Global Marine Navigation System Market, By Type (Chart Plotter, Electronic Navigation Chart, Others), Application (Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, Boat) End-use Industry (Defense, Commercial) and Region – Forecast till 2023
Marine navigation systems are essential units used by naval vessels for the navigation of temperate waters. The evolution of software and electronic instruments has led to enhancements in design of navigation systems. These systems can ensure journeys on sea smoother and safer. The global marine navigation system market is predicted to experience a 12.42% CAGR during the assessment period (2018-2023), as per an in-depth report by Market Research Future (MRFR).
The rise in naval security budgets of various nations coupled with emphasis on maritime security can drive market demand during the forecast period. An uptick noticed in naval trade and rise in coastal tourism are factors which can augur market growth. Recreational activities of fishing and upgradation of fishing vessels can provide prime opportunities to the market in the coming years.
Report Overview
This report covers current events and trends in the market for marine navigation systems to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts are able to make highly accurate projections. MRFR’s report includes a thorough analysis of the global marine navigation system marketsegmented on the basis of type, application, end-user, and region with astute insights. The report has been prepared to assist industry players in making the right decisions which can culminate in fruitful returns. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
Segment Overview
By type, the marine navigation system market comprises chart plotter, electronic navigation chart, and others. The chart plotter segment is touted to exhibit a CAGR of 12% over the forecast period. Ships, boats, autonomous underwater vehicles, and remotely operated underwater vehicles are major applications of marine navigation systems.
Defense and commercial constitute as major market end-users. The defense segment is predicted to exhibit a stellar growth rate during the forecast period owing to security concerns and border tensions among nations. Latest developments in navigation systems can be of paramount importance in discerning enemy locations even in the face of interference.
The segments and sub-segments covered in the report are analyzed under five major regions – North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA), with respective country-level market sizing. The standard definition of “marine navigation system” is included in the report for a comprehensive understanding of the market. The report discusses and interprets the current trends and future opportunities of the market by delivering an unbiased growth assessment.
Players Covered
Danelec Marine A/S, FURUNO Electric Co. Ltd., Periskal Group, Northrop Grumman Sperry Marine B.V., Wartsila, Raytheon Anschutz, Safran Electronics & Defense, Honeywell International Inc., Kongsberg Maritime, and FLIR Systems Inc. are notable players in the marine navigation system market.
The report offers comprehensive profiles on these market players and assesses their current standing in the marine navigation system market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.
Research Methodology
Market Research Future (MRFR) employ a selective body of methods which assist in a scientific and systematic approach to research of the given field of study. Primary methods such as interviews with decision makers of leading competitors in the market have been used along with secondary methods to provide a comprehensive view of the market scenario. Credible sources such as white papers, annual reports, and SEC filings have been used as a part of objective secondary research methods. Top-down and bottom-up approaches have been applied to the field of study to provide accurate estimation and validation of the market. Inquisitive and proficient data analysts exhaust every line of research based on pertinent parameters to offer intelligent inputs and a dependable understanding of the market in its entirety.
