Global Marine Navigation Systems Market Research Report Forecast To 2023
A marine navigation system is one of the essential systems utilized in naval vessels for navigational functions. Its purpose is to supervise and manage the movement of a vessel as it makes its way from one location to another. Marine navigation system encompasses equipment, such as chart plotter and electronic navigation chart, which aid in the navigation of both commercial and defense marine vessels. Over the past few years, the navigation systems industry has been greatly influenced by copious changes in technology. Companies, along with governments, are consistently working on innovating new technologies to increase the efficiency. For instance, augmented reality applications in marine navigation systems is a key upcoming trend in the market. Seas and oceans cover more than 70% of the global surface and are home to approximately 50,000 large ships, which carry 80% of the world’s traded cargo.
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With the increasing awareness of seaborne navigation and safety, there have been extensive developments on the marine navigation system front due to which the global market has gained momentum. Factors such as growing emphasis on maritime security and subsequent increase in naval budgets worldwide, surge in international seaborne trade, and rise in coastal and maritime tourism are the prime driving factors of the marine navigation system market. Meanwhile, the vulnerability of electronic navigation systems to cyberattacks hinders the market growth. However, upgrading fishing vessels with marine navigation systems and increasing the demand for recreational boating offer promising growth opportunities to the market.
The global marine navigation system market is estimated to witness 12.42% CAGR during the forecast period, 2018-2024. In 2017, the market was led by North America with 33.10% share, followed by Asia-Pacific and Europe with shares of 27.48% and 25.61%, respectively. Asia-Pacific is the fastest growing region for marine navigation systems market. In Asia-Pacific, the market growth is significantly driven by the major countries, such as China, Japan, India, and Australia, due to the rising number of maritime conflicts in the Indian Ocean and South China Sea. As a result, these countries are developing their naval capabilities. Other developing countries in the region are also investing in the market, to strengthen their marine capabilities. Moreover, the naval defense budgets for countries such as China, India, Japan, South Korea, and Australia have exhibited an increase in the past few years. In addition, it is likely that the countries would spend more on naval upgrade programs, in the next decade. Similarly, in the recent times, the commercial sea-borne applications, including sea-based tourism and fishing, have witnessed an upsurge in the region.
Danelec Marine A/S (Denmark), FLIR Systems, Inc. (U.S.), Furuno Electric Co., Ltd. (Japan), Honeywell International Inc. (U.S.), Kongsberg Maritime (Norway), Northrop Grumman Sperry Marine B.V. (Netherlands), Raytheon Anschütz (Germany), Periskal Group (Belgium), Safran Electronics & Defense (France), and Wartsila (Finland) are some of the key players profiled in this report. The marine navigation systems market is dominated by top five players, namely Wartsila, Northrop Grumman Sperry Marine B.V., Raytheon Anschütz, and Kongsberg Maritime, accounting for more than 85% of the global market size.
Objective of the Global Marine Navigation Systems Market Report – Forecast to 2023
• To provide insights into factors influencing the market growth
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
• To provide historical and forecast revenue of the market segments based on type, application, end-user, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• Manufacturers of Marine Vessels
• Navigation System Equipment OEMs
• Ship and Boat Owners
• Investment Agencies
• Government and Regulatory Authorities
• The global marine navigation systems market in this report has been segmented on the basis of type into three, namely, chart plotter, electronic navigation chart, and others. The electronic navigation chart segment market is projected to register the highest CAGR of 13.18% during the forecast period.
• The global marine navigation systems market has been segmented, by end-user, into defense and commercial. The defense segment market is projected to register the highest CAGR of 12.75% during the forecast period.
• The global marine navigation systems market in this report has been segmented on the basis of application into four, namely, ship, remotely operated underwater vehicle, autonomous underwater vehicle, and boat. The ship segment market is projected to register the highest CAGR of 14.43% during the forecast period.
• North America would dominate the marine navigation systems market by 2023. It is expected to register a CAGR of 12.40% during the forecast period. It is expected to reach a market size of USD 3,159.5 million by 2023.
The regional analysis also includes:
• North America
o Rest of Asia-Pacific
o Rest of Europe
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
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This post was originally published on Aerospace Industry