Search, Detection, and Navigation Instruments Market Analysis 2024

"The Business Research Company recently released a comprehensive report on the Global Search, Detection, And Navigation Instruments Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Search, Detection, And Navigation Instruments Market 2024 Key Insights:

• 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%.
• Growing Demand From Aircraft Manufacturing Boosts Search, Detection, And Navigation Instruments Market.
• Marine Industry Embraces Augmented Reality Navigation Instruments For Enhanced Operations
• Asia-Pacific was the largest region in the search, detection, and navigation instruments market in 2023

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