Marine Navigation System Market to Cross Value of USD 3,159.5 Mn By 2023 :
Market Research Future (MRFR)’s latest study reveals that the global Marine Navigation System market is set to cross the value of USD 3,159.5 million by 2023. The market is expected to expand at 12.42% CAGR during the forecast period (2018-2023). Of late, continuous advances in technologies have given birth to various software tools, gadgets, and instruments that are used for marine navigation. These electronic systems help sailors navigate the ship to the intended directions during low-visibility conditions such as fogs and blizzards.
The use of such systems has become indispensable for marine navigation. Furthermore, almost every ship globally is integrated with such advanced navigation tools for safe transport. Moreover, with the integration of mobile tablets, the market is speeding towards the phase of the handheld global positioning system (GPS) and navigation devices. To suffice, the global market is riding on the back of rising adoption of innovative technology for navigation in the sea. Also, increasing global connectivity through satellite communication and rising demand for navigation system from the marine sector are believed to foster the market expansion. Other factors also influencing this growth include increasing focus on maritime security and subsequent increase in naval budgets, surging international seaborne trade, and flourishing coastal and maritime tourism.
However, feeding in wrong parameters can lead to disasters in the sea, and loss to lives. But keeping in mind the risk factors, the system can prove to be a boon for sailors on account of its benefits, such as continuous monitoring of the ship’s position and enhancement of search and rescue capability.
Global Market for Marine Navigation System Market– Segmental Analysis
MRFR’s report states that the global market is segmented on the basis of type, application, end user, and region.
By type, the market is segmented into chart plotter, electronic navigation chart, and others. Among these, the chart plotter segment currently claims the largest market share and is expected to remain highly lucrative throughout the forecast period. Technological innovations and the product’s ease of use render the segment highly profitable in the global market.
Major applications include ship, remotely controlled underwater vehicle, autonomous underwater vehicle, and boat. In the ship segment, marine navigation systems aid the ship operator in operating the vessels more safely and efficiently as compared to the traditional compasses.
The end-users in the global market are commercial and defense. Among these, the defense segment currently claims the largest market share and is likely to continue showing high potential throughout the forecast period. Marine navigation systems have found major applications in the defense sector due to its accuracy, reliability, and precise positioning along with time measurements which are crucial in defense. For instance, in 2017, Booz Allen had signed a five-year contract worth USD 67.5 million with the US Navy, to provide and integrate the intelligence tools across navigation, positioning, and timing programs.
The global marine navigation systems market covers trends and opportunities across North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.
Globally, North America is on top in terms of expenditure and technological advancements, and thus, generates high demand for the marine navigation systems. Canada comes a close second having made few investments in the development of marine navigation systems. The North American region is a highly attractive market for ships, boats, and submarines, etc., as it surrounded by seas and ocean. On account of this factor, a large number of vessels like ships and boats are integrated with the marine navigation systems in the region.
On the other hand, Europe and Asia Pacific are expected to remain prominent growth pockets for the global marine navigation system market throughout the forecast period. Both the regions collectively account for nearly 50% share of the global market. In Europe, the increasing demand for the marine navigation systems will lead the growth of the market in the next few years. The strong growth of the market in the region is due to the development of the aerospace industry and the mobile and internet technology, growing demand for a more accurate, real-time tracking and monitoring facility and the technical capability to manufacture small, robust, light and cost-effective components for assembling such a portable system. Moreover, regional market players are collaborating with the defense sectors to establish their position in the market. For instance, in 2018, France-based iXblue was selected by French Navy, to equip five of their new 4000-ton frigates with new marine navigation systems.
The Middle East and Africa market growth are promising during the forecast period on account of the market snowballing into an entity with the potential to generate high revenues through its products and services. The untapped industries in the region are budding steadily which gives rise to the demand for this system.
Access Report @ https://www.marketresearchfuture.com/reports/marine-navigation-systems-market-4890
Global Market for Marine Navigation System Market – Competitive Dashboard
Some of the key players in the global market are Honeywell International Inc., Kongsberg Maritime, Danelec Marine A/S, FLIR Systems Inc., FURUNO Electric Co Ltd, Northrop Grumman Sperry Marine B.V., Periskal Group, Raytheon Anschutz, Safran Electronics & Defense, and Wartsila.