In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Navigation speed log is an electronic instrument which is used to measure longitudinal and transversal speed of the ship. This navigation tool can measure a ship’s surface velocity. There are mainly two type of speed logs which are used in ships or vessels including doppler speed logs and electromagnetic speed logs.
China navigation speed log market is projected to grow at significant pace during the forecast period i.e. 2017-2024. Factors such as, presence of massive naval forces and great water transport potential in China are some of the major factors which are likely to fuel the growth of china navigation speed log market over the forecast period.
Further, China navigation speed log market is segmented into product type, application and region. Further, product type segment has been sub-segmented into doppler speed log and electromagnetic speed log. Additionally, doppler segment has been the dominating segment of the China navigation speed log market.
By application, China navigation speed log market is further segmented into ships, submarines, boats, merchant vessels, yacht and others. Sips and submarine segments are expected to witness remarkable demand for navigation speed logs owing to favorable government initiatives to strengthen the naval forces and increasing number of ships, marines and submarines in china.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the China navigation speed log market includes the following segments:
Factors such as presences of one of the largest naval forces and significant potential off water transportation in China are driving the growth of China navigation speed log market. Further, increasing number of marine ships including attack submarines, ballistic missile submarines, small surface ships, large surface ships and aircraft carriers in China naval forces is also fueling the demand for navigation speed logs n this country.
Furthermore, rising enhancement inland waterway transportation infrastructure in China is also a major factor which is projected to escalate the growth of China navigation speed log market in near future.
Moreover, presence of potential shipping ports including port of Shanghai, port of Shenzhen, port of Ningbo and other shipping ports are increasing the number of merchant vessels at these ports. Further, rise in number of merchant vessels are likely to fuel the demand for navigation speed log in China country.
Additionally, enhancement of in-land water transportation infrastructure in China is also a major driver towards the growth of China navigation speed log market.
However, error occurred in navigation speed logs due to factors such as change in ship motion, due to rolling and pitching, due to inaccuracy in measurement of comparison frequency is a major challenge confronting the China navigation speed log market. Further, this factor is anticipated to hamper the growth of the market in near future.