Marine Navigation Systems Market

Global Marine Navigation Systems Market Research
Report - Forecast to 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Global Marine Navigation Systems Market Forecast to 2023
Market Research Future (MRFR)’s latest study reveals that the global Marine Navigation System market is set
to cross the value of USD 3,159.5 million by 2023. The market is expected to expand at 12.42% CAGR during
the forecast period (2018-2023). Of late, continuous advances in technologies have given birth to various
software tools, gadgets, and instruments that are used for marine navigation. These electronic systems help
sailors navigate the ship to the intended directions during low-visibility conditions such as fogs and blizzards.
The use of such systems has become indispensable for marine navigation. Furthermore, almost every ship
globally is integrated with such advanced navigation tools for safe transport. Moreover, with the integration
of mobile tablets, the market is speeding towards the phase of the handheld global positioning system (GPS)
and navigation devices. To suffice, the global market is riding on the back of rising adoption of innovative
technology for navigation in the sea. Also, increasing global connectivity through satellite communication
and rising demand for navigation system from the marine sector are believed to foster the market
expansion. Other factors also influencing this growth include increasing focus on maritime security and
subsequent increase in naval budgets, surging international seaborne trade, and flourishing coastal and
maritime tourism.
However, feeding in wrong parameters can lead to disasters in the sea, and loss to lives. But keeping in mind
the risk factors, the system can prove to be a boon for sailors on account of its benefits, such as continuous
monitoring of the ship’s position and enhancement of search and rescue capability.
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Global Marine Navigation Systems Market Forecast to 2023
Global Market for Marine Navigation System Market– Segmental Analysis
MRFR’s report states that the global market is segmented on the basis of type, application, end user, and
region.
By type, the market is segmented into chart plotter, electronic navigation chart, and others. Among these,
the chart plotter segment currently claims the largest market share and is expected to remain highly
lucrative throughout the forecast period. Technological innovations and the product’s ease of use render the
segment highly profitable in the global market.
Major applications include ship, remotely controlled underwater vehicle, autonomous underwater vehicle,
and boat. In the ship segment, marine navigation systems aid the ship operator in operating the vessels
more safely and efficiently as compared to the traditional compasses.
The end-users in the global market are commercial and defense. Among these, the defense segment
currently claims the largest market share and is likely to continue showing high potential throughout the
forecast period. Marine navigation systems have found major applications in the defense sector due to its
accuracy, reliability, and precise positioning along with time measurements which are crucial in defense. For
instance, in 2017, Booz Allen had signed a five-year contract worth USD 67.5 million with the US Navy, to
provide and integrate the intelligence tools across navigation, positioning, and timing programs.
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Global Marine Navigation Systems Market Forecast to 2023
Global Marine Navigation Systems Market – Regional Analysis
The global marine navigation systems market covers trends and opportunities across North America, Europe,
Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.
Globally, North America is on top in terms of expenditure and technological advancements, and thus,
generates high demand for the marine navigation systems. Canada comes a close second having made few
investments in the development of marine navigation systems. The North American region is a highly
attractive market for ships, boats, and submarines, etc., as it surrounded by seas and ocean. On account of
this factor, a large number of vessels like ships and boats are integrated with the marine navigation systems
in the region.
On the other hand, Europe and Asia Pacific are expected to remain prominent growth pockets for the global
marine navigation system market throughout the forecast period. Both the regions collectively account for
nearly 50% share of the global market. In Europe, the increasing demand for the marine navigation systems
will lead the growth of the market in the next few years. The strong growth of the market in the region is
due to the development of the aerospace industry and the mobile and internet technology, growing demand
for a more accurate, real-time tracking and monitoring facility and the technical capability to manufacture
small, robust, light and cost-effective components for assembling such a portable system. Moreover, regional
market players are collaborating with the defense sectors to establish their position in the market.
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Global Marine Navigation Systems Market Forecast to 2023
The Middle East and Africa market growth are promising during the forecast period on account of the
market snowballing into an entity with the potential to generate high revenues through its products and
services. The untapped industries in the region are budding steadily which gives rise to the demand for this
system.
Global Market for Marine Navigation System Market – Competitive Dashboard
Some of the key players in the global market are Honeywell International Inc., Kongsberg Maritime, Danelec
Marine A/S, FLIR Systems Inc., FURUNO Electric Co Ltd, Northrop Grumman Sperry Marine B.V., Periskal
Group, Raytheon Anschutz, Safran Electronics & Defense, and Wartsila.
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Global Marine Navigation Systems Market Forecast to 2023
Key Players:
Some of the players leading the market and profiled in the analysis are Sleepbox (U.S.), GoSleep (U.S.),
SnoozeCube (U.A.E), Minute Suites (U.S.), Napcabs (Germany), 9hours (Japan), Snooze At My Space (India),
JetQuay (Singapore), MetroNaps (U.S.), Zzzleepandgo (Italy), and YOTEL (U.K) among others.
Industry/Innovation/Related News:
December 11, 2018 --- Perth Airport (Australia), inaugurated its sleeping pods installed at T1 precinct for
travelers who want to catch up on sleep between flights. These pods are provided in partnership with
Smarte Carte and Finnish company GoSleep. Authorities at the Perth are certain that the sleeping pods
would be ideal for passengers who either arrived early or had connecting flights with some time in between.
Browse Complete Report@ https://www.marketresearchfuture.com/reports/airport-sleepingpods-market-6028
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Global Marine Navigation System Market, By Type (Chart Plotter, Electronic Navigation Chart, Others), Application (Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, Boat) End-use Industry (Defense, Commercial) and Region - Forecast till 2023

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