magnetometer Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Communication Satellites
• Navigation Satellites
• Earth Observation Satellites
• Others
Satellite Magnetometer Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Satellite Magnetometer Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies satellite magnetometer companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the satellite magnetometer companies profiled in this report include-
• AAC Clyde Space
• NewSpace Systems
• SPUTNIX
• Honeywell Aerospace
• Antrix
• GomSpace
• MEDA
Recent Development in the Satellite Magnetometer Market
Honeywell International Inc.: Unveiled its latest 3-axis Radiation-Hardened Magnetometer in May 2024, targeting the small satellite market for constellations. This new product caters to the growing demand for affordable and reliable navigation solutions for dense satellite networks.
Beijing Tianwen Aerospace: Successfully launched a new high-precision satellite equipped with a domestically produced magnetometer in February 2024. This initiative aims to enhance ChinaÄX%$%Xs space weather monitoring capabilities, supporting its growing commercial space industry.
Indian Space Research Organisation (ISRO): Announced plans in April 2024 to develop a new fleet of magnetometer-equipped satellites for Earth observation. This project focuses on improving geospatial data collection and supporting mineral exploration efforts in India.
MEMS technology gaining traction: The development of MEMS (Microelectromechanical Systems) technology is a significant factor driving market growth. MEMS magnetometers are smaller, cheaper, and consume less power, making them ideal for various applications in satellites.
Features of the Global Satellite Magnetometer Market
Market Size Estimates: Satellite magnetometer market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Satellite magnetometer market size by type, application, and region in terms of value ($B).
Regional Analysis: Satellite magnetometer market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the satellite magnetometer market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the satellite magnetometer market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for satellite magnetometer market?
Answer: The global satellite magnetometer market is expected to grow with a CAGR of 6.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the satellite magnetometer market?
Answer: The major drivers for this market are increasing demand for accurate geomagnetic data for space exploration & research, rising satellite missions for earth observation & environmental monitoring, and growing application of this technology in defense & national security for detecting magnetic anomalies.
Q3. What are the major segments for satellite magnetometer market?
Answer: The future of the satellite magnetometer market looks promising with opportunities in the communication satellite, navigation satellite, and earth observation satellite markets.
Q4. Who are the key satellite magnetometer market companies?
Answer: Some of the key satellite magnetometer companies are as follows:
• AAC Clyde Space
• NewSpace Systems
• SPUTNIX
• Honeywell Aerospace
• Antrix
• GomSpace
• MEDA
Q5. Which satellite magnetometer market segment will be the largest in future?
Answer: Lucintel forecasts that fluxgate magnetometer is expected to witness the higher growth over the forecast period.
Q6. In satellite magnetometer market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the satellite magnetometer market by type (fluxgate magnetometers and ionized gas magnetometers), application (communication satellites, navigation satellites, earth observation satellites, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Satellite Magnetometer Market, Satellite Magnetometer Market Size, Satellite Magnetometer Market Growth, Satellite Magnetometer Market Analysis, Satellite Magnetometer Market Report, Satellite Magnetometer Market Share, Satellite Magnetometer Market Trends, Satellite Magnetometer Market Forecast, Satellite Magnetometer Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.