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.
Digital course recorder is also known as gyro recorder. Digital course recorder is a navigation instrument for recording the course of a ship. The record is drawn on a continuous paper belt. The digital course recorder is operated from gyrocompass. Digital Course recorder is widely adopted by ships to record their course. Digital Course recorder automatically records the data and further it help for navigation purposes.
The global digital course recorder market is expected to grow at a compound annual growth rate (CAGR) of 5.4% over the forecast period i.e. 2017-2024. Further, the digital course recorder market is riding on the back of growing marine industry across the globe. Moreover, growing maritime transportation and increasing number of ships are believed to foster the growth of digital course recorder market.
In terms of geography, Asia-Pacific region is believed to dominate the global digital course recorder market by the end of 2024. Further, growing ocean trade and Positive GDP figures of the countries are projected to flourish the growth of digital course recorder market. Moreover, China and Japan are the major countries witnessing the augmented demand due to large marine infrastructure. Likely, rising adoption of innovative navigation technology by ships in Asia-Pacific region is predicted to fuel the growth of digital course recorder market. Furthermore, presence of major ship building manufactures in this region is also expected to bolster the growth of digital course recorder market.
Europe region captured the second largest market of digital course recorder market in terms of revenue in 2016. Additionally, the growth of Europe digital course recorder market is attributed to various factors such as growing adoption of advance navigation system and rising international seaborne trade. Likely, Western Europe countries such as Germany and others are the prominent countries in the market of digital course recorder.
North America is projected to be the fastest growing digital course recorder market during the forecast period. Further, U.S. is the dominating country in this region due to high adoption of navigation equipment by naval forces such as submarines, warships and others. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global digital course recorder market in the following segments:
By Distribution Channel
Global digital course recorder market is further classified on the basis of region as follows:
Rising adoption of technologically advanced navigation system by defense sector for accurate navigation is believed to be the major factor behind rapid growth of digital course recorder market across the globe. Further, growing number of waterborne activities and rising number of ships across the globe are envisioned to boost the growth of the marine industry which in turn is expected to boost the growth of the digital course recorder market.
Moreover, growing GDP figures of developed and developing nations is likely to propel the global economic trade volume and stringent policies by government for the installation of navigation system are projected to bolster the growth of digital course recorder market by the end of 2024. Furthermore adoption of energy efficient navigation system is predicted to boost the demand for digital course recorder. Additionally, this factor is expected to flourish the growth of digital course recorder market. Likely, growing research and development activities in the field of marine navigation by major key vendors is also anticipated to fuel the growth of digital course recorder market.
However, various marine transportation problems such as slow rate of integration of land and water trade are likely to restrain the development of marine industry which is likely to dampen the growth of global digital course recorder market.
The major key players for digital course recorder market are as follows