ID: MRFR/A&D/3461-CR | 140 Pages | Published By Sejal Akre on October 2019
Marine Navigation System Market Size is anticipated to reach USD 18.381 Billion by 2030, registering a CAGR of 4.45% during 2020-2030.
Marine Navigation System Market Overview
Marine Navigation System Market Size is anticipated to reach USD 18.38 Billion by 2030, registering a CAGR of 4.45% during 2020-2030. Marine navigation systems are used for various purposes. Due to its widespread application, the demand in the Marine Navigation System Market is propelling. These are used for navigating fishing activities, shipping vessels, and merchant and cruise ship applications. The fleet owners are getting benefits from this system. The growing rate of maritime trade is driving the market.
Growth factors of the Marine Navigation System Market, such as the installation of advanced navigation technology, are a major drive. The increased rate of global connectivity maritime with the help of satellite communication is accelerating the market in the forecast period.
With the higher rate of worldwide ocean trade projects, the government’s support and investment in the navigation system for the defence sector are growth drivers of the market. The requirement for an accurate navigation system with advanced features is growing higher. Besides, the growing issues of detection at sea and inclination towards electronic navigation will reduce the need for paper maps, strengthening the market. The Marine Navigation System Market players are appreciated for further developments, resulting in market expansion.
The market size of Marine Navigation System Market:
Sales forecasts of regions and countries from 2021 to 2025 of the Marine Navigation System Market. The market maritime navigation system concerning individual growth trends, prospects, and their contribution to the overall market. Market analysis of marine navigation systems has a current study and addition to the possible market resource depends mainly on the facet of the company that competes in the current market, high factors and appropriate analysis. Global Marine Navigation System Market reports consumption (value and volume) by main regions/countries, type of product, and application.
Market share of Marine Navigation System Market:
More on the key factors that enhance the market growth. Project the consumption of the supermarkets of the Marine Navigation Systems, concerning the key regions (together with their respective main countries). Analyzes competitive developments such as expansions, deals, new product launches, and acquisitions in the market.
The defense industry is the main work of navigation systems. Navigation systems help the operator with the ability to discover, locate and distinguish sources of intrusion. Military forces use satellite navigation for air control, maritime navigation, and ground navigation. Due to the growing demands for protection by the government of several nations, the navigation system has become an essential component of the defense department.
Marine Navigation System Market Regional Analysis:
The global market for marine navigation systems is estimated at a 12.42% growth rate during the forecast, 2020-2030. Asia-Pacific is the fastest-growing region for the market of marine navigation systems. In the Asia-Pacific, market growth is significantly driven by major countries, such as China, Japan, India, and Australia, due to the growing number of maritime conflicts in the Indian Ocean and the South China Sea. As a result, these countries are developing their maritime capabilities. Other developing countries in the region are also investing in the market to strengthen their maritime capabilities. Besides, naval defense budgets for countries such as China, India, Japan, South Korea, and Australia have increased in recent years. Also, countries are likely to spend more on naval upgrade programs in the next decade. Similarly, in recent times, commercial marine applications, including marine tourism and fishing, have experienced an increase in the region.
Marine Navigation System Market Growth factors and problems:
Factors such as the growing emphasis on maritime safety and the subsequent increase in naval budgets globally, the increase in international maritime trade, and the increase in coastal and maritime tourism are the main factors driving the market for maritime navigation systems. Meanwhile, the vulnerability of electronic navigation systems to cyber attacks hinders the market growth. However, improving fishing vessels through marine navigation systems and increasing demand for recreational boats offer promising growth opportunities for the market.
Marine Navigation System Market competitive scenario:
Several companies are converging on organic development procedures, such as product supports and product launches, and others, such as presentations and concessions. It is expected that the companies dominating the market of marine navigation systems will have advantageous possibilities of progress in the future, with the growing demand of the market navigation system in the international market.
Marine Navigation System Market equipment manufacturers:The market for marine navigation systems is dominated by the top five players, namely Wartsila, Northrop Grumman Sperry Marine B.V., Raytheon Anschütz, and Kongsberg Maritime, representing more than 85% of the size of the global market.
Impact of COVID-19:The emergence of a new coronavirus has affected the global economy, the dynamics of the industry, and the company’s revenues. The entire ecosystem must suffer the impact of this pandemic disease, which would result in a significant gap in demand and supply, a delay in production, and weak consumer demand for end products in all industries. Analyst conducted extensive research across all sectors and identified several methodologies that would help C-level managers combat this ongoing threat and make informed business decisions.
Marine Navigation System Market report target - Forecast for 2030
Provide knowledge of the factors that influence market growth
Provide historical and forecast revenues for market segments and sub-segments concerning regional markets and their main countries
Provide history and revenue forecasts for market segments based on type, application, end-user, and region
Provide the types of marine navigation systems.
Provide strategic profiles of the main market participants, comprehensively analyzing their market share, key competencies, and outlining a competitive scenario for the market.
Marine Navigation System Market System Growth:
The market is expected to increase at a considerable rate over the forecast period, between 2020 and 2030. In 2021, the market is growing at a steady pace, and with the growing adoption of strategies by major participants, the market.is expected to rise above expectations.
The Market Maritime Navigation System offers scaling and growth opportunities for the period 2021-2025. Provides comprehensive information on the latest company trends, forecasts, and market trends. Report Includes a detailed analysis of the growth drivers, challenges, and investment opportunities. It offers a complete overview of the segments and the regional prospects of the market. Market marine navigation system Offers an in-depth summary of the supplier’s landscape, competitive analysis, and key strategies to gain a competitive advantage.
Marine Navigation System Market Trends:
In marine navigation systems for development and market channels are analyzed. Finally, the viability of new investment projects is assessed and the general conclusions of the research are offered. Market forecast of marine navigation systems by region, type, and application, with sales and revenue, from 2021 to 2030. Finally, this report deals with the market outlook and its growth prospects in the coming years, the report also addresses the cyclical product life, comparing it with the relevant products of all sectors already marketed, detailing the possibility for various applications, discussing recent product innovations and giving an overview of the possible regional market shares.
For instance,In June 2022 Garmin International, Inc, the global player for innovative marine electronics products, has announced its partnership with Sea Tow Services, International. This partnership will offer franchise operators products to improve and enhance boater safety.
Sea Tow franchisees can access this special Garmin marine electronics offer, including its flagship GPSMAP® Chartplotter series. Franchisees will offer cartography products and app subscriptions from Navionics, and it is a Garmin brand. Sea Tow members will get access to exclusive Garmin and Navionics products. Sea Tow is operating around 110 independent franchise locations. It offers on-water assistance and towing.
The global market for marine navigation systems in this report has been segmented by type into three, namely graphic plotter, electronic navigation chart, and others. The market for the electronic navigation chart segment is expected to record the highest growth rate of 13.18% during the forecast.
The global market for marine navigation systems has been segmented, according to the end-user, into defense and commercial. The defense market is projected to record the highest growth rate of 12.75% during the forecast.
The global market for marine navigation systems in this report has been segmented based on the application in four, namely ship, remotely operated underwater vehicle, independent underwater vehicle, and boat. The ship segments market is expected to record the highest growth rate of 14.43% during the forecast.
A strong income level is likely to be perceived in the coming years.
A 7% CAGR is predicted to enhance the worldwide market in the coming period.
The collective requirement for global connectivity via satellite communication is likely to promote the market.
Wartsila (Finland), Raytheon Anschutz GmbH (Germany), and Northrop Grumman Sperry Marine B.V. (U.K.) are estimated to steer the market.
The Asia Pacific market is predicted to bolster the global market in the forecast period.