Digital Compass Market

The global digital compass market size is anticipated to grow significantly during the forecast period, 2021-2028. The growth of the market is attributed to the growing demand for digital compass technology and its wide adoption in various handheld smart devices such as smartphones, tablets, watches, and other electronic devices.

Digital compasses are tools primarily designed and used for the determination of geographic direction or navigation. These tools were initially introduced by sailors and sea travelers for direction guidance. The navigators of their respective ships used the concept of magnetic poles along with the alignment of stars and wind direction to determine their current location and destination direction.

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The magnetic needles are free to pivot according to the earth’s magnetic field and this alignment was studied by the navigators to travel at sea. The same concept is now widely adopted in the latest smart devices where magnetic fields are now replaced by electric signals emitted from the devices.

Majority of smart electronic devices are equipped with navigational features as a basic component. Electronic compasses also enhance the position of the global positioning system or the GPS of every device. This makes the electronic compasses extremely useful in applications based on location.

Market Trends, Drivers, Restraints, and Opportunities

• Rising deployment of new technology and innovations like the Long Term Evolution (LTE) and the Long Term Evolution Advanced (LTE-A) to improve location-based tracking present a key driver to the digital compass market.
• Introduction of new applications like the “View” for smartphones improves convenience and ease to use for the customers while using their smart devices in term of location tracking. This application utilizes both the camera and the compass of the device and allows retrieving relevant information that are available for the user in their immediate surroundings. These applications also act as a driver for the digital compass market growth.
• The COVID-19 pandemic has affected the manufacturing units across industries and impacted a sharp decline in the digital compass market. This is expected to hamper the market growth. However, the market started to recover gradually due to reopening of the manufacturing units with the permission from the concerned government agencies.
• Lack of awareness for the use of the compass and inaccessibility to smart devices from the elderly population pose a challenge that can hamper the market growth.

Scope of Digital Compass Market Report

The report on the global digital compass market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Digital Compass Market Segment Insights

Personal application segment is expected to represent a key market share

On the basis of application areas, the global digital compass market is divided into industrial, personal, construction, transportation, and military. The personal segment is expected to represent a key market share during the forecast period, 2021-2028 owing to the wide adoption of the electronic devices available for them.

On the other hand, the transportation segment is expected to exhibit a high CAGR during this forecast period. Digital compass is widely adopted for marine transportation and is a key component of devices used for various transportation services. This is projected to boost the segment growth in the coming years.

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Component manufacturers segment to account for a large share

On the basis of verticals, the market is divided into suppliers, component manufacturers, and integrators & end-users. The component manufacturers segment is projected to account for a large market share during the forecast period owing to the availability of strong supply chain of components.

Some of the key suppliers of raw materials and components of the products include Applied Materials, Praxair, ASML Corporation, MEMS Star, SCHOOT, and SUSS MicroTec. Component manufacturers produce various components required for the products using the resources. Some of the component manufacturers include Canon, Atmel, Honeywell, Toshiba, Qualcomm, Philips, and Bosch.

On the other hand, the integrators & end-users segment is expected to grow significantly in the coming years owing to wide availability of integrated components with navigation devices such as the GPS. Some key integrators & end-users are Apple, Sony, BAE Systems, Garmin, Seagate, Panasonic, Mitsubishi Precision, and Siemens.

Due to the pandemic, many companies have decided to expand their manufacturing hub outside China and find new locations to begin their manufacturing processes. India emerges as one of the most attractive countries because of the presence of high youth population and skilled labors. According to a source, 75% of India’s population would represent the youth and working age by 2028.

Asia Pacific to register a high CAGR

In terms of regions, the global digital compass market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to exhibit a substantial CAGR by registering a high CAGR in the digital compass market. Major economies including India, China, and South Korea have emerged key destinations for the establishment of the manufacturing units from industries especially the electronic sector.

Rising use of mobile networks and smart devices, which are equipped with the GPS and other navigational devices, among a large portion of the population in the region act as key driving factors for the regional market expansion. Favorable policies from governments of these countries present key opportunities that offer various benefits of GPS and digital compasses manufacturers.

Segments

The digital compasses market has been segmented in terms of

Application Areas

• Industrial
• Personal
• Construction
• Transportation
• Military

Verticals

• Suppliers
• Component Manufacturers
• Integrators & End-users

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• ST Microelectronics
• Robert Bosch
• Texas Instruments
• Asahi Kasei Microdevices
• Bell Automotive Products
• Baolab Microsystems
• Garmin
• Honeywell International
• Sparton Corporation
• BARIGO Barometerfabrik GmbH
• Aichi Steel Corporation
• RoboSail Systems
• Kusaba Engineers
• KVH Industries
• Silva Sweden
• Ocean Server Technology
• PNI Sensors

Competitive Landscape

Some of the major players of the global digital compass market are ST Microelectronics; Robert Bosch; Texas Instruments; Asahi Kasei Microdevices; Bell Automotive Products; Baolab Microsystems; Garmin; Honeywell International; Sparton Corporation; BARIGO Barometerfabrik GmbH; Aichi Steel Corporation; RoboSail Systems; Kusaba Engineers; KVH Industries; Silva Sweden; Ocean Server Technology; and PNI Sensors.

All of these companies are looking for opportunities to produce innovative products with low-cost price. The introduction of three axis view, electronic compass module, and three dimensional microelectronic machines are some of the examples.