Marine Navigation Systems Market to Provide Over USD 1,927.97 million Revenue Post 2022

Market Highlights:

The global marine navigation system market has seen a rising demand for marine navigation systems owing to its growing demand from its application sectors such as commercial and military. The global market is majorly influenced by the factors such as growth of marine industry, increasing demand for accuracy in navigation, technological advancements, increasing marine activities, and growing investment. Over the last few years, there has been an increase in the need of higher accuracy in navigation. As a result the demand for marine navigation system has increased steadily. Moreover, in the last few years, the technology has upgraded which has made the voyage much easier and safer.

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%.

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Major Key Players

DANELEC MARINE,
FLIR Systems, Inc.,
Kongsberg Maritime,
Northrop Grumman Sperry Marine B.V.,
Raytheon Anschütz,
FURUNO ELECTRIC CO. LTD.,
Honeywell International,
Icom America Inc.,
Periskal group, SevenCs GmbH, Transas, and Tresco Engineering bvba.

For this study, the global marine navigation system market has been segmented, based on types and applications.

On the basis of type, the market has been segmented as chartplotter, weather satellite system and radar. Among these types, chartplotter has accounted the largest market share of 48.54%, in 2016, followed by radar and weather satellite system. The growing demand for chartplotter in marine navigation system, has pushed the market growth.

On the basis of application, the market has been segmented as commercial and military. Among these, military application has registered the largest market share in 2016. The increasing investment on marine industry, has fueled the demand for navigation systems.
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The major players operating in global marine navigation system market, who have adopted the strategies such as geographic expansion, mergers, and acquisitions are Teledyne Marine, Icom America, Simrad, Consilium, Kongsberg Maritime, Northrop Grumman, SevenCs, QPS (SAAB), Raytheon Anschuetz and Tresco.

This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global marine navigation system market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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Industry/ Innovation/ Related News:
January, 2018:- France-based iXblue, a prominent company of the market, was selected by French Navy, to equip five of their new 4000-ton frigates, developed by Naval Group, with new marine navigation systems.
December, 2017:- Lockheed Martin signed a contract with the Canada-based OSI Maritime, to provide its integrated bridge and navigation system (IBNS) for the US Navy’s Freedom-class littoral combat ship (LCS) programme.
December, 2017:- Booz Allen signed a five-year contract worth USD 67.5 million, with the US Coast Guard and the US Navy, to provide and integrate the intelligence tools across navigation, positioning, and timing programs.
February, 2017:- FLIR Systems, Inc. signed an indefinite delivery, indefinite quantity (IDIQ) contract, worth USD 50 million, with the U.S. Coast Guard, to provide marine electronics systems over a five-year period.

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