Digital Compass Market Estimated to Reach over USD 29.9 Bn by 2030, Says Reports Insights

New York, Nov. 30, 2022 (GLOBE NEWSWIRE) — As per the research report “Digital Compass Market” published by Reports Insights, the market is anticipated to surpass USD 29.9 Billion by the year 2030 at a CAGR rate of 12.6% from USD 11.6 Billion in 2022.

A digital compass (e-compass) is a device utilized to gain an accurate determination of the directions through tracking the Earth’s magnetic field. Multiple components are used for developing the e-compass such as the accelerometer, gyroscope, and magnetometer combined with the gravity of the device. Typically, the majority of e-compasses include the embedded MCU which deducts the automobile magnetic field (the distortion) from the intensified earth magnetic fields, providing a highly precise compass reading.

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The high demand for digital compasses among aerospace, military, and defense boosts the market growth due to the precise determination of the North Pole via the integrated microcontrollers within the e-compass. In the context of the general population, trail makers, hikers, bikers, and mapmakers greatly rely on such e-compasses due to reduced risks of encountering disruptive interferences during adventurous activities.

Key Market Highlights

• The global digital compass market size is expected to register a CAGR of 12.6% during the forecast period (2022-2030), reaching USD 29.9 billion by 2030.
• Globally, the digital compass comprises three types of sensors: 1 and 2 Axis, 3 Axis, 6 Axis, and 9 Axis.
• In the context of technology, the market is separated into Hall Effect, Fluxgate, Magnetoresistive, and others.
• Based on application, the market share is segmented into six groups: consumer electronics, automotive, aerospace and defense, marine, surveying, and others.
• The market is geographically separated into five regions: the Asia-Pacific North America, Europe, South America, and the Middle East and Africa.
• Asia-Pacific and North America are projected to support industry growth during the forecast period in terms of increased volume and revenue.

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Digital Compass Market Segmentation Analysis: –

Based on sensor type, the 1 and 2-axis segment is anticipated to contribute a substantial market share during the forecast period. The high demand for 1 and 2-axis sensors in the production of sturdy equipment utilized in aerospace, military, and defense supports the contribution of the segment in market growth.

Based on the technology, the Hall Effect technology is projected to account for the substantial contribution to the digital compass market share during the forecast period. The major factor driving the segment’s growth is the large integration in ICT applications and the large availability of programmable components. 

Based on application, the consumer electronics segment is estimated to contribute an augmented share to the market growth during the forecast period. The expanded application of e-compasses in GPS features of laptops, tablets, and mobile phones extensively accelerates the usage of smart devices among the population.

Based on region, Asia Pacific is expected to support the market growth during the projected period. The large presence of manufacturing facilities especially in terms of the electronics industry and extensive spending in aerospace and military equipment is expected to create lucrative opportunities for the growth of digital compass market statistics.

Recent Developments

• In May 2020, the U.K. based firm named Bartington Instruments announced the collaboration with New Space Systems, the South African firm, to build a new version of Attitude Determination and Control Subsystems (ADCS) for the space market. The ADCS comprises a 3-axis sensor with pointing control and stabilization created within the Delfi-N3Xt CubeSat program.

• In July 2021, a NASA-backed team at the University of Iowa is currently working on a project named Magnetometers for Innovation and Capability (MAGIC) for space weather and space science. 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.

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List of Major Digital Compass Market Players

Lastly, the market research report comprises the country and regional analysis along with the latest market trends, to understand the company profiling of major players functioning in the market —

•  Honeywell International Inc.

•  NXP Semiconductors

•  STMicroelectronics

•  AICHI STEEL CORPORATION

•  TDK Corporation

•  Asahi Kasei Corporation.

•  MEMSIC Semiconductor (Tianjin) Co., Ltd

•  Bosch Sensortec GmbH

•  Magnachip

Global Market Segmentation:

By Sensor Type

• • • 1 and 2 Axis
    • 3 Axis
    • 6 Axis
    • 9 Axis

By Technology

• • • Fluxgate
    • Hall Effect
    • Magnetoresistive
    • Others

By Application

• • • Consumer Electronics
    • Aerospace and Defense
    • Automotive
    • Surveying
    • Marine
    • Others

Contnue….

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