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.
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:
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:
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
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
232
Number of Tables & Figures
163
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:
Types
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.
Applications
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:
- Scan-Steering
- KVH
- MI Simulators
- Raytheon Anschütz
- TOKIO KEIKI
- Sperry Marine
Highlights of The Steering Compasses Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Magnetic
- Electronic
- By Application:
- Passenger Vessels
- Merchant Vessels
- Offshore Vessels
- Naval Vessels
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- 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
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- 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
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. KVH
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. MI Simulators
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Raytheon Anschütz
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. TOKIO KEIKI
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Sperry Marine
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. COMPANY7
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. COMPANY8
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
