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Marine Navigation Systems Market Global Industry Review 2018 To 2023
[November 09, 2018]

Marine Navigation Systems Market Global Industry Review 2018 To 2023

Marine Navigation – Summary The global market for maritime navigation to scale up to an impressive USD 3,159.5 million during the forecast period (2018-2023), in a detailed report by Market Research Future (MRFR). Increase in various activities such as defense, recreation, and seaborne trade is expected to aid the market in attaining a staggering CAGR of 12.42% in the foreseeable future. Governments have also realized opportunities that sea-life offers can impact the revenue generation and help in the growth of GDP of countries. Hence, they are more than obliging in investing money in this sector.

Recent times have seen a considerable surge in piracy that poses a significant threat to world shipping industry. According to the International Maritime Bureau, in 2017, around 180 cases of piracy and armed robbery were registered, and what is even more daunting, six vessels were hijacked. However, a slivering hope can be experienced as the number of such cases are decreasing in both the Gulf of Aden and in the Indian Ocean. Meanwhile, other issues such as drug trafficking, terrorism, and territorial disputes are keeping the authorities busy. These factors have proved essential for the implementation of maritime security and navigation plays an integral part in it. For instance, the U.S. Navy is expecting a heavy boost in defense expenditure in 2018-2019. Furthermore, maritime tensions have given rise to the naval defense expenditure of India and China.

Get Report Sample : Maritime transport accounts for the largest share of the global trade and economy as almost 80% of the world’s goods get transported via sea. International Chamber of Shipping reports that the seaborne trade is set to expand further and prove beneficial for clients as this would result in competitive freight cost. In addition, this would open up additional job and business opportunities.

Maritime and coastal tourism is also on the rise and fetches in considerable revenue for the market. The European Commission reports that the sector is the largest maritime activity in Europe and employs almost 3.2 million people while earning revenue of USD 212 billion. Dubai has this similar experience where the maritime tourists and cruises grew by 15% and 18% respectively from 2016 to 2017. The Chinese government has also set their eyes on this industry as this could give rise to manufacturing business considerably.

However, a disorder in navigation can be caused by hacking the GPS signals with widely available cheap jamming devices. Modern designs of ships do not allow a backup navigational system unlike aircraft. Hence, they are more vulnerable to cybercrimes. Tackling this issue is a concern for many governments. The U.S. and South Korea have started developing an earth-based navigational system to counter this threat. Till then, the danger can deter the market growth.

Industry Trend: The industry is currently experiencing various researches & developments, and the marine navigation market can use that as leverage. FLIR has recently introduced a FLIR M500 multi-sensor maritime camera that can be considered exemplary.

Segmentation: The global marine navigation market can be segmented by type, application, and end-users.

By type, the market includes chart plotter, electronic navigational chart, and others. Chart plotter generates the maximum share of the market and is going to remain lucrative enough to dominate the market in the coming years. However, electronic navigation chart (ENC) is expected to register the fastest growth owing to stringent mandates regarding its integration in all vessels, implemented by the International Maritime Organization (IMO).

Application-wise, the market comprises ships, remotely controlled underwater vehicles, autonomous underwater vehicles, and boats. Ships contribute the maximum to the market by generating market revenue and is also expected to remain so in coming years.

Based on end-user, the defense is currently leading the market owing to the need for the precise and reliable monitoring system. The segment is also expected to register the fastest growth during the forecast period. Detection of enemy position and tracing of enemies features play an integral role in these navigational systems. Hence, the segment demands up-to-date devices that can give it an edge over the rest.

Browse Full Report : Regional Analysis: Geographically, the market covers North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.

North America accounted for the maximum market share in 2016 and is expected to remain so in the foreseeable future. Owing to high expenditure and technological advancements, the region generates a substantial demand for various equipment regarding marine navigation. The U.S. leads the regional market. However, Canada is also making some considerable progress.

The APAC held the second position in 2016 and is expected to project the highest CAGR during the forecast period. The region is experiencing a considerable rise in various countries’ defense budget which directly triggers the marine navigation market. At the same time, seaborne trade is also experiencing a surge.

Market Dashboard: The dietary trend has seen a considerable rise in seafood consumption, a trait which the fishers and seafarers are willing to cash in. The fishing industry in India has roughly 14 million people involved, and the Chinese number of 42 million is ever more influencing. However, these two countries are lacking proper navigational network. Hence, the market has more opportunities for further expansion in these segments.

Factors such as increasing lifestyle standard have resulted in a considerable change in recreational preferences. People are now opting for personal pleasure boats to spend their leisure time. The U.S. has a large market for exporting such boats abroad. The 2018 edition of the Pleasure Boat International Resource Guide reveals the U.S. government earned USD 1.6 billion in 2016.

Various companies are targeting a worldwide market for their business portfolio. For instance, Danelec Marine has announced a partnership with the Indian government to supply voyage data recorders (VDRs) to Indian vessels. Northrop Grumman is providing radars to the Peruvian navy can also be taken into account.

Major players in the market are Wartsila, Kongsberg Maritime, Raytheon Anschutz, Northrop Grumman Sperry Marine B. V., Honeywell International Inc. Others influencing the market are Periskal Group, Safran Electronics & Defense, FLIR Systems Inc., Furuno Electric Co Ltd., Danelec Marine A/S, and others.

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