E-Compass Market to Reach USD 2.4 Billion by 2027 | CAGR 13.3% – Forencis Research

Global E-Compass Market: Key Highlights

• According to the new market research report “E-Compass Market by Component (Sensor and Software) Technology (Fluxgate, Magnetoresistive, and Hall Effect), by End Use Industry (Consumer Electronics, IT & Telecommunication, Automotive, Aerospace & Defense, Marine, Healthcare, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global E-Compass market is estimated to reach USD 2.4 Billion by 2027 at a CAGR of around 13.3% during the review period.
• An electronic compass is a combination of tilt sensors, magnetometer, and optional accelerometers and gyros that provide measurement and orientation within a growing number of applications.
• electronic compass doesn’t rely on GPS signals to determine the directions. As such, it doesn’t rely on movement to know the current direction.
• STMicroelectronics, Texas Instruments incorporated, NXP Semiconductors, Bosch Sensortec GmbH, TDK Corporation, and Honeywell International Inc. are some of the prominent players in the E-compass market.

Global E-Compass Market: Key Market Dynamics

• Growing wearable devices market and increasing usage of smartphones, laptops, and gaming devices will drive the market during forecast period.
• Moreover, growing autonomous cars market and increasing demand from autonomous underwater vehicles (AUVs) will expected to create new opportunities for the E-compass market during assessment period.

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Global E-Compass Market: Regional Overview

• Asia-Pacific

The Asia-Pacific is expected to dominate the E-compass market during growth period. High presence of consumer electronics manufacturers and increasing demand from portable electronics market will drive the E-compass market during growth period. China, Japan, Taiwan, and South Korea is expected to drive the market in this region. Xiaomi Corporation, is one of the global brand in smartphone manufacturing started developing smartphones in which electronic compass is included such as MI A3 and Redmi Note 8 Pro.

• North America

North America is expected to grow at faster rate during forecast period. Early adoption of market infrastructure, development in portable and wireless electronics market, and presence of technology development players will grow the market in this region. US and Canada will drive the market in this region. In September 2019, the Apple Inc. launched Apple Watch Series 5 with always-on display and built-in compass. The compass is used for showing the current position, incline, latitude, longitude, and current elevation.  

Global E-Compass Market: Key Players Overview

• NXP Semiconductors:

NXP Semiconductors is a global semiconductor company which engages in the creating solutions that enable secure connections and infrastructure for a smarter world. NXP focuses on research, development and innovation in its target markets. The company focusing on developing advanced technology in automotive, industrial, mobile, smart home, smart city, and communication infrastructure. The company provide various magnetometer and accelerometer sensors for various industrial applications such as automotive. Moreover, the company also provide e-compass and magnetic calibration software to provide an accurate magnetic compass heading corrected for orientation and hard and soft iron magnetic interference.

• STMicroelectronics:

ST is a global semiconductor leader engages in the provision of delivering intelligent and energy-efficient products and solutions. The company operates in three business segments such as smart mobility, power and energy, and Internet of things & 5G. the company’s eCompass include combo solutions built around a 3-axis digital accelerometer with a 3-axis digital magnetic sensor in a single LGA package, as well as standalone 3-axis digital magnetic sensors for designing solutions where the magnetic sensor must be located in a specific position on a printed circuit board. In March 2020, the company launched IIS3DWB MSME vibration sensor and supporting STEVAL-STWINKT1 multi-sensor evaluation kit to accelerate development of condition-monitoring systems that boost productivity by inferring equipment maintenance needs. The MEMS technology product portfolio includes accelerometer, eCompass ICs, pressure sensors, and microphones among others.  

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