Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our in-depth analysis segmented the global marine electronic navigation system market in the following segments:
By Component
By Application
By End-User
By Region
Global marine electronic navigation system market is further classified on the basis of region as follows:
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.
Key players
The major key players for marine electronic navigation system market are as follows
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global marine electronic navigation system market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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