Bizizz Market Research has recently published a research report, “Marine Navigation System Market by Type (Satellite Navigation Systems, Surgical Navigation Systems, Inertial Navigation Systems), Application (Defense, Aviation, Maritime, Automotive), and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Marine Navigation System Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 13.8 Bn by 2027, witnessing a CAGR of 11.3% during the forecast period. Increasing implementation of advanced technology for navigation, the growing worldwide connectivity through satellite communication and the increasing requirement for navigation systems from the marine business are anticipated to drive the market development during the forecast period.
Growing ocean trade ventures, rising enactment of the technically advanced navigation system by the defense division for precise navigation are the circumstances expected to be the influential constituent for the accelerated extension of marine navigation system market all over the globe. Further, raising security issues at sea and the implementation of electronic navigation for decreasing the use of paper maps are considered to reinforce the expansion of the marine navigation system market in the course of the forecast period.
The Marine Navigation System market is anticipated to register a CAGR of over 11.3 % during the forecast period.
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By Application, Defense Segment Held a Prominent Share in Global Marine Navigation System Market in 2018.
The defense industry is the principal employment of navigation systems. Navigation systems assist the operator with the capability to discover, find, and distinguish intrusion origins. Military forces employ satellite navigation for aerial monitoring, maritime navigation, and terrain navigation. Due to the rising protection solicitudes by the government of several nations, the navigation system has grown to be an essential component of the defense department.
Asia Pacific is Anticipated to Dominate the Global Marine Navigation System Market during the Forecast Period
The Asia Pacific region is anticipated to lead the market in the future as a result of the developing marine transportation business. The regime of China and the China Association of the National Shipbuilding Industry are dignified to endorse the projects relating to the research and development expenditure with the intention of upgrading the business and building marine navigation systems. Europe is estimated to be the rapidly developing region in the marine navigation systems market as a result of mounting investments in numerous commercial and military aviation programs. The global marine navigation system market is assessed to grow at approximately 7% CAGR for the duration of the evaluation. Additionally, resilient production abilities and requisition for marine ships undeviatingly affect the considerable market for the marine navigation system.
Global Marine Navigation System market was highly fragmented among the number of local and global players.
Global Marine Navigation System market was highly/moderately consolidated with key players accounting for significant share in 2018. Prominent players operating in the Global Marine Navigation System Market are: FLIR Systems Inc., Raytheon Anschutz GmbH, Honeywell International Inc., FURUNO Electric Co. Ltd., Safran Electronics & Defense, Northrop Grumman Sperry Marine B.V., Wartsila, Kongsberg Maritime, Periskal Group, and Danelec Marine A/S,
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
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d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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