Marine Navigation Systems 2019 Global Market Expected to Grow at CAGR 12.42% and Forecast to 2023

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Marine Navigation Systems Industry 2019

Description:-

A marine navigation system 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. Meanwhile, the vulnerability of electronic navigation systems to cyberattacks hinders the market growth. However, upgrading fishing vessels with marine navigation systems and increasing the demand for recreational boating offer promising growth opportunities to the market.

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Key Players Analysis

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), and Wartsila (Finland) are some of the key players profiled in this report. The marine navigation systems market is dominated by top five players, namely Wartsila, Northrop Grumman Sperry Marine B.V., Raytheon Anschütz, and Kongsberg Maritime, accounting for more than 85% of the global market size.

The report provides crucial information and a comprehensive analysis associated with the Marine Navigation Systems market. This Report includes the market definition, its major applications, and the manufacturing technologies used. The detailed overview offers clarity regarding the market and defines the scope of the report as well. The report also focuses on the recent developments that occurred in the Marine Navigation Systems market and current trends prevailing in the industry. It also examines the risk factors associated with the manufacturers and product’s price margins.

The growing trend of the industries, the performance of the market players, and the macro-economic outlook of the current market scenario are taken into consideration to predict the forecast of the Marine Navigation Systems market. The report emphasizes on the prime factors governing the growth of the market, like opportunities and threats, drivers, and restraints.
The report ensures an objective analysis of the Marine Navigation Systems market by engaging a set of standards, allowing a comprehensive view of the market and its several components. Factors comprising economic growth, government expenditure, supply channels, and distribution channels have been scrutinized effort to relay precise information. Market size estimation and validation using top-down and bottom-up approaches ash been performed in order to obtain data from the demand and supply side. Analysis of data has been performed by using a research framework suited to the specific industry. The frameworks serve as a research standard that provides tools to create dependable market reports.

Market analysis is also done on a regional level. The report provides an extensive analysis, considering the opportunities, outlook, and ongoing trends. The report focuses on prominent industry players by providing information like company profiles, shipments, contact information, pricing, product specifications, and others. Detailed information of the key players, along with the strategies they adopt is also presented for a thorough understanding of the landscape. The report also focuses on the Marine Navigation Systems market’s competitive scenario and the trends occurring within the manufacturing landscape.

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Table Of Content -Major Key Points

1 Introduction

2 Research Methodology

3 Executive Summary

4 Market Dynamics

5 Market Factor Analysis

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Release ID: 88922721