The innovations and developments introduced in the marine navigation system market have proliferated the revenue generation and growth of the market. Market Research Future (MRFR) has affirmed that the global navigation system market will exhibit growth at a robust CAGR of 13% during the forecast period 2017 to 2023.
The technological upgrades integrated into marine navigation system have enhanced its capability and performance which has catalyzed its demand in the market. The initiative undertaken by the governments of different countries for ensuring safety during navigation is also accelerating market expansion. The defense sector is expected to demonstrate an upswing, thereby, elevating demand for marine navigation systems.
Other factors contributing towards the growth of the market include commercialization of navigation systems, market penetration of electronic gadgets, adoption of electronic navigation systems, etc.
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The key players profiled by MRFR in its report are DANELEC MARINE (Denmark), Kongsberg Maritime (Norway), FURUNO ELECTRIC CO., LTD. (Japan), Raytheon Anschütz (Germany), Periskal Group (Belgium), Wartsila (Finland), Tresco Engineering bvba (Belgium), FLIR Systems, Inc. (U.S.), Northrop Grumman Sperry Marine B.V. (U.K.), Honeywell International (U.S.), Icom America Inc. (U.S.), Saab AB (Sweden), and, Safran Electronics & Defense (France). The strategic initiatives taken by the prominent players, such as technological advancements, product developments, acquisitions & mergers, alliances, etc., for garnering more share and control of the market are complementing the growth and expansion of the market.
Simrad, a manufacturer of marine electronics, added NSO evo3 integrated navigation system to its product line which can be connected to Simrad premium network module. The product is useful for large cruising and sport fishing boats.
iNavX, mobile phone marine navigation application, has launched iNavX AIS Live. It is the first mobile phone charting product that can display AIS data.
As per MRFR analysis, the global marine navigation system market has seen a significant growth in the last couple of years and it has been observed that, the market will remain in the growing phase till forecast period. This market was valued at USD 1,370.47 million in 2016, and is expected to reach USD 1,927.97 million by 2022 with the CAGR of 5.85%.
By type, the global marine navigation system market is segmented into chart plotter, electronic navigation chart, and, others. The electronic navigation chart segment is sub-segmented into Electronic Chart Display and Information System (ECDIS), Raster Chart Display System (RCDS), and, Vector Electronic Navigation Chart (VENC).
By application, the global market for marine navigation system has been segmented into ship, boat, autonomous underwater vehicle, and, remotely operated underwater vehicle.
By end-user, the market is segmented into commercial, and, defense.
By region, the marine navigation system market has been segmented into North America, South America, Europe, Asia Pacific, and, Middle East & Africa. Asia Pacific had captivated the most significant share in the market revenue by the end of 2016 and is poised to exercise its dominance throughout the forecast period. The exponentially increasing ocean trade activities in the region are fueling the demand in the market. The efforts put by China and Pakistan in developing China Pakistan Economic Borders will propel the market growth over the next couple of years. India’s share of revenue generation is also expected to witness a boom across the assessment period.
The North America market is the second largest market for the marine navigation system. The concentration of major players, introduction of advanced maritime technologies, etc. are some of the factors contributing towards the market expansion in the region. The geographical location of the region in lucrative enough for enhancing the sea trade which has catapulted the demand for marine navigation systems in the market and will exhibit the same trend over the next few years.
Europe market will thrive across the forecast period due to the growth of maritime activities in the region. The government are earning substantial revenue from the ocean trade and are taking initiatives to promote its growth which has accelerated the demand for maritime navigation systems. The European Union (EU) and other governing bodies are ensuring the adoption of the latest naval technology which is one of the key drivers for the growth of the market. The developments in the global market is projected to catapult market expansion in South America, and, Middle East & Africa markets owing to increased demand from both commercial and defense industries.
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