Market Overview:
Digital Compass is used as a navigator to find the direction with the help of a magnetic pointer which aligns automatically with the earth's magnetic field. It is most commonly used by aircraft, ships and traveling people across the world. However, a person requires a high level of understanding for operating the device. The introduction of a digital compass in robots is going to boost the global market in the forecasted period. There are some regulatory factors with regard to security risks.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ST Microelectronics (Switzerland), Bosch Sensortec (Germany), Honeywell International (United States), Sparton Corporation (United States), Barigo (Germany), TDK (Japan), Aichi Steel (Japan) and RoboSail Systems (Netherlands) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Players of Digital Compass Market Study:
ST Microelectronics (Switzerland), Bosch Sensortec (Germany), Honeywell International (United States), Sparton Corporation (United States), Barigo (Germany), TDK (Japan), Aichi Steel (Japan) and RoboSail Systems (Netherlands)
Digital Compass Market Segment Analysis
Scope | Sub-Segments |
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Application / End User | Mobile Application, Wearables, Gaming Application, Imaging, Ship & Aircrafts Navigation and Others |
Type | 3-axis Type, 6-axis Type and 9-axis Type |
End Use Industry | Automotive,Aircraft,Industrial,Medical and Technology,Others |
Influencing Trend:
Increasing Prevalence in Smartphones and Mobile Devices
Market Growth Drivers:
Growing Ship Building and Aircrafts Industry and Increasing Need in Outdoor Adventure Activities
Challenges:
Changing Weather Condition can affect the Compass Accuracy and Cyber Security issues associated with Digital Compass
Restraints:
Complexities in Using the Digital Compass and High-Cost Availability might Hinder the Market Growth
Opportunities:
The growing use of Digital Compass in Artificial Intelligence and Improving Efficiency and Reliability of Digital Compass
Some of the other players that are also part of study are KVH Industries Inc. (United States) and Baolab Microsystems (Europe). The Global Digital Compass market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Latest Industry Highlights:
In July 2022 Zygo Corporation (a division of AMETEK) has announced the release of Compass 2, its latest optical profiler with Diamond Turning Machine (DTM) optimization and freeform surface metrology capability. Unlike comparable solutions, mold pins remain on their manufacturing fixture during metrology?shortening the time to data processing and minimizing uncertainty from remounting and re-aligning the sample. With new interface improvements, the Compass 2 now delivers 3x better form deviation performance than the original Compass.
On JUNE 26, 2020 – Sparton Corporation (“Sparton”), a leading provider of engineered products for the defense industry, today announced that it has entered into a definitive agreement to sell its contract manufacturing unit, Manufacturing & Design Services (“MDS”), to One Equity Partners (“OEP”), a middle market private equity firm.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Compass market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Digital Compass market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Digital Compass Manufacturers, Digital Compass International Traders, Distributors and Suppliers, Research and Development institutes, Financial Institutes and Venture capital, Government Bodies and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.