Marine Navigation System Market Research Report 2018 published By Market Research Future, provides information on Global Marine Navigation System Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation 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
Marine Navigation System as the name suggests, are those essential units available on every marine vehicle that guides the travelers with the direction or the course of travel. With the evolution of software and electronic instruments over the last few years, those navigation systems have gone through many transformations in terms of designs, sizes, and features.
Today’s Marine Navigation System involve multiple satellites in the atmosphere that transmit signals to devices that can then determine their current location in the sea. With advances in computerizations, these navigation systems have been extended to do about the same that old world navigators would do, and much more ensuring better connectivity.
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Due to the accuracy in positioning, routing, and guiding people in maritime, Marine Navigation System witness a substantial demand. Attributing to the enormous demand and adoption of these systems across the defense and commercial sailing sector, the global marine navigation market is ever increasing.
Acknowledging the impressive growth records, the market perceives today, Market Research Future (MRFR) in its recently published study report asserts that the global marine indoor navigation systems market will escalate to exponential heights by 2023 registering a striking CAGR over 12 % during the review period (2017 – 2023).
Additional factors substantiating the market growth include the rise in naval security budgets of various nations and the emphasis on maritime safety & security. Simultaneously increased maritime trade and rise in coastal tourism are some of the factors defining the expanded market landscape. Moreover, Recreational activities of fishing and upgradation of fishing vessels are driving the demand for Marine Navigation System, providing prime opportunities to the market.
Simultaneously, the market proliferation of smartphones, tablets & laptops provides impetus to the market growth of Marine Navigation System. Growing digitalization, usages of smartphones, and the emergence of mobile applications are contributing to the growth of the market.
Furthermore, governments’ initiatives & investments to develop better positioning technology for public safety and security are fostering the growth of the Marine Navigation System market.
Some of the players leading the Marine Navigation System market include-
- FURUNO Electric Co. Ltd.
- Danelec Marine A/S
- Periskal Group
- Northrop Grumman Sperry Marine B.V.
- Raytheon Anschutz
- Honeywell International Inc.
- Safran Electronics & Defense
- Kongsberg Maritime
- FLIR Systems Inc.
Industry/ Innovation/ Related News
December 18, 2018 – A.P. Moller–Maersk Group/ Maersk (Denmark), a giant business conglomerate in transport, logistics and energy sectors announced that it would be testing Sea Machines Robotics’ advanced perception and navigation assistance technology on newbuild ice-class container ships, starting before the end of March 2019.
Maersk also confirmed that it has been investing a considerable amount in Sea Machines to test the future of advanced navigation systems, sending a strong signal on the types of technologies that will come to define the maritime industry in the future. Maersk expects its investment in autonomous technology should pay for itself within one year.
Sea Machines Robotics (US) has already tested its advanced navigation and situational awareness technology on a workboat in 2018 before releasing an introductory line of autonomous command and remote-control systems for shipping, offshore and scientific vessels in October 2018.
Sea Machines is developing a range of situational awareness and advanced navigation assistance packages for vessel types, including container ships. It has already tested these technologies on workboats and is ready for commercial ship testing.
Sea Machines has also announced (on 17 Dec.’18) that it had gained USD10M of investment from multiple investors that were led by Accomplice VC and Eniac Ventures. These funds will be used to grow Sea Machine’s research and development and engineering teams and expand its global reach.
Global Marine Navigation System Market – Competitive Landscape
The fiercely competitive, Marine Navigation System market appears fragmented owing to the various dynamic and diversified international players existing in the market, forming a competitive landscape. Continually innovating these market leaders seek market expansion through various strategic initiatives such as M&A activities and increasing investments in R&D activities, and they strive to develop the portfolio of cost-effective solutions.
Vendors are improving their market performance by acquiring promising companies to expand in the rapidly growing markets. Given the immense revenue generation opportunities of the market, new entrants are increasingly getting attracted only to find it further challenging to survive with the latest technologies.
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Global Marine Navigation System Market Segments
The report has been segmented into four key dynamics for the convenience of understanding;
By Type : Chart Plotter, and Electronic Navigation Chart among others.
By Application : Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, and Boat among others.
By End-use Industry : Defense, Commercial and others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
Global Marine Navigation System Market – Regional Analysis
Globally, North America leads the market for Marine Navigation System with the largest market share. Factors supporting to the growth of the regional market include the increasing investments transpired into the development of technologies, the presence of the fervent market players that can offer cutting-edge technologies, and the rising uptake of these systems in the defense as well as commercial sector. Continuing with the same growth trends, the region is expected to retain its dominance in the global market.
Whereas the Europe market accounts for the second largest market for the Marine Navigation System owing to the demand from the defense and commercial sea sailing sectors. The resurging economy in the region plays a vital role in the growth of the market. Moreover, augmented uptake of these systems due to the advancements in connectivity devices and navigation solutions fuels the growth of the regional market.
The Asia Pacific region, on the other hand, is expected to witness healthy growth, emerging as a promising market for the Marine Navigation System. Moreover, factors such as the increasing urbanization and the growing consumer electronics sector alongside the improving economy in the region foster the growth of the market.
Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
2.5 Key Takeaways
2.6 Key Buying Criteria
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.2.1 Growing Emphasis on Maritime Security and Subsequent Increase in Naval Budgets
4.2.2 Surge in International Seaborne Trade
4.2.3 Rise in Coastal and Maritime Tourism
4.3.1 Vulnerability of Electronic Navigation Systems to Cyber Attacks
4.4.1 Upgrade of Fishing Vessels
4.4.2 Increasing Demand for Recreational Boats
4.5.1 Augmented Reality Applications in Marine Navigation System
5 Market Factor Analysis
5.1 Porter’s Five Forces Model
5.1.1 Threat of New Entrants
5.1.2 Bargaining Power of Suppliers
5.1.3 Bargaining Power of Buyers
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Supply Chain
6 Patent Trends
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