Rockville, March 09, 2023 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global eCompass market is valued at US$ 2.6 billion in 2023 and is predicted to expand at a CAGR of 16.5% by 2033.
An accelerometer and a magnetometer are used in an e-Compass, which is an electronic compass. The main function of an eCompass is to facilitate navigation, because of which, it is employed in antenna positioning equipment and GPS navigation devices. It is also utilized in several other applications such as transportation, defense, and construction, and is essential for location-based services. Intensive research and development as well as the requirement for better equipment have led to the high adoption of eCompass sensors in the aforementioned sectors.
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The eCompass market is expanding as a result of the growing need for user-friendly interfaces and the need for greater technological accessibility. Countries such as Japan, South Korea, and China are expected to account for high demand for e-compass sensors due to the expanding consumer electronics manufacturing hubs and aerospace and military sectors. North America and Europe hold dominating positions in the market due to increasing demand for cutting-edge wearable technologies and the high spending power of people in these regions.
Key Takeaways from Market Study
- The global eCompass market is projected to reach US$ 11.9 billion by 2033.
- eCompass demand in China is predicted to expand at a CAGR of 21% during the forecast period.
- Sales of hall-effect eCompass sensors are expected to rise at a CAGR of 17.5% during the next 10 years.
- The market in Germany is predicted to rise at a CAGR of 13% from 2023 to 2033.
Recent Market Development
STMicroelectronics, a leading worldwide semiconductor company, signed two M&A agreements in July 2020 in connection with the purchases of cellular IoT connectivity assets from Riot Micro and Ultra Wide Band expert BeSpoon. Following the completion of the two transactions, ST will strengthen its offer for wireless connection and, in particular, the roadmap for the challenging STM32 microcontrollers and protected MCUs, subject to customary regulatory approvals.
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Competitive Landscape
According to Fact.MR, a market research and competitive intelligence provider, key players in the eCompass market are developing advanced eCompass sensors to earn more profits. Mergers, partnerships, acquisitions, and regional expansion are some of the marketing tactics adopted by leading companies in the eCompass market.
- Bosch improved its knowledge of MEMS (micro-electro-mechanical systems) micro narrators in April 2019 and strengthened its position as a market leader in sensing keys for consumer devices with this achievement.
- Honeywell purchased US Digital Designs, Inc. in December 2021. The improvement and expansion of public safety, communications with first responders, physical processes elimination, and accelerated emergency reaction times were predicted benefits of these integrated services.
Key Companies Profiled
- Aichi Steel Corporation
- Asahi Kasei Microdevices Corporation
- Bosch Sensortec GmbH
- Honeywell International Inc.
- Invensense Inc.
- Magnachip Semiconductor
- Mcube Inc.
- Memsic Inc.
- NXP Semiconductors N.V.
- Oceanserver Technologies Inc.
- PNI Sensors Corporation
- ST Microelectronics N.V.
- Truenorth Technologies Ltd.
Key Segments Covered in eCompass Industry Research
- By Technology:
- Hall-effect
- Fluxgate
- Magnetoresistive
- By Type:
- 1 & 2 Axis
- 3 Axis
- 6 Axis
- 9 Axis
- By Application:
- Consumer Electronics
- Aerospace & Defense
- Automotive
- Marine
- Surveying
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the eCompass Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global eCompass sales grow until 2033?
- Which are the factors hampering the eCompass demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the eCompass Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global eCompass market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on technology (hall-effect, fluxgate, magnetoresistive), type (1 & 2 axis, 3 axis, 6 axis, 9 axis), and application (consumer electronics, aerospace & defense, automotive, marine, surveying), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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