The commercial segment by end-user is projected to capture significant CAGR during the forecast period. Further, increasing seaborne trade activities across the globe along with increasing global tourism is believed to flourish the growth of commercial segment. In terms of geography, Asia-Pacific region accounted for the biggest market of global marine electronic navigation system market. Further, China and India are the major countries contributing in the market of marine electronic navigation system. In addition to this, positive GDP figures of emerging economies are also pushing the marine industry to grow significantly.
Global marine electronic navigation system market is projected to showcase a remarkable CAGR of 12.8% during the forecast period i.e. 2017-2024. Moreover, the global marine electronic navigation system market is anticipated to reach exponential revenue by 2024. Additionally, the marine electronic navigation system market is riding on the back numerous factors such as rising global connectivity through satellite communication coupled with rising demand for advanced navigation system from marine.
The global marine electronic navigation system market is segmented into component segment such as electronic chart systems (ECS), raster chart display systems (RCDS) and electronic chart display and information systems (ECDIS). Among these segments, electronic chart display and information systems (ECDIS) segment is believed to be the largest segment in overall marine electronic navigation system by 2024. In addition to this, electronic chart display and information systems (ECDIS) segment is projected to post a noteworthy CAGR during the forecast period. Likely, continuous advancement in the navigation technology is predicted to bolster the growth of marine electronic navigation system market. Moreover, rising global tourism coupled with mounting demand for new ships is also believed to flourish the growth of marine electronic navigation system market.
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Technological Advancement in Navigation System
Growing demand for precise navigation in the ocean along with on-going advancement in the navigation system is expected to foster the growth of marine electronic navigation system market. Further, increasing safety concern at sea is also augmenting the demand for marine electronic navigation system.
Stringent regulation for the adoption of navigation system by organizations such international maritime organization (IMO) and increasing research and development activities in order to develop high efficient navigation system are some of the factors propelling the market of marine electronic navigation system.
The report titled “Marine Electronic Navigation System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global marine electronic navigation system market in terms of market segmentation by component, by application, by end-user and by region.
On the contrary, less adoption of advanced navigation system by underdeveloped nations due various factors such as low availability and high price is envisioned to hinder the growth of marine electronic navigation system market.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global marine electronic navigation system market which includes company profiling of Raytheon Anschütz GmbH, Simrad Yachting, B&G Company, Raymarine Marine Electronics, Furuno Electric Co., Ltd, SPOT LLC., KVH Industries, Inc., Icom America Inc., Jeppesen Sanderson, Inc., FLIR Systems, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global marine electronic navigation system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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