The increasing possibilities with on-going advancements in the navigation systems and the 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, “this 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.”
Marine 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 improve 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.
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Marine 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.
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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.
A. Marine Antennas Market
B. Navigation System Market
What can you expect from the report?
The Marine Electronics and Marine Navigation Market are Prepared with the Main Agenda to Cover the following 20 points:
1. Marine Electronics and Marine Navigation Market Size by Product Categories & Application
2. Marine Electronics and Marine Navigation Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Marine Electronics and Marine Navigation Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Marine Electronics and Marine Navigation Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Marine Electronics and Marine Navigation Market Strategic Analysis
18. Marine Electronics and Marine Navigation Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Marine Electronics and Marine Navigation Market Revenue and Volume Analysis
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.