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.
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.
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Major Key Players
As per MRFR analysis, the global Marine Navigation System Market has seen a significant growth in the last couple of years and it has been observed that, the market will remain in the growing phase till forecast period. This market was valued at USD 1,370.47 million in 2016, and is expected to reach USD 1,927.97 million by 2022 with the CAGR of 5.85%.
For this study, the global marine navigation system market has been segmented, based on types and applications.
On the basis of type, the market has been segmented as chartplotter, weather satellite system and radar. Among these types, chartplotter has accounted the largest market share of 48.54%, in 2016, followed by radar and weather satellite system. The growing demand for chartplotter in marine navigation system, has pushed the market growth.
On the basis of application, the market has been segmented as commercial and military. Among these, military application has registered the largest market share in 2016. The increasing investment on marine industry, has fueled the demand for navigation systems.
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 region. The scope of the study segments the global marine navigation system market by its type, application and regions.
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