Marine Navigation System Market Drivers, Industry & Landscape Outlook, Revenue Growth Analysis to 2030
Market Highlights
Marine Navigation Systems Market Size is anticipated to reach USD 18.38 Billion by 2030, registering a CAGR of 4.45% during 2020-2030.
A Marine Navigation Systems Market Size is among the most essential systems utilized in boats for the navigational function. Its purpose is to supervise and manage the movement of the boat as it makes its way from one location to another.
The global marine navigation systems market trend is majorly influenced by the factors such as growth of marine industry, increasing demand for accuracy in navigation, technological advancements, increasing marine activities, and growing investment. Over the last few years, there has been an increase in the need of higher accuracy in navigation. As a result, the demand for marine navigation system has increased steadily. Moreover, in the last few years, the technology has upgraded which has made the voyage much easier and safer.
Segmental Analysis:
The scope of the study segments the global Marine Navigation Systems Market Size by its type, application and regions.
· By Type
Chartplotter, Weather Satellite System, Radar
· By Application
Commercial, Military
· By Region
North America, Europe, Asia Pacific, South America, Middle East & Africa
Key Players:
The marine navigation systems market drivers, who have adopted the strategies such as geographic expansion, mergers, and acquisitions are Teledyne Marine, Icom America, Simrad, Consilium, Kongsberg Maritime, Northrop Grumman, SevenCs, QPS (SAAB), Raytheon Anschuetz and Tresco.
Regional Analysis:
Geographically, the global marine navigation systems market industry has been divided as North America, Asia Pacific, Europe, South America and MEA. Among these regions, North America has accounted the largest market share of 30% in 2016 in terms of revenue.
Asia Pacific is the second largest market with the highest CAGR. North America is said to be the major market for marine navigation system owing to the presence of a large number of manufacturers. Additionally, the upgradation of technology, and rising demand for commercial voyage, are expected to create a lucrative opportunity for the marine navigation systems market size.
U.S. is one of the matured economies that have invested a large amount of money on marine activities. Asia Pacific is the second leading region, in terms of revenue. Emerging economies, dominance of China, and technological advancements are the major driving factors.
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