Core SEO Marketing Global Marine Navigation Systems Market Research R

Report Information Global Marine Navigation Systems Market Research Report - Forecast to 2023 https://www.marketresearchnest.com/global-marine-navigation-systems-market-research-report---foreca st-to-2023.html Single User PDF - $4450, Multi User PDF - $6250, Enterprise PDF - $6250 A Report Description Introduction A marine navigation system is one of the essential systems utilized in naval vessels for navigational functions. Its purpose is to supervise and manage the movement of a vessel as it makes its way from one location to another. Marine navigation system encompasses equipment, such as chart plotter and electronic navigation chart, which aid in the navigation of both commercial and defense marine vessels. Over the past few years, the navigation systems industry has been greatly influenced by copious changes in technology. Companies, along with governments, are consistently working on innovating new technologies to increase the efficiency. For instance, augmented reality applications in marine navigation systems is a key upcoming trend in the market. Seas and oceans cover more than 70% of the global surface and are home to approximately 50,000 large ships, which carry 80% of the world's traded cargo. With the increasing awareness of seaborne navigation and safety, there have been extensive developments on the marine navigation system front due to which the global market has gained momentum. Factors such as growing emphasis on maritime security and subsequent increase in naval budgets worldwide, surge in international seaborne trade, and rise in coastal and maritime tourism are the prime driving factors of the marine navigation system market. Meanwhile, the vulnerability of electronic navigation systems to cyberattacks hinders the market growth. However, upgrading fishing vessels with marine navigation systems and increasing the demand for recreational boating offer promising growth opportunities to the market. Regional Analysis The global marine navigation system market is estimated to witness 12.42% CAGR during the forecast period, 2018-2024. In 2017, the market was led by North America with 33.10% share, followed by Asia-Pacific and Europe with shares of 27.48% and 25.61%, respectively. Asia-Pacific is the fastest growing region for marine navigation systems market. In Asia-Pacific, the market growth is significantly driven by the major countries, such as China, Japan, India, and Australia, due to the rising number of maritime conflicts in the Indian Ocean and South China Sea. As a result, these countries are developing their naval capabilities. Other developing countries in the region are also investing in the market, to strengthen their marine capabilities. Moreover, the naval defense budgets for countries such as China, India, Japan, South Korea, and Australia have exhibited an increase in the past few years. In addition, it is likely that the countries would spend more on naval upgrade programs, in the next decade. Similarly, in the recent times, the commercial sea-borne applications, including sea-based tourism and fishing, have witnessed an upsurge in the region. Key Players Danelec Marine A/S (Denmark), FLIR Systems, Inc. (U.S.), Furuno Electric Co., Ltd. (Japan), Honeywell International Inc. (U.S.), Kongsberg Maritime (Norway), Northrop Grumman Sperry Marine B.V. (Netherlands), Raytheon AnschÃƒÂ¼tz (Germany), Periskal Group (Belgium), Safran Electronics and Defense (France), and Wartsila (Finland) are some of the key players profiled in this report. The marine navigation systems market is dominated by top five players, namely Wartsila, Northrop Grumman Sperry Marine B.V., Raytheon AnschÃƒÂ¼tz, and Kongsberg Maritime, accounting for more than 85% of the global market size.