Press release
Catalytic Innovation To Drive The Marine Navigation System Market
Moreover, marine navigation systems are suitable for a wide range of vessels ranging from fishing to recreational boats and merchant vessels to defense ships. In addition, in the unfortunate event of an accident, the marine navigation system can provide crucial data to investigators in their search to determine the cause of the collision or accident.
One of the prominent trends observed in the marine navigation market includes the usage of an integrated marine navigation system with a goal of cost-effectiveness and the highest degree of availability and integrity. Apart from this, ageing vessel fleet observes a deterioration in its operational capabilities. Subsequently, customized retrofit solutions pertaining to marine navigation systems are offered by the market stakeholders.
Subsequently, the aim of the study is to analyze the most recent trends, dynamics, and potential strategies in the global marine navigation system market.
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Global Marine Navigation System Market: Dynamics
The marine navigation system is being utilized by many fleet owners and the demand for marine navigation system will likely to show positive trajectory due to growing seaborne trade. Global seaborne trade continues to be largely determined by developments in the world economy and trade. Although the relationship between trade and economic output seems to be fluctuating, with an observed decline in the growth ratio of trade to the gross domestic product (GDP) over recent years.
Moreover, with the growing consumption, the LNG trade will likely to expand at a significant rate. Subsequently, LNG carrier fleet requirement is set to increase, thereby, developing strong prospects for marine navigation system market.
Importantly, growth in cruise tourism is expected to continue, reaching more than 25.3 million passengers in 2019. As per anticipation, the demand for marine navigation system squarely varies with the growth in cruise tourism across the world.
Further, in terms of product innovations and developments, new advanced control systems, which offer higher accuracy and integrity to the GPS, are always in the process of development to bolster the existing marine navigation system.
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Global Marine Navigation System Market: Segments
product type
Marine Radar
Fish Finders
AIS (Automatic Identification System) and VHF Transceiver
Chartplotters
Sonar Modules
Autopilot System
sales channel
OEM
Aftermarket/Retrofit
application
Commercial
Defense
Recreational
Global Marine Navigation System Market: Regional Outlook
A very large part of world trade is clustered around three regions: Europe East Asia, and North America. Consequently, demand for the marine navigation system is mainly accounted by these regions. Growth prospects for Denmark and Sweden marine navigation system market in the coming years have brightened due to strong performance in recent months.
Additionally, the economy of Sweden, the largest in Scandinavia, is expected growth at higher growth rate than Denmark and Norway. The government of China and the China Association of the National Shipbuilding Industry are poised to promote the initiatives pertaining to the R&D spending in order to upgrade the industry and building marina navigation systems.
Moreover, Germany, the U.K., and Ireland are the few protuberant European source markets for cruises, making up 28% and 26% of European demand for cruises, respectively. Thus, strong manufacturing capabilities and demand for marine vessels directly influence the substantial demand for the marine navigation system.
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Global Marine Navigation System Market: Key Participants
List of some of the prominent market participants in the global marine navigation system market discerned across the value chain include:
Garmin Ltd.
Raytheon Anschütz GmbH
Navico Holding AS
Icom America Inc.
FURUNO ELECTRIC CO., LTD.
Cobham plc
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