Digital Compass Market (Updated Version Available)

Digital compass market size is anticipated to reach over USD 29.9 Billion by 2030 from the value of USD 11.6 Billion in 2022, growing at a CAGR of 12.6% during the forecast period (2022-2030).

A digital compass or e-compass is referred to as a sensor that measures the earths magnetic field to align the direction in terms of the magnetic poles. The compass device is cohesive with the microelectromechanical systems (also known as MEMS). The MEMS is a blend of mechanical (levers, springs, combs, membranes, channels) and electrical (capacitors, resistors, inductors, etc.) components that work as the sensors or actuators in the e-compass.

A digital compass is typically made up of components such as a magnetometer, optional accelerometers, tilt sensors, and gyroscope which gives simple measurement and orientation to a wide number of applications. Thus, the mainstream application of digital compasses for GPS navigation and antenna positioning is expected to witness significant growth during the forecast period owing to the growing demand from multiple end-use industries.

Additionally, the accuracy and precision of digital compasses due to highly orientable calibration aids end-users such as mapmakers, bikers, hikers, and military to determine the directions. The reduced risks of failure in digital compasses during emergencies pose the scope of integration with emerging concepts like artificial intelligence, robotics, and machine learning.

Report Attributes	Report Details
Study Timeline	2018-2030
Market Size in 2030 (USD Billion)	29.9 Billion
CAGR (2022-2030)	12.6 %
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, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Honeywell International Inc, NXP Semiconductors, STMicroelectronics, AICHI STEEL CORPORATION, TDK Corporation, Asahi Kasei Corporation., MEMSIC Semiconductor (Tianjin) Co., Ltd, Bosch Sensortec GmbH, Magnachip

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Market Dynamics:

Driver:

The increased use of the digital compass for promoting the simple user interface demand among end users fuels the market growth due to the rising need for improved access to technology. Additionally, the wide application in terms of geo-mapping and navigation specifically in automotive, aerospace, and defense industries boosts the demand for e-compasses as high grade 1 and grade 2-axis sensors.

Restraint:

The risks of getting false readings in emergencies due to disruptions caused by geomagnetic fluctuations restrict the usage of e-compass. Also, the improper management or integration of the e-compass in terms of electrical connectivity leads to reduced applications, especially in smart products. Thus, the lack of proper implementation of digital compasses within the componential elements of the products due to a lack of expertise hinders the overall market statistics.

COVID-19 Impact:-

The digital compass market witnessed a substantial decline during the forecast period owing to the reduced production of electronics. The operations of major end users such as automotive, military, aerospace, and defense industries witnessed a halt in the manufacturing and consumption of new technologies due to a complete economic slowdown. Additionally, the disruptions in business supply chains coupled with the limited sourcing and availability of raw materials majorly hampered the market growth due to the strict government lockdown impositions. However, Post COVID-19, the economic circumstances have witnessed a positive outlook due to the resumption of major industrial production processes. Thus, the overall market growth has experienced a moderate impact in terms of the production, distribution, and consumption of the e-compass.

Market Segmentation:

By Sensor Type

The sensor type segment is divided into 1 and 2 axis, 3 axis, 6 axis, 9 axis. The 1 and 2 axis segment is expected to register the largest share contribution to the market growth during the forecast period. The military, aerospace and defense industries utilize 1 and 2 axis e-compass sensors for navigating through critical situations or operations. Thus, the augmented expenditures for research and development on consistent upgradation of 1 and 2 axis equipment is expected to support the growth of segment. Additionally, 3 axis e-compass sensors also support the growth of digital compass market statistics in terms of high flexibility with multiple calibration modes. The features such as usage while in idle or low speeds moving equipment specifically in automotive sectors to portray the precise readings of component calibration at any position.

By Technology

The technology segment is categorized into fluxgate, Hall Effect, Magnetoresistive, and others. The Hall Effect technology witnessed augmented demand in terms of volume and value. The increased usage as the miniaturized component especially as the proximity sensors in multiple ICT applications due to the low-cost availability. Thus, the properties of Hall Effect technology such as high resistance to abrasive usage and availability of programmable electrical outputs and angles boost the growth of the segment.  Additionally, Magnetoresistive technology is also anticipated to contribute to the major market share during the projected period. The Magnetoresistive sensors utilize a well-known effect called \"anisotrope magnetoresistive effect or (AMR)\" to provide highly accurate dynamics of devices. Such sensors are majorly utilized in multiple areas of application such as highly dynamic current measurement, path, and angle measurement, contactless switches, and dynamic measurements under severe conditions (e.g. vehicle engines).

By Application

The application segment is separated into consumer electronics, aerospace, and defense, automotive, surveying, marine, and others. The consumer electronics application is projected to contribute the largest share to the market growth. The major application of the digital compass is in mobile phones, laptops, tablets, and other smart devices for GPS tracking or navigation. Thus, the high demand for such consumer devices among the population fuels the overall market growth. Additionally, the automotive sector also provides multiple applications, mainly in terms of high utilization in the navigation system of the vehicle. The advancements such as a heads-up display with detailed digital measurements of speed, direction, and others.



By Region

The regional segment comprises of North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. In the context of the region, Asia Pacific is estimated to increase the market trends during the forecast period. The increased production and consumption of portable electronic products such as mobile phones and laptops due to rising disposable income boosts the demand for e-compass. Additionally, the easy availability of labor at low cost and the rising scope of research and development due to increased FDI strengthens the market presence in the Asia Pacific region.

North America is anticipated to provide a growth opportunity for the augmented market presence across the region. The large presence of market players in the region combined with the growing investments towards developing technologically advanced product innovation accelerate the demand for e-compasses in terms of relation with the geomagnetic maps.

Digital compass Market Competitive Landscape:

The research report published on the digital compass market aids to understand the recent market position in terms of new product launches due to growing expenditures on research and development. Furthermore, technological advancement within organizations is one of the major indicators that influence the value chain of businesses. Thus, the competitors gain a competitive edge over other market players by emphasizing aspects such as improvement of production capacities, business strengths and weaknesses, product breadth and width, and application dominance. The following are the key industry players that form the market concentration–

• Honeywell International Inc
• NXP Semiconductors
• STMicroelectronics
• AICHI STEEL CORPORATION
• TDK Corporation
• Asahi Kasei Corporation.
• MEMSIC Semiconductor (Tianjin) Co., Ltd
• Bosch Sensortec GmbH
• Magnachip

Recent 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 enhance 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.