Latest Update: Impact of current COVID-19 situation has been considered in this report while making the analysis.
Global Steering Compasses Market by Type (Magnetic, Electronic), By Application (Passenger Vessels, Merchant Vessels, Offshore Vessels, Naval Vessels) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030-report

Global Steering Compasses Market by Type (Magnetic, Electronic), By Application (Passenger Vessels, Merchant Vessels, Offshore Vessels, Naval Vessels) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

Report ID: 157163 3300 Machinery & Equipment 377 232 Pages 4.7 (36)

Market Overview:

The global steering compasses market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for passenger vessels, merchant vessels, offshore vessels and naval vessels across the globe. Additionally, factors such as technological advancements and rising awareness about safety and security are also contributing to the growth of this market. On the basis of type, magnetic steering compasses accounted for a majority share of the global steering compasses market in 2017. However, electronic steering compasses are expected to grow at a higher CAGR during the forecast period owing to their advantages such as low power consumption and high accuracy levels over magnetic steering compasses.

Global Steering Compasses Industry Outlook

Product Definition:

A steering compass is a type of compass that is used in navigation to steer a vessel towards a desired destination. Steering compasses are typically mounted on the dashboard or center console of a vehicle and provide directional information to the driver. They are often equipped with luminous markings and needles so that they can be read at night or in low-light conditions.


Magnetic is a natural phenomenon which occurs due to the presence of electrical currents in the atmosphere. Due to this, iron ore, nickel, and zinc are attracted towards magnetic field. This effect can be utilized for various applications like as a memory aid in computers or as an instrument for navigation. The earth's magnetic field varies with time and location; hence it is necessary to take note of these variations when using compasses on land or at sea.


Electronic is a combination of electrical and electronic devices and systems which are used in steering compasses. It helps to determine the direction, position, and movement of the ship or aircraft with respect to the horizon. The device works on different principles depending upon its type such as magnetic, gyroscope, accelerometer etc. Electronic compasses are extensively used in commercial ships for maintaining their heading during sailing at a particular direction without any errors.

Application Insights:

Passenger vessels were the largest application segment and accounted for a revenue share of over 60.0% in 2017. The passenger vessel segment includes cruise ships, ferries, coastal freighters, and other similar watercraft operating on short or long-distance trips with passengers on board. Steering compasses are used to determine the correct course when sailing in foggy weather as it provides accurate information about the ship¢â‚¬â„¢s heading without relying solely on sight bearings or celestial navigation techniques such as dead reckoning which can be inaccurate in hazy conditions due to lack of visibility.

The merchant vessel application segment is expected to witness significant growth over the forecast period owing to an increase in shipping activities across various regions coupled with stringent regulations regarding safety at sea that are further driving demand for technologically advanced equipment including electronic steerage compasses that provide more precise directional information even during poor visibility conditions thereby augmenting market growth over the coming years.

Regional Analysis:

Asia Pacific dominated the global market in terms of revenue with a share of over 40.0% in 2017. This is attributed to the presence of major shipbuilding and repair yards, along with numerous active ship owners, in countries such as China, Japan and South Korea among others. The region is expected to continue its dominance over the forecast period as well owing to increasing trade activities coupled with rising passenger traffic on marine transport services across various parts of Asia Pacific including China, India and Southeast Asian countries among others.

Europe was another prominent regional segment that accounted for a significant share in 2017 owing to growing maritime transportation activities across European countries such as Germany, Italy and U.K.

Growth Factors:

  • Increasing demand for luxury cars
  • Growing popularity of yachting and boating
  • Development of advanced navigation systems
  • Rising disposable income of consumers in developing countries
  • Proliferation of maritime tourism

Scope Of The Report

Report Attributes

Report Details

Report Title

Steering Compasses Market Research Report

By Type

Magnetic, Electronic

By Application

Passenger Vessels, Merchant Vessels, Offshore Vessels, Naval Vessels

By Companies

Scan-Steering, KVH, MI Simulators, Raytheon Anschütz, TOKIO KEIKI, Sperry Marine

Regions Covered

North America, Europe, APAC, Latin America, MEA

Base Year


Historical Year

2019 to 2020 (Data from 2010 can be provided as per availability)

Forecast Year


Number of Pages


Number of Tables & Figures


Customization Available

Yes, the report can be customized as per your need.

Global Steering Compasses Market Report Segments:

The global Steering Compasses market is segmented on the basis of:


Magnetic, Electronic

The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.


Passenger Vessels, Merchant Vessels, Offshore Vessels, Naval Vessels

The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.

Some of the companies that are profiled in this report are:

  1. Scan-Steering
  2. KVH
  3. MI Simulators
  4. Raytheon Anschütz
  6. Sperry Marine

Global Steering Compasses Market Overview

Highlights of The Steering Compasses Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2030.
  5. Developments and trends in the market.
  6. By Type:

    1. Magnetic
    2. Electronic
  1. By Application:

    1. Passenger Vessels
    2. Merchant Vessels
    3. Offshore Vessels
    4. Naval Vessels
  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Steering Compasses Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.

Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.

The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.

How you may use our products:

  • Correctly Positioning New Products
  • Market Entry Strategies
  • Business Expansion Strategies
  • Consumer Insights
  • Understanding Competition Scenario
  • Product & Brand Management
  • Channel & Customer Management
  • Identifying Appropriate Advertising Appeals

Global Steering Compasses Market Statistics

8 Reasons to Buy This Report

  1. Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
  2. Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
  3. Implemented Robust Methodology to Prepare the Report
  4. Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
  5. Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
  6. Provides Information About the Top-winning Strategies Implemented by Industry Players.
  7. In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
  8. Customization of the Report Available

Frequently Asked Questions?

A steering compass is a device that helps pilots steer their aircraft. It consists of a magnetized needle that points in the desired direction and is attached to a rotating base. The pilot uses the compass to rotate the base so that the needle points towards magnetic north, which is always located near Canada or Greenland.

Some of the major companies in the steering compasses market are Scan-Steering, KVH, MI Simulators, Raytheon AnschƒÂ¼tz, TOKIO KEIKI, Sperry Marine.

The steering compasses market is expected to grow at a compound annual growth rate of 5.5%.

1. Executive Summary

2. Assumptions and Acronyms Used

3. Research Methodology

4. Steering Compasses Market Overview
   4.1. Introduction
      4.1.1. Market Taxonomy
      4.1.2. Market Definition
   4.2. Macro-Economic Factors
      4.2.1. Industry Outlook
   4.3. Steering Compasses Market Dynamics
      4.3.1. Market Drivers
      4.3.2. Market Restraints
      4.3.3. Opportunity
      4.3.4. Market Trends
   4.4. Steering Compasses Market - Supply Chain
   4.5. Global Steering Compasses Market Forecast
      4.5.1. Steering Compasses Market Size (US$ Mn) and Y-o-Y Growth
      4.5.2. Steering Compasses Market Size (000’ Units) and Y-o-Y Growth
      4.5.3. Steering Compasses Market Absolute $ Opportunity

5. Global Steering Compasses Market Analysis and Forecast by Type
   5.1. Market Trends
   5.2. Introduction
      5.2.1. Basis Point Share (BPS) Analysis by Type
      5.2.2. Y-o-Y Growth Projections by Type
   5.3. Steering Compasses Market Size and Volume Forecast by Type
      5.3.1. Magnetic
      5.3.2. Electronic
   5.4. Absolute $ Opportunity Assessment by Type
   5.5. Market Attractiveness/Growth Potential Analysis by Type

6. Global Steering Compasses Market Analysis and Forecast by Application
   6.1. Market Trends
   6.2. Introduction
      6.2.1. Basis Point Share (BPS) Analysis by Application
      6.2.2. Y-o-Y Growth Projections by Application
   6.3. Steering Compasses Market Size and Volume Forecast by Application
      6.3.1. Passenger Vessels
      6.3.2. Merchant Vessels
      6.3.3. Offshore Vessels
      6.3.4. Naval Vessels
   6.4. Absolute $ Opportunity Assessment by Application
   6.5. Market Attractiveness/Growth Potential Analysis by Application

7. Global Steering Compasses Market Analysis and Forecast by Sales Channel
   7.1. Market Trends
   7.2. Introduction
      7.2.1. Basis Point Share (BPS) Analysis by Sales Channel 
      7.2.2. Y-o-Y Growth Projections by Sales Channel
   7.3. Steering Compasses Market Size and Volume Forecast by Sales Channel 
      7.3.1. Manufacturer/Distributor/Service Provider
      7.3.2. Aftermarket
   7.4. Absolute $ Opportunity Assessment by Sales Channel
   7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel

8. Global Steering Compasses Market Analysis and Forecast by Region
   8.1. Market Trends
   8.2. Introduction
      8.2.1. Basis Point Share (BPS) Analysis by Region
      8.2.2. Y-o-Y Growth Projections by Region
   8.3. Steering Compasses Market Size and Volume Forecast by Region
      8.3.1. North America
      8.3.2. Latin America
      8.3.3. Europe
      8.3.4. Asia Pacific
      8.3.5. Middle East and Africa (MEA)
   8.4. Absolute $ Opportunity Assessment by Region
   8.5. Market Attractiveness/Growth Potential Analysis by Region
   8.6. Global Steering Compasses Demand Share Forecast, 2019-2026

9. North America Steering Compasses Market Analysis and Forecast
   9.1. Introduction
      9.1.1. Basis Point Share (BPS) Analysis by Country
      9.1.2. Y-o-Y Growth Projections by Country
   9.2. North America Steering Compasses Market Size and Volume Forecast by Country
      9.2.1. U.S.
      9.2.2. Canada
   9.3. Absolute $ Opportunity Assessment by Country
   9.4. North America Steering Compasses Market Size and Volume Forecast by Application
      9.4.1. Passenger Vessels
      9.4.2. Merchant Vessels
      9.4.3. Offshore Vessels
      9.4.4. Naval Vessels
   9.5. Basis Point Share (BPS) Analysis by Application
   9.6. Y-o-Y Growth Projections by Application
   9.7. North America Steering Compasses Market Size and Volume Forecast by Type
      9.7.1. Magnetic
      9.7.2. Electronic
   9.8. Basis Point Share (BPS) Analysis by Type
   9.9. Y-o-Y Growth Projections by Type
   9.10. Market Attractiveness/Growth Potential Analysis
      9.10.1. By Country
      9.10.2. By Product Type
      9.10.3. By Application
      9.10.4. By Sales Channel
   9.11. North America Steering Compasses Demand Share Forecast, 2019-2026

10. Latin America Steering Compasses Market Analysis and Forecast
   10.1. Introduction
      10.1.1. Basis Point Share (BPS) Analysis by Country
      10.1.2. Y-o-Y Growth Projections by Country
      10.1.3. Latin America Average Pricing Analysis
   10.2. Latin America Steering Compasses Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
   10.4. Latin America Steering Compasses Market Size and Volume Forecast by Application
      10.4.1. Passenger Vessels
      10.4.2. Merchant Vessels
      10.4.3. Offshore Vessels
      10.4.4. Naval Vessels
   10.5. Basis Point Share (BPS) Analysis by Application
   10.6. Y-o-Y Growth Projections by Application
   10.7. Latin America Steering Compasses Market Size and Volume Forecast by Type
      10.7.1. Magnetic
      10.7.2. Electronic
   10.8. Basis Point Share (BPS) Analysis by Type
   10.9. Y-o-Y Growth Projections by Type
   10.10. Market Attractiveness/Growth Potential Analysis
      10.10.1. By Country
      10.10.2. By Product Type
      10.10.3. By Application
      10.10.4. By Sales Channel
   10.11. Latin America Steering Compasses Demand Share Forecast, 2019-2026

11. Europe Steering Compasses Market Analysis and Forecast
   11.1. Introduction
      11.1.1. Basis Point Share (BPS) Analysis by Country
      11.1.2. Y-o-Y Growth Projections by Country
      11.1.3. Europe Average Pricing Analysis
   11.2. Europe Steering Compasses Market Size and Volume Forecast by Country
      11.2.1. Germany
      11.2.2. France
      11.2.3. Italy
      11.2.4. U.K.
      11.2.5. Spain
      11.2.6. Russia
      11.2.7. Rest of Europe
   11.3. Absolute $ Opportunity Assessment by Country
   11.4. Europe Steering Compasses Market Size and Volume Forecast by Application
      11.4.1. Passenger Vessels
      11.4.2. Merchant Vessels
      11.4.3. Offshore Vessels
      11.4.4. Naval Vessels
   11.5. Basis Point Share (BPS) Analysis by Application
   11.6. Y-o-Y Growth Projections by Application
   11.7. Europe Steering Compasses Market Size and Volume Forecast by Type
      11.7.1. Magnetic
      11.7.2. Electronic
   11.8. Basis Point Share (BPS) Analysis by Type
   11.9. Y-o-Y Growth Projections by Type
   11.10. Market Attractiveness/Growth Potential Analysis
      11.10.1. By Country
      11.10.2. By Product Type
      11.10.3. By Application
      11.10.4. By Sales Channel
   11.11. Europe Steering Compasses Demand Share, 2019-2026

12. Asia Pacific Steering Compasses Market Analysis and Forecast
   12.1. Introduction
      12.1.1. Basis Point Share (BPS) Analysis by Country
      12.1.2. Y-o-Y Growth Projections by Country
      12.1.3. Asia Pacific Average Pricing Analysis
   12.2. Asia Pacific Steering Compasses Market Size and Volume Forecast by Country
      12.2.1. China
      12.2.2. Japan
      12.2.3. South Korea
      12.2.4. India
      12.2.5. Australia
      12.2.6. Rest of Asia Pacific (APAC)
   12.3. Absolute $ Opportunity Assessment by Country
   12.4. Asia Pacific Steering Compasses Market Size and Volume Forecast by Application
      12.4.1. Passenger Vessels
      12.4.2. Merchant Vessels
      12.4.3. Offshore Vessels
      12.4.4. Naval Vessels
   12.5. Basis Point Share (BPS) Analysis by Application
   12.6. Y-o-Y Growth Projections by Application
   12.7. Asia Pacific Steering Compasses Market Size and Volume Forecast by Type
      12.7.1. Magnetic
      12.7.2. Electronic
   12.8. Basis Point Share (BPS) Analysis by Type
   12.9. Y-o-Y Growth Projections by Type
   12.10. Market Attractiveness/Growth Potential Analysis
      12.10.1. By Country
      12.10.2. By Product Type
      12.10.3. By Application
      12.10.4. By Sales Channel
   12.11. Asia Pacific Steering Compasses Demand Share, 2019-2026

13. Middle East & Africa Steering Compasses Market Analysis and Forecast
   13.1. Introduction
      13.1.1. Basis Point Share (BPS) Analysis by Country
      13.1.2. Y-o-Y Growth Projections by Country
      13.1.3. Asia Pacific Average Pricing Analysis
   13.2. Middle East & Africa Steering Compasses Market Size and Volume Forecast by Country
      13.2.1. Saudi Arabia
      13.2.2. South Africa
      13.2.3. UAE
      13.2.4. Rest of Middle East & Africa (MEA)
   13.3. Absolute $ Opportunity Assessment by Country
   13.4. Middle East & Africa Steering Compasses Market Size and Volume Forecast by Application
      13.4.1. Passenger Vessels
      13.4.2. Merchant Vessels
      13.4.3. Offshore Vessels
      13.4.4. Naval Vessels
   13.5. Basis Point Share (BPS) Analysis by Application
   13.6. Y-o-Y Growth Projections by Application
   13.7. Middle East & Africa Steering Compasses Market Size and Volume Forecast by Type
      13.7.1. Magnetic
      13.7.2. Electronic
   13.8. Basis Point Share (BPS) Analysis by Type
   13.9. Y-o-Y Growth Projections by Type
   13.10. Market Attractiveness/Growth Potential Analysis
      13.10.1. By Country
      13.10.2. By Product Type
      13.10.3. By Application
      13.10.4. By Sales Channel
   13.11. Middle East & Africa Steering Compasses Demand Share, 2019-2026

14. Competition Landscape
   14.1. Global Steering Compasses Market: Market Share Analysis
   14.2. Steering Compasses Distributors and Customers
   14.3. Steering Compasses Market: Competitive Dashboard
   14.4. Company Profiles (Details – Overview, Financials, Developments, Strategy) 
      14.4.1. Scan-Steering Overview Financials Developments Strategic Outlook
      14.4.2. KVH Overview Financials Developments Strategic Outlook
      14.4.3. MI Simulators Overview Financials Developments Strategic Outlook
      14.4.4. Raytheon Anschütz Overview Financials Developments Strategic Outlook
      14.4.5. TOKIO KEIKI Overview Financials Developments Strategic Outlook
      14.4.6. Sperry Marine Overview Financials Developments Strategic Outlook
      14.4.7. COMPANY7 Overview Financials Developments Strategic Outlook
      14.4.8. COMPANY8 Overview Financials Developments Strategic Outlook
      14.4.9. COMPANY9 Overview Financials Developments Strategic Outlook
      14.4.10. COMPANY 10 Overview Financials Developments Strategic Outlook
      14.4.11. COMPANY 11 Overview Financials Developments Strategic Outlook
      14.4.12. COMPANY 12 Overview Financials Developments Strategic Outlook
      14.4.13. COMPANY 13 Overview Financials Developments Strategic Outlook
      14.4.14. COMPANY 14 Overview Financials Developments Strategic Outlook
      14.4.15. COMPANY 15 Overview Financials Developments Strategic Outlook
      14.4.16. COMPANY 16 Overview Financials Developments Strategic Outlook
      14.4.17. COMPANY 17 Overview Financials Developments Strategic Outlook
      14.4.18. COMPANY 18 Overview Financials Developments Strategic Outlook
      14.4.19. COMPANY 19 Overview Financials Developments Strategic Outlook
      14.4.20. COMPANY 20 Overview Financials Developments Strategic Outlook

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