Market Insights:
Digital Compass Market size was valued at USD 11.6 Billion in 2021, registering a CAGR of 12.6% during the forecast period (2022-2030), and the market is projected to be worth USD 29.9 Billion by 2030.
A magnetometer and an accelerometer are used by an electronic compass, known as a “e-compass,” to determine the earth’s magnetic field and determine the proper direction. The primary use of an e-compass is to aid in navigation, which is why it is a component of antenna positioning and GPS devices. In addition to being employed in many other applications, such as transportation, the military, and construction, it is essential to location-based services.
Digital Compass Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Technology (Fluxgate, Hall-Effect, Magneto resistive, Others), application (Consumer Electronics, Aerospace & Defence, Automotive, Marine, Surveying, Others), By Sensor Type (1 & 2-axis, 3-axis, 6-axis, 9-axis) and companies (Sparton Corporation, Texas Instruments, Garmin Ltd., STMicroelectronics, and BARIGO Barometerfabrik GmbH, Asahi Kasei Micro Devices Corporation, Robert Bosch GmbH, NXP Semiconductors, Honeywell International, Inc., Kusaba Engineers Private Limited.), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 12.6%, over the forecast period of 2022–2030.
Driver:
The increased adoption of Digital Compass in the Digital Media industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Digital Compass also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Digital Compass in many sectors also boosts the market growth during the forecast period.
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 29.9 Billion |
| CAGR (2022-2030) | 12.6% |
| By Technology | Fluxgate, Hall-Effect, Magneto resistive, Others. |
| By Application | Consumer Electronics, Aerospace & Defence, Automotive, Marine, Surveying, Others. |
| By Sensor Type | 1 & 2-axis, 3-axis, 6-axis, 9-axis. |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Sparton Corporation, Texas Instruments, Garmin Ltd., STMicroelectronics, and BARIGO Barometerfabrik GmbH, Asahi Kasei Micro Devices Corporation, Robert Bosch GmbH, NXP Semiconductors, Honeywell International, Inc., Kusaba Engineers Private Limited. |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Digital Compass market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Sparton Corporation, Texas Instruments, Garmin Ltd., STMicroelectronics, and BARIGO Barometerfabrik GmbH, Asahi Kasei Micro Devices Corporation, Robert Bosch GmbH, NXP Semiconductors, Honeywell International, Inc., Kusaba Engineers Private Limited.
Market Segment Analysis:
By technology
- Fluxgate
- Hall-Effect
- Magneto resistive
- Others
By Application
- Consumer Electronics
- Aerospace & Defence
- Automotive
- Marine
- Surveying
- Others
By Sensor Type
- 1 & 2-axis
- 3-axis
- 6-axis
- 9-axis
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Digital Compass industries in the region.
Key Digital Compass Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Digital Compass Market segments.
– Largest Market Share Held by Industry to Industry for Digital Compass
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Digital Compass Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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Research Methodology
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