The global digital compass market revenue is expected to expand at a significant CAGR over the forecast period. Digital compass is a small device designed to detect users’ geographic direction using a magnetic needle that aligns with earth’s magnetic field. Magnetometer sensor is used in digital compass which is integrated into microelectromechanical systems (MEMS) in the device. These devices can be operated from any remote location and without any strong magnetic interface. Digital compass can nullify errors caused by small magnetic interference by other external elements. Current applications of digital compass are in tablets, mobiles, watches, e-compass, and GPS devices.
Increasing use of location tracking system is boosting the global digital compass market growth, owing to development of LTE, LTE-A technologies. Increasing adoption of digital compass in marine, aviation, military, and gaming sectors are factors driving growth of the global digital compass market over the forecast period. However, increasing preference for GPS (Global Positioning Systems) technology is expected to restrain growth of the global target market.
The global digital compass market report has been segmented on the basis of application type, application area, product type, and region. On the basis of application type, the market is segmented into industrial, personal, construction, transportation, aeronautics, and defense. On the basis of production type, the market is segmented into LTE (Long Term Evolution) and LTE-A (Long Term Evolution A).
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America dominates the global market in terms of revenue, owing to presence of companies in innovative technologies, particularly in the US. The market in Asia Pacific is expected to dominate the market in the coming years, owing to increasing penetration of smart phones, tablets, and other consumer electronics, particularly in India and China.
Key players operating in the global digital compass market include Asahi Kasei Micro Devices Corporation Robert Bosch GmbH, NXP Semiconductors N.V., Honeywell International Inc., Kusaba Engineers Private Limited, Sparton Corporation, Texas Instruments Inc., Garmin Ltd., STMicroelectronics, BARIGO Barometerfabrik GmbH, and Bell Automotive Products Inc.