The Marine Navigation System Market Is Expected To Grow At CAGR Of Around 5.85% During The Period 2017 To 2023.
A marine navigation system is among the most essential systems utilized in boats for the navigational function. Its purpose is to supervise and manage the movement of the boat as it makes its way from one location to another. 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.
Market Research Analysis
Geographically, the global marine navigation system market has been divided as North America, Asia Pacific, Europe, South America and MEA. Among these regions, North America has accounted the largest market share of 30% in 2016 in terms of revenue. Asia Pacific is the second largest market with the highest CAGR. North America is said to be the major market for marine navigation system owing to the presence of a large number of manufacturers. Additionally, the upgradation of technology, and rising demand for commercial voyage, are expected to create a lucrative opportunities for the market. U.S. is one of the matured economies that have invested a large amount of money on marine activities. Asia Pacific is the second leading region, in terms of revenue. Emerging economies, dominance of China, and technological advancements are the major driving factors.
Scope of the Report
This study provides an overview of the global marine navigation system market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, South America and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next 6 years for each re
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.