Our in-depth analysis segmented the global marine electronic navigation system market in the following segments:
Global marine electronic navigation system market is further classified on the basis of region as follows:
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.
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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.
The major key players for marine electronic navigation system market are as follows
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.