Marine Navigation Systems Market Growing at CAGR of 12.42% to reach Market Size of $3159.5 Million by 2023

Marine Navigation Systems Market Research Report 2019: Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Type (Chart Plotter, Electronic Navigation Chart, Others), Application (Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, Boat), End-use Industry (Defense, Commercial) and Region To 2023

Pune , India - February 13, 2019 /MarketersMedia/ —

Marine Navigation System Market Insights

Market Research Future has performed a thorough investigation of the market to find that the global marine navigation systems market is on track to expand at a CAGR of 12.42% during the forecast period. The market will reach an impressive value of USD 3,159.5 Mn during the review period from 2018 to 2023. Marine navigation systems help marine vessels navigate large marine water bodies. The technology helps provide focused monitoring and controlling of a marine vessel from one destination to another.

A significant rise in defense, recreation, and seaborne trade, is expected to be a key driver of the global marine navigation system market. Recent increases in piracy have posed a challenge to the shipping sector. Sophisticated marine navigation systems help circumvent this issue to some degree. This, however, has resulted in an increased demand for maritime security, thus driving the demand for marine navigation systems. Marine transport is one of the worlds largest forms of transport for global trade with almost 80% of the world's goods being transported by sea. With this set to expand over the next few years due to rising demand for a number of goods in highly populated economies with rapid economic growth, there has been a rising demand and adopting marine navigation systems. Naval expenditure on such systems is rising rapidly. Moreover, maritime and coastal tourism is also on the rise as consumers across the world are increasingly expanding their buying power. Cruises and other marine experiences are in high demand, and this has led to an increase in the purchase of large vessels for the purpose, thus driving the demand for marine navigation systems.

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Possible hacking of GPC signals with the use of cheap signal shamming devices will likely slow market growth and challenge it. Modern ships do not have back up navigational systems making them more vulnerable. Various governments are increasingly investing in the development of alternative navigation systems for marine purposes, thus creating an opportunity for the growth of the market in the near future.

Key Players

MRFR has analyzed players such as-

• Periskal Group
• FURUNO Electric Co. Ltd.
• Honeywell International Inc.
• Raytheon Anschutz
• Danelec Marine A/S
• Wartsila
• Kongsberg Maritime
• Northrop Grumman Sperry Marine B.V.
• FLIR Systems Inc
• Safran Electronics & Defense

in the report on the global marine navigation systems market. The analysis includes a comprehensive profiling of competitors in the market as well as their market activities and strategies.

Market Segmentation

The global marine navigation market has been segmented on the basis of type, application, end-users, and region. Types have been segmented into chart plotter, electronic navigational chart, and others. The chart plotter segment is the dominant market by type. However, the electronic navigation chart is expected to grow rapidly over the assessment period.

Applications have been segmented to include ships, remotely controlled underwater vehicles, boats, and autonomous underwater vehicles. Ships have the majority share of the market, and the segment is expected to maintain its leadership role over the review period.

End-users have been segmented largely into commercial and defense. The defense segment leads the market due to the need for a reliable and precise marine navigation system. The segment is also investing in advanced marine navigation systems to help detect the enemy position and other applications.

Regional Analysis

North America has gained the largest share of the global marine navigation systems market. and is expected to retain its position over the review period. High expenditure in defense sectors on marine navigation systems and the presence of market players who are actively developing advanced systems will likely drive the market. The U.S is the leading country-level market with Canada on track to make good progress. The Asia Pacific market followed North America and has the highest CAGR during the assessment period. The presence of emerging economies with rapid change in economic status has resulted in increased defense budgets, thus driving the regional market.

Report Overview

This report covers current events and trends in the market for marine navigation systems to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts are able to make highly accurate projections. MRFR’s report includes a thorough analysis of the global marine navigation system marketsegmented on the basis of type, application, end-user, and region with astute insights. The report has been prepared to assist industry players in making the right decisions which can culminate in fruitful returns. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.

Research Methodology

Market Research Future (MRFR) employ a selective body of methods which assist in a scientific and systematic approach to research of the given field of study. Primary methods such as interviews with decision makers of leading competitors in the market have been used along with secondary methods to provide a comprehensive view of the market scenario. Credible sources such as white papers, annual reports, and SEC filings have been used as a part of objective secondary research methods. Top-down and bottom-up approaches have been applied to the field of study to provide accurate estimation and validation of the market. Inquisitive and proficient data analysts exhaust every line of research based on pertinent parameters to offer intelligent inputs and a dependable understanding of the market in its entirety.

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Table of Contents

1 Executive Summary

2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
2.5 Key Takeaways
2.6 Key Buying Criteria

3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model

Continued.....

List of Tables

Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Major Granted Patents on Marine Navigation System(June 15, 2013 – June 15, 2018)
Table 4 Global Marine Navigation System Market, by Type, 2017-2023 (Usd Million)
Table 5 Chart Plotter: Marine Navigation System Market, by Region, 2017-2023 (Usd Million)

Continued........

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