Marine Electronic Navigation System Market Overview
Marine electronic navigation system is defined as a navigation tool equipped with GPS navigator. Marine electronic navigation system displays high quality satellite imaging and it also provide navigation chart for better navigation. It helps to standardize maritime reporting and it increase safety & security.
Market Size and Forecast
The global marine electronic navigation system market is expected to grow at a CAGR of 12.8% over the forecast period i.e. 2017-2024. Further, marine electronic navigation system market is riding on the back of growing adoption of innovative technology for navigation in sea. Likely, increasing global connectivity through satellite communication along with rising demand for electronic navigation system from marine are believed to foster the growth of marine electronic navigation system market.
The global marine electronic navigation system market is segmented into component, end-user and region. Further, 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 terms of regional platform, Asia-Pacific region captured the largest market of marine electronic navigation system in terms of revenue in 2016. Additionally, Asia-Pacific region is believed to continue its dominance over the forecast period owing to growing ocean trade activity. Moreover, China and India are projected to dominate the Asia-Pacific marine electronic navigation system market due to increasing marine infrastructure investment.
North America region accounted the second largest market of marine electronic navigation system aided by U.S. and Canada. Further, rising demand for electronic navigation system from defense sector in North America region is envisioned to flourish the growth of marine electronic navigation system market. Europe region is projected to show a tremendous growth by the end of 2024. Moreover, Western Europe countries such as Germany and others are witnessing the augmented demand for marine electronic navigation system due to growing adoption of innovative electronic navigation system.
Market Segmentation
Our in-depth analysis segmented the global marine electronic navigation system market in the following segments:
By Component
- Electronic Chart Systems (ECS)
- Raster Chart Display Systems (RCDS)
- Electronic Chart Display and Information Systems (ECDIS).
By Application
- Ships
- Boats
- Remotely operated underwater vehicle (ROVs)
- Autonomous underwater vehicle (AUVs)
By End-User
- Defense
- Commercial
By Region
Global marine electronic navigation system market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Factors such as rising ocean trade activities, growing adoption of technologically advanced navigation system by defense sector for accurate navigation are expected to be the dynamic factor behind the rapid growth of marine electronic navigation system market across the globe. Moreover, rising safety concern at sea and adoption of electronic navigation for reducing the usage of paper charts are believed to bolster the growth of marine electronic navigation system market by end of 2024.
Furthermore, implementation of regulations to adopt electronic navigation system by international maritime organization (IMO) and growing research and development activities related to marine electronic navigation system by major key players are believed to flourish the growth of marine electronic navigation system market. Likely, growing GDP figures of emerging economics such as India and China coupled with rapid urbanization are envisioned to flourish the growth of marine electronic navigation system market.
However, low adoption rate regarding marine electronic navigation system is expected to hinder the growth of marine electronic navigation system market during the forecast period.
Top Featured Companies Dominating the Market
The major key players for marine electronic navigation system market are as follows
- Raytheon Anschütz GmbH
- Company Overview
- Key Product Offerings
- Business Strategy
- SWOT Analysis
- Financials
- 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.
