Middle East & Africa Magnetic Compass Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
Magnetic compass functions as a pointer to the magnetic north due to the magnetic needle aligns itself with the earth’s magnetic field. Compass is used for orientation and navigation that shows the directions north, south, east-west. The needle is placed on a low friction pivot point so that it can turn easily. 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.
The Middle East & Africa Magnetic Compass Market size:
The Middle East & Africa 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).
The Middle East & Africa Magnetic Compass Market share:
Magnetic compass market is segmented on
Middle East & Africa Magnetic Compass Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
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. By Geography, Middle East has the most significant market share. This is due to rise in aerospace applications and military applications. The rise in military expansion in the Middle East
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Middle East & Africa Magnetic Compass Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
also tends to boost the growth of the market.
The Middle East & Africa Magnetic Compass Market Trends:
- Ritchie Navigation launched F-83-WMs compass which is for Lifeboat and Rescue boat compasses. These compasses are also suitable for sailboats, powerboats and motor sailing vessels.
- Oceanic launched Side scan compass for reliable underwater navigation.
The Middle East & Africa Magnetic Compass Market Research Report:
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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.
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