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(Transportation-News.com, August 16, 2018 ) Woodridge, USA August 2018 (News) - A Marine Navigation System Market is one of the essential systems utilized in naval vessels for navigational functions. Its purpose is to supervise and manage the movement of a vessel as it makes its way from one location to another. Marine navigation system encompasses equipment, such as chart plotter and electronic navigation chart, which aid in the navigation of both commercial and defense marine vessels. Over the past few years, the navigation systems industry has been greatly influenced by copious changes in technology. Companies, along with governments, are consistently working on innovating new technologies to increase the efficiency. For instance, augmented reality applications in marine navigation systems is a key upcoming trend in the market. Seas and oceans cover more than 70% of the global surface and are home to approximately 50,000 large ships, which carry 80% of the world's traded cargo. With the increasing awareness of seaborne navigation and safety, there have been extensive developments on the marine navigation system front due to which the global market has gained momentum. Factors such as growing emphasis on maritime security and subsequent increase in naval budgets worldwide, surge in international seaborne trade, and rise in coastal and maritime tourism are the prime driving factors of the marine navigation system market.
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Key Players:
• Danelec Marine A/S (Denmark),
• FLIR Systems, Inc. (U.S.),
• Furuno Electric Co., Ltd. (Japan),
• Honeywell International Inc. (U.S.),
• Kongsberg Maritime (Norway),
• Northrop Grumman Sperry Marine B.V. (Netherlands),
• Raytheon Anschütz (Germany),
• Periskal Group (Belgium),
• Safran Electronics & Defense (France),
• Wartsila (Finland).
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Key Findings:
• The global marine navigation systems market in this report has been segmented on the basis of type into three, namely, chart plotter, electronic navigation chart, and others. The electronic navigation chart segment market is projected to register the highest CAGR of 13.18% during the forecast period.
• The global marine navigation systems market has been segmented, by end-user, into defense and commercial. The defense segment market is projected to register the highest CAGR of 12.75% during the forecast period.
• The global marine navigation systems market in this report has been segmented on the basis of application into four, namely, ship, remotely operated underwater vehicle, autonomous underwater vehicle, and boat. The ship segment market is projected to register the highest CAGR of 14.43% during the forecast period.
• North America would dominate the marine navigation systems market by 2023. It is expected to register a CAGR of 12.40% during the forecast period. It is expected to reach a market size of USD 3,159.5 million by 2023.
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Target Audience:
• Manufacturers of Marine Vessels
• Navigation System Equipment OEMs
• Ship and Boat Owners
• Investment Agencies
• Government and Regulatory Authorities.
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