Global Marine Navigation System Market is growing rapidly. The market is primarily driven by the rising demand for advanced surveillance & navigation systems in maritime combat operations. Besides, increasing demand for border security and marine modernization programs boost the growth of the market. Moreover, increased demand from the naval forces and rising defense budgets escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global marine navigation system market is projected to grow at 7% CAGR during the review period (2020 – 2025). Increasing adoption of innovative navigation technologies used in the defense and commercial sectors pushes the market growth further. Additionally, advances in the global navigation networks, global positing systems (GPS), and satellite communication technologies positively impact market growth.
Besides, the growing uptake of unmanned vehicles for inspection and monitoring substantiates the market growth. Also, complexities in surveillance, detect, track, and destroy enemy ships & submarines influence the growth of the market exponentially. Increasing focus on maritime security and the subsequent increase in naval budgets influence the growth of the market. Furthermore, the rising demand for navigation systems from the marine industry fuels the market growth.
Many countries are suffering massive losses due to territorial conflicts and disputes currently. Besides, increased terrorist activities worldwide create an enormous demand for the marine navigation system to enhance anti-submarine capabilities. Usages of maritime navigation systems in the fishery industry have increased significantly. Also, industry players are increasingly investing in product lunches and technology upgrades. All these factors cumulatively boost the growth of the market.
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Highly competitive, the marine navigation system market appears well-established with a range of futuristic products. The market looks fragmented due to the presence of several notable players. Product launch and technology updates trend in the market. Mergers & acquisitions, collaborations, and expansion remain key strategies for these players to gain a larger competitive share.
Players leading the Global Marine Navigation System Market include FURUNO Electric Co. Ltd. (Japan), Danelec Marine A/S (Denmark), Periskal Group (Belgium), Wartsila (Finland), Northrop Grumman Sperry Marine B.V. (UK), Raytheon Anschutz GmbH (Germany), Honeywell International Inc. (US), Safran Electronics & Defense (France), FLIR Systems Inc. (US), and Kongsberg Maritime (Norway), among others.
Industry/ Innovation/ Related News
June 23, 2020 – FLIR Systems (the US), a leading global technology company, launched Raymarine Axiom+ multifunction navigation displays and a new electronic chart catalog. Raymarine Axiom+ is a powerful series of multifunction displays (MFDs) and updated Raymarine LightHouse™ Charts cartography that can bring new levels of clarity & control to marine navigation.
June 23, 2020 – CHC Navigation (China), a leading provider of Innovative GNSS Navigation and Positioning Solutions, introduced new series with a multi-rotor BB4 UAV and AlphaUni lidar combination. The new Lidar series paired with professional drone creates a comprehensive and versatile range for 3D mapping and geospatial data acquisition in land, air, and marine applications.
Global Marine Navigation System Market is segmented into four dynamics. By Type: Electronic Navigation Chart, Chart Plotter, and others. By Application: Ships, Boats, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, and others. By End-Use: Defense and Commercial. By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
The Asia Pacific region dominates the Global Marine Navigation System Market. The largest share majorly attributes to the growing marine transportation industry in the region. Also, increased maritime border disputes in India, China, and South Korea drive market growth. Moreover, increasing military budgets and spending on advancing military equipment systems impact the growth of the market positively.
Additionally, considerable developments in military technologies in India, China, and Japan foster market growth excellently. The APAC marine navigation system market is likely to retain its leading position in the global market throughout the assessment period.
North America stands second in the global marine navigation system market. The market is majorly driven by the increasing demand for these systems for defense applications and high R&D investments. Besides, significant demand for new and advanced marine navigation systems in the US and Canada fosters the market’s growth. Growing product launches and technological upgrades in navigation & tracking approaches push the growth of the regional market. Furthermore, the presence of several notable players and state-of-the-art development centers in the region drive regional market growth.
Europe accounts for a substantial share in the global marine navigation systems market. Factors such as the growing investments in various military and commercial aviation programs and considerable investments in the UK, France, Russia, and Germany drive the regional market growth.
The increasing government funding support for R&D required for the development of marine navigation systems & equipment and rising defense budgets propel the regional market growth. The European marine navigation system market is estimated to grow at a significant CAGR throughout the analysis period.
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