Growing demand for the minerals across the globe is anticipated to fuel the global e-compass market.
Sarasota, FL -- (SBWIRE) -- 05/22/2017 -- Zion Market Research, the market research group announced the analysis report titled "E-Compass Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Global E-Compass Market: Overview
E-compass is an electronic device, which uses earth's magnetic field for determination of user's geographic direction. It can be used as an accelerometer as well as magnetometer. This device is integrated with microelectromechanical systems. It is a technology, which merges nanoscale into nanoelectromechanical systems and nanotechnology. It provides directional information and exactness in the positioning of the global positioning system devices. E-compass system is beneficial in the location-based services and it also helps in enhancing other applications such as transportation, industry, military, construction, and personal.
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Global E-Compass Market: Growth Factors
Growing demand for the minerals across the globe is anticipated to fuel the global e-compass market. The market is widely driven by the increasing adoption of the e-compass in consumer electronics such as smartphones, tablets, and wearable devices. Rising disposable income, rapid rate of urbanization, growing economies, and changing lifestyle are responsible for the market growth. The e-compass market is boosting globally owing to the increasing use of the e-compass sensors that are based on magneto-resistive technology. Increasing use of e-compasses in the autonomous underwater vehicles and unmanned aerial vehicle systems is anticipated to open new growth opportunities in the coming years. However, GPS technology is dominating globally in the automotive and advanced consumer electronics products, which may restrain the global market to some extent.
Global E-Compass Market: Segmentation
The global e-compass market is categorized based on the technology, axis, application, and geography. On the basis of technology, the market is segregated into magneto-resistive, fluxgate, and hall-effect. The magneto-resistive is the dominating segment across the world owing to the compactness capacity of the technology and concrete composition of the device. The axis segment is divided into 1&2, 3, 6 and 9 Axis. Based on the application, the market is bifurcated into aerospace, surveying, consumer electronics, marine, automotive, and defense. The geographical representation of the global e-compass market is given by North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global E-Compass Market: Regional Analysis
Increasing per capita income and rising demand for advanced wearable devices in the North America and Western Europe are some factors that contribute to the market growth. Growing importance of the consumer electronics in the Asia Pacific and the Middle East & African regions is anticipated to foster the e-compass market growth. The majority of the consumer electronics manufacturers are located in China. North America contributed the largest market share owing to increasing adoption of the advanced wearable devices in the aerospace sector. Western Europe is followed by the North America due to its increasing preferences for the directional sensors in consumer electronics market.
Global E-Compass Market: Competitive Players
Major prominent players in the global e-compass market include STMicroelectronics, Honeywell International, Aichi Steel, Bosch Sensortec, ST Microelectronics, InvenSense, Inc., TrueNorth Technologies, and PNI Sensors Corporation. Others players in the market are Invensense Inc., MEMSIC, mCube Inc., NXP Semiconductors N.V., Oceanserver Technologies, MagnaChip Semiconductor, and Asahi Kasei Microdevices Corporation.
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