Global Magnetic Compass Market – Size, Outlook, Trends and Forecast (2024 – 2032)

A Compass is an instrument which is used for orientation and navigation that shows the directions north, south, east-west. Magnetic compass functions as a pointer to the magnetic north due to the magnetic needle aligns itself with the earth magnetic field. The needle is placed on a low friction pivot point so that it can turn easily. The needle turns for a few seconds and settles when the compass is in an equilibrium position. While in navigation, the directions on maps are usually expressed concerning the geographical or true north, the direction towards the geographical north pole, the rotation axis of the earth. Depending on the magnetic compass location the angle between the true north and magnetic north can vary with geographical location.

Global Magnetic Compass Market size:

Global magnetic compass market size is projected to reach approximately $XX million by the end of 2024 from $XX million in 2017 with a CAGR of close to XX% during the forecast timeline 2019-2024. High consumption due to technological advancements, increase in demand for magnetic compass for geological survey and rise in military expansion in Middle East & Africa are some the drivers enhances the growth of the magnetic compass market. On the flip side, increase in fake products in the market, and lack of efficiency and accuracy in stringent and harsh working environment are some of the restraints hampering the growth of the present magnetic compass market. The rise in magnetic compass in various new applications and emerging economies are the opportunities that boost the growth of the market during the forecast period (2019-2024).

Global Magnetic Compass Market share:

Magnetic compass market is segmented on the type, category, mounting, orientation, output, end-user & geography. Based on the type, the segment is split into a fixed-dial compass, floating-dial compass, orienteering compass & cruiser compass. All these types have equal importance and considerable market share and also expected to have the same market value during the forecast period. By category, the market is divided into steering compasses, dive compasses, bearing compasses, tactical compasses. All these compasses have specific importance at specific stages. The magnetic compasses market by category is expected to raise the market value in the coming years.  By mounting the market is divided into built-in, binnacle-mounted, with mounting bracket, portable. Among all these portable mounted types is expected to have a brisk growth during the forecast period. This is due to having a portable model which is easy to fix and have other benefits that enhance the market growth. By orientation, the segment is split into horizontal and vertical. By output, the segment is divided into analogue and digital.

Magnetic compasses are used in various applications such as aerospace, maritime, space applications, military applications, geological survey, leisure activities and others. Among all the applications, the magnetic compasses are widely used in aerospace applications. Marine applications also hold a considerable share due to an increase in transportation of people through ships and boats and rise in the transportation of goods from country to country. Geography, North America has the most significant market share. This is due to rise in aerospace applications and military applications. The Asia Pacific is expected to be the fastest growing region due to emerging economies such as India, China, Japan and other. The rise in military expansion in Middle East & Africa also tends to boost the growth of the market.

Global Magnetic Compass Market Trends:

• Ritchie Navigation launched skylight binnacle compasses which have 45 & 90 Degree lubber lines for easy reading.
• Oceanic launched SWIV compass which is a dual-purpose compass which allows quick reference of large, easy-to-read bearing indicators on a luminescent display for the gun-sight accuracy.

Global Magnetic Compass Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have a complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried out to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact on altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with significant competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The primary critical players for the Global Magnetic Compass Market are:

• AAA World-Wide Enterprises Ltd
• Oceanic Worldwide
• RJE International Inc
• Riviera Srl Genova
• Ritchie Navigation
• Tabata Deutschland

Along with these companies, there were many other companies considered/cited in the report while analysing the Global Magnetic Compass Market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.