Digital Compass Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (3-axis, 6-axis), By Technology (Hall Element, Giant Magneto Resistance (GMR)), By Application (Consumer Electronics, Automotive, Military And Defense, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Dec 2022
- Report Code : KSI061612943
- Pages : 107
The digital compass market is projected to grow at a CAGR of 2.23% to reach US$247.029 million in 2027 from US$211.680 million in 2020.
A digital compass is commonly known as an e-compass which is a device that is utilized to gain an accurate determination of the directions through tracking the earth’s magnetic field. The e-compass is developed using multiple components such as a magnetometer, accelerometer, and gyroscope. All of these components are combined with the gravity of the device.
The high demand for digital compass among military, aerospace, and defense boost the market growth due to their precise determination of the North Pole through the use of integrated microcontrollers within the e-compass. The rising demand for better access to technologies and a simpler user interface has resulted in the development of digital compasses. It is further used in navigation and has resulted in becoming a standard requirement for gaming devices, smartphones, and tablets which in turn are expected to substantially increase the digital compass market growth.
Increasing demand for technology in the digital compass market
The increased use of digital compass accounts for a few features such as the promotion of simple user interface demand among end users which is regarded to be a market driver for the digital compass market.
The improvements in technology with advanced solutions and improved access are also beneficial for the digital compass market. Additionally, there is a wide application in terms of geo-mapping and even navigation, especially in aerospace, automotive, and defence industries which are boosting the demand for the compass as high-grade one and two-axis sensors. Moreover, the incoming deployment of new standards such as LTE and LTE-A is envisioned to open up new opportunities for location-based tracking services which use an increased number of sensors driving the market growth.
Various product innovations in the digital compass market are also driving the growth of this market. For instance, in July 2021, a NASA-backed team is working on a project name Magnetometers for Innovation and Capability for space science and space weather at the University of Lowa. The project aims to rediscover and improve the lost techniques for the development of high-fidelity instruments that use fluxgate magnetometers for the measurements of the magnetic field.
Asia Pacific is estimated to grow significantly during the forecast period
Asia Pacific is expected to show significant growth in the market of the digital compass as a result of the increasing demand for smartphones in the region. China and India have been witnessing huge demand potential as well as lower labour costs which will result in these two countries emerging as worldwide hubs for digital compass manufacturing industries.
On the other hand, the U.S. is expected to presume a predominant position with the involvement of innovative technologies which are offering advanced hardware and software and a high awareness pertaining to location-based services among consumers.
Market Key Developments
- In February 2022, Carestream Health India announced the launch of the DRX Compass which provides convenient, accurate, and configurable digital radiology solutions to radiologists. The product comprises a wide range of components such as generators, detectors, cables, tubes, and collimators that provides complete control over emerging digital radiology technology.
- In April 2019, the German multinational firm, Bosch, announced to the enhancement of their existing MEMS (micro-electro-mechanical systems) micro narrators. This would help them strengthen the market spot as one of the leading providers of sensor keys with the integration of this development into consumer electronics.
Digital Compass Market Scope:
|Market Size Value in 2020||US$211.680 million|
|Market Size Value in 2027||US$247.029 million|
|Growth Rate||CAGR of 2.23% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Technology, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||ASAHI KASEI CORPORATION, STMicroelectronics, Honeywell International Inc., PNI Sensor, NXP Semiconductors, MEMSIC, Inc., Aeron Systems, TDK Corporation, Bosch Sensortec GmbH, Magnachip|
|Customization Scope||Free report customization with purchase|
- By Type
- By Technology
- Hall Element
- Giant Magneto Resistance (GMR)
- By Application
- Consumer Electronics
- Military and Defense
- By Geography
- North America
- South America
- Middle East and Africa
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. DIGITAL COMPASS MARKET BY TYPE
6. DIGITAL COMPASS MARKET BY TECHNOLOGY
6.2. Hall Effect
7. DIGITAL COMPASS MARKET BY APPLICATION
7.2. Consumer Electronics
7.4. Military and Defense
8. DIGITAL COMPASS MARKET BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.2. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.5. Major Players and Strategy Analysis
8.6. Emerging Players and Market Lucrativeness
8.7. Mergers, Acquisitions, Agreements, and Collaborations
8.8. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. ASAHI KASEI CORPORATION
9.3. Honeywell International Inc.
9.4. PNI Sensor
9.5. NXP Semiconductors
9.6. MEMSIC, Inc.
9.7. Aeron Systems
9.8. TDK Corporation
9.9. Bosch Sensortec GmbH
ASAHI KASEI CORPORATION
Honeywell International Inc.
Bosch Sensortec GmbH
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