Marine Navigation Systems Market 2018 Industry Expected Size by Leading Players: Danelec Marine A/S, FURUNO Electric Co. Ltd., Periskal Group, Northrop Grumman Sperry Marine B.V., Wartsila, Raytheon Anschutz

Market Highlights:

Marine navigation systems are essential units used by naval vessels for the navigation of temperate waters. The evolution of software and electronic instruments has led to enhancements in design of navigation systems. These systems can ensure journeys on sea smoother and safer. The global marine navigation system market is predicted to experience a 12.42% CAGR during the assessment period (2018-2023), as per an in-depth report by Market Research Future (MRFR).

The rise in naval security budgets of various nations coupled with emphasis on maritime security can drive market demand during the forecast period. An uptick noticed in naval trade and rise in coastal tourism are factors which can augur market growth. Recreational activities of fishing and upgradation of fishing vessels can provide prime opportunities to the market in the coming years.

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Industry Developments:
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.

Key Vendors Dashboard:

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.
ile phone charting product that can display AIS data.

Marine Navigation – Summary

The global market for maritime navigation to scale up to an impressive USD 3,159.5 million during the forecast period (2018-2023), in a detailed report by Market Research Future (MRFR). Increase in various activities such as defense, recreation, and seaborne trade is expected to aid the market in attaining a staggering CAGR of 12.42% in the foreseeable future. Governments have also realized opportunities that sea-life offers can impact the revenue generation and help in the growth of GDP of countries. Hence, they are more than obliging in investing money in this sector.

Recent times have seen a considerable surge in piracy that poses a significant threat to world shipping industry. According to the International Maritime Bureau, in 2017, around 180 cases of piracy and armed robbery were registered, and what is even more daunting, six vessels were hijacked. However, a slivering hope can be experienced as the number of such cases are decreasing in both the Gulf of Aden and in the Indian Ocean. Meanwhile, other issues such as drug trafficking, terrorism, and territorial disputes are keeping the authorities busy. These factors have proved essential for the implementation of maritime security and navigation plays an integral part in it. For instance, the U.S. Navy is expecting a heavy boost in defense expenditure in 2018-2019. Furthermore, maritime tensions have given rise to the naval defense expenditure of India and China.

Maritime transport accounts for the largest share of the global trade and economy as almost 80% of the world’s goods get transported via sea. International Chamber of Shipping reports that the seaborne trade is set to expand further and prove beneficial for clients as this would result in competitive freight cost. In addition, this would open up additional job and business opportunities.

Maritime and coastal tourism is also on the rise and fetches in considerable revenue for the market. The European Commission reports that the sector is the largest maritime activity in Europe and employs almost 3.2 million people while earning revenue of USD 212 billion. Dubai has this similar experience where the maritime tourists and cruises grew by 15% and 18% respectively from 2016 to 2017. The Chinese government has also set their eyes on this industry as this could give rise to manufacturing business considerably.

However, a disorder in navigation can be caused by hacking the GPS signals with widely available cheap jamming devices. Modern designs of ships do not allow a backup navigational system unlike aircraft. Hence, they are more vulnerable to cybercrimes. Tackling this issue is a concern for many governments. The U.S. and South Korea have started developing an earth-based navigational system to counter this threat. Till then, the danger can deter the market growth.

Segmentation:

The global marine navigation market can be segmented by type, application, and end-users.

By type, the market includes chart plotter, electronic navigational chart, and others. Chart plotter generates the maximum share of the market and is going to remain lucrative enough to dominate the market in the coming years. However, electronic navigation chart (ENC) is expected to register the fastest growth owing to stringent mandates regarding its integration in all vessels, implemented by the International Maritime Organization (IMO).

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This release was published on openPR.