DIGITAL COURSE RECORDER MARKET SHARE, TREND, OPPORTUNITY AND FORECAST 2017-2024
Digital Course Recorder Market Overview
Digital course recorder is also known as gyro recorder. Digital course recorder is a navigation instrument for recording the course of a ship. The record is drawn on a continuous paper belt. The digital course recorder is operated from gyrocompass. Digital Course recorder is widely adopted by ships to record their course. Digital Course recorder automatically records the data and further it help for navigation purposes.
Market Size and Forecast
The global digital course recorder market is expected to grow at a compound annual growth rate (CAGR) of 5.4% over the forecast period i.e. 2017-2024. Further, the digital course recorder market is riding on the back of growing marine industry across the globe. Moreover, growing maritime transportation and increasing number of ships are believed to foster the growth of digital course recorder market.
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In terms of geography, Asia-Pacific region is believed to dominate the global digital course recorder market by the end of 2024. Further, growing ocean trade and Positive GDP figures of the countries are projected to flourish the growth of digital course recorder market. Moreover, China and Japan are the major countries witnessing the augmented demand due to large marine infrastructure. Likely, rising adoption of innovative navigation technology by ships in Asia-Pacific region is predicted to fuel the growth of digital course recorder market. Furthermore, presence of major ship building manufactures in this region is also expected to bolster the growth of digital course recorder market.
Europe region captured the second largest market of digital course recorder market in terms of revenue in 2016. Additionally, the growth of Europe digital course recorder market is attributed to various factors such as growing adoption of advance navigation system and rising international seaborne trade. Likely, Western Europe countries such as Germany and others are the prominent countries in the market of digital course recorder.
North America is projected to be the fastest growing digital course recorder market during the forecast period. Further, U.S. is the dominating country in this region due to high adoption of navigation equipment by naval forces such as submarines, warships and others.
Our in-depth analysis segmented the global digital course recorder market in the following segments:
By Distribution Channel
Global digital course recorder market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Rising adoption of technologically advanced navigation system by defense sector for accurate navigation is believed to be the major factor behind rapid growth of digital course recorder market across the globe. Further, growing number of waterborne activities and rising number of ships across the globe are envisioned to boost the growth of the marine industry which in turn is expected to boost the growth of the digital course recorder market.
Moreover, growing GDP figures of developed and developing nations is likely to propel the global economic trade volume and stringent policies by government for the installation of navigation system are projected to bolster the growth of digital course recorder market by the end of 2024. Furthermore adoption of energy efficient navigation system is predicted to boost the demand for digital course recorder. Additionally, this factor is expected to flourish the growth of digital course recorder market. Likely, growing research and development activities in the field of marine navigation by major key vendors is also anticipated to fuel the growth of digital course recorder market.
However, various marine transportation problems such as slow rate of integration of land and water trade are likely to restrain the development of marine industry which is likely to dampen the growth of global digital course recorder market.
The major key players for digital course recorder market are as follows
AMI Marine UK Ltd
Key Product Offerings
AEC (SK) Group
Points North Ltd.
Ashapura Marinetech International
Hijoy Technology Company Limited
Skippers Technology Ltd.
Tototheo Group of Companies
Scope and Context
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This post was originally published on Aerospace Industry