The increasing possibilities with on-going advancements in the navigation systems and emergence of precise navigation technology are propelling the marine electronics market and marine navigation systems market, notes a new business intelligence report from IndustryARC. The analysts of the report have analyzed that the global marine electronics market and marine navigation market valued at $3,980 million as of 2018, and the demand will be growing progressively at a CAGR of 8.10% during the forecast period of 2019 to 2025.
The IndustryARC’s latest business publication is titled “Marine Electronics and Marine Navigation Market: By Vessel Type
(Container Ship, Bulk Carriers, Tankers, Ferries and Cruise Ships), By
Navigation Type (Celestial Navigation, Radio Navigation, Radar Navigation,
Satellite Navigation), By Electronics Type (Radar, Communication,
Instrumentation and Safety Systems) & By Geography - Forecast (2019 - 2025).”
The analyst notes, "these equipment and technologies play a vital role in
impacting the trade and security of a nation. In order to enhance the
defense division, the military uses these systems as a part of their fleet.
Additionally, the International Maritime Organization (IMO) have specified
stringent rules and regulation to manage and protect certain areas and sea
traffic, and the adoption of the navigation system."
Electronics Market and Marine Navigation Market: Leading Segments
North America is dominating the regional opportunities, creating 36% of the total revenue generation in the global marine electronics market and marine navigation market in 2018. Owing to the increasing investment in anti-submarine warfare (AWS) and unmanned
underwater vehicles (UUV) systems, the U.S. has a stronghold in the marine
electronics market. This has led to an enormous influx of investments in the
U.S navy, due to which the marine navigation market is propelling in the North
America Market. Less than a year ago, the increasing conflicts between the U.S and Korea had prompted the U.S
Navy to improved its navigation security system in order to
ensure safety and maintain peace.
The key application segment cited
by the IndustryARC’s analysts is ferries and cruise ships. On the back of rising global
tourism, the demand for ferries and cruise ships have been growing
tremendously. The anticipated application demand is poised to grow at
an outstanding CAGR of 9.50% during the forecast period 2019 to 2025.
Electronics and Marine Navigation Market: Trends and Growth Drivers
· Increasing socio-political tensions amongst countries are driving growth for the global submarines market, and thereby attracting new revenue avenues in the marine electronics market and marine navigation market.
· Unnamed Underwater Vehicles (UUVs) and Extra-Large Unmanned Underwater Vehicles (XLUUVs) are the major ongoing trend in the market. Along with this, the extension in the vessel types in naval fleets is driving the growth for the marine electronics market.
· A new technology for navigation and safety which is AI enabled is being tested in order to provide additional information to the shipmasters. It is embedded with GPS, Radar, and AIS. This is most efficient in minimal visibility, low-light conditions, and severe weather. AI enabled shipping will help in developing more advanced ship operations.
Marine Electronics and Marine Navigation Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global marine electronics and marine navigation market are Advanced Marine Systems, Navico, Raytheon, Thales, Aqua Marine Electronics, Aquatronics Intl, Bay Marine Technology, Bayou Marine Electronics, Raymarine Marine Electronics, and KVH Industries.
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Marine Antennas Market
Navigation System Market
What can you expect from the
The marine electronics and marine navigation market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories
& Application 11. Demand
Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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