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E-Compass Market trends, share, demand and 2022 forecasts


According to the MarketsandMarkets forecast, the E-Compass Market size, in terms of value, is expected to grow from USD 808.6 Million in 2015 to USD 2187.1 Million by 2022, at a CAGR of 14.57% between 2016 and 2022. The e-compass has applications across a number of verticals. The portable electronic devices deploy e-compass sensors, primarily as a navigational tool. The huge volume of sales of these devices such as smartphones, tablets, and wearables has driven the market. The development of newer compact and low-power e-compass sensors have more degree of freedom have also incentivized the adoption of these sensors. Some applications such as surveying and aerospace have relied on higher grade e-compass sensors for more reliability.
The scope of this report covers the on the basis of technology, application, sensor type, and geography. The consumer electronics application is expected to hold the largest market share during the forecast period, whereas the automotive application application is likely grow at the highest rate during the forecast period.
The Hall effect-based e-compass sensors accounted for the largest market share in 2015. The market for magnetoresistive e-compass sensors are expected to grow at the highest rate during the forecast period. The Hall effect sensors are much economical in terms of cost as well as have been “miniaturized” in the form of ICs for a long time, therefore are most widely used. Magnetoresistive e-compass sensors are extremely accurate but also much more costly as compared to Hall effect-based e-compass, as the need for high precision navigation in sectors such as automotive increases the magnetoresistive e-compass sensors will see a rapid growth in adoption.
The market for the 1- and 2-axis e-compass sensors are expected to grow at the highest rate during the forecast period. The critical sectors such as aviation, defense, and marine require high grade 1- and 2-axis sensors for their operation. Extensive investment in research and development in these sectors and constant need for upgradation to better equipment drives this segment.
Major deterrent for the growth of usage of GPS technology, whose adoption is widespread. The advances in automated vehicles and augmented reality can prove to be a good revenue pockets for the market. The major vendors in the e-compass market include Asahi Kasei Microdevices Corporation (Japan), Aichi Steel Corporation (Japan), Bosch Sensortec GmbH (Germany), Honeywell International Inc. (U.S.), and NXP Semiconductors (Netherlands), among others. These players adopted various strategies such as new product launches & developments, partnerships, collaborations, business expansions and mergers to cater to the needs of the optical interconnect market.
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