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Search, Detection, And Navigation Instruments Market Outlook 2024: Exclusive Report By The Business Research Company
Search, Detection, And Navigation Instruments Market
The Business Research Company offers in-depth market insights through Search, Detection, And Navigation Instruments Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The search, detection, and navigation instruments market size has grown strongly in recent years. It will grow from $308.79 billion in 2023 to $331.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to aviation expansion, maritime navigation, scientific and exploration endeavors, industrial and manufacturing.
The search, detection, and navigation instruments market size is expected to see strong growth in the next few years. It will grow to $431.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to autonomous vehicles and drones, environmental monitoring, healthcare and medical imaging, space exploration. Major trends in the forecast period include miniaturization and portability, multi-sensor integration, remote sensing and iot, non-invasive imaging, enhanced data visualization.
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Market Segmentation:
The main types of searches, detection and navigation instruments are compasses, aeronautical and space navigation instruments, nautical navigation instruments and radio navigational aid apparatus. A compass is a tool for navigation and geographic orientation that displays the cardinal directions. It usually consists of a magnetized needle or another element that can pivot to align itself with magnetic north, such as a compass card or compass rose. The various technologies used are radio frequency identification based (RFID), cellular, network, Bluetooth, remote sensing services, real-time kinetic and others that are used for marine, aviation, military, and other applications.
Major Driver - Growing Demand From Aircraft Manufacturing Boosts Search, Detection, And Navigation Instruments Market.
The increasing demand from civilian and defense aircraft manufacturing industries drove the search, detection, and navigation instruments market. The increasing demand was supported by rising disposable income, increasing air travel and military usage. Rise in working group and middle-class demography will affect the demand positively. For instance, In May 2021, Airbus set a production target of 45 units per month by the end of 2021 and 64 units by the second quarter of 2023.. Therefore, the increasing demand from civilian and defense aircraft manufacturing companies is expected to drive the growth of the search, detection, and navigation instruments market.
Competitive Landscape:
Major companies operating in the search, detection, and navigation instruments market include BAE Systems Plc, Leonardo S.p.A, Raytheon, Thales Group, United Technologies Corp., Agilent Technologies, Honeywell International Inc, Northrop Grumman Corporation, Moog Inc, Garmin International Inc, GE Aviation Systems, Smiths Group North America Inc, Herman Becker Auto Systems Inc, Lockheed Martin Corporation, Rockwell Collins Inc., Garmin Ltd., Trimble Inc., FLIR Systems Inc., Teledyne Technologies Inc., L3Harris Technologies Inc., Safran S.A., Cobham plc, Kratos Defense & Security Solutions Inc., Ultra Electronics Holdings plc, Curtiss-Wright Corporation, Esterline Technologies Corporation, Cubic Corporation, OSI Systems Inc., Elbit Systems Ltd., Harris Corporation, KVH Industries Inc., NovAtel Inc.
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Top Trend - Marine Industry Embraces Augmented Reality Navigation Instruments For Enhanced Operations
Companies in the marine industry are preferring navigation instruments incorporated with augmented reality (AR). AR is a technology that reflects the digital information in the real world. Navigation systems integrated with AR technology provide great support to the sailors in ship keeping and related operations. For instance, Mitsui O.S.K. Lines (MOL) planned to install AR navigation systems on 21 very large crude oil carriers (VLCCs) operated by them. This navigation system will superimpose real-time video imagery and voyage information and provide support to crewmembers during their watch-keeping and ship operations visually. The benefits provided by AR technology in real time will increase the demand for instruments with such advanced technology.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Search, Detection, And Navigation Instruments Market Characteristics
3. Search, Detection, And Navigation Instruments Market Trends And Strategies
4. Search, Detection, And Navigation Instruments Market - Macro Economic Scenario
5. Search, Detection, And Navigation Instruments Market Size And Growth
…..
27. Search, Detection, And Navigation Instruments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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