In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Navigational speed log is a navigation tool which is used to measure longitudinal and transversal speed of the ship with respect to sea bed and water. Navigation speed log provides accurate data as measured in a logical way. Further, speed logs are run with electric power. A speed log also provides data of water speed and distance traveled.
Global navigational speed log market is anticipated to grow at a robust pace during the forecast period i.e. 2017-2024. Factors such as rise in number of marine ships coupled with growing ocean trading activities all across the world are expected to foster the growth of global navigation speed log market during the forecast period.
In terms of geography, Asia Pacific is the largest market of navigation speed logs and is anticipated to experience a remarkable growth during the forecast period. Additionally, China, Japan, India and Singapore countries own large number of ships. Further, China, Japan, India & Singapore are expected to be the major contributors to the growth of navigation speed log market in Asia Pacific region during the forecast period.
Europe is the second leading market of navigation speed log. Further Europe navigation speed log market is expected to expand during the forecast period owing to growing seaborne trading activities in this region. Further, Germany and Greece are the dominating the Europe navigation speed log market due to large number of merchant vessels in these countries.
Moreover, North America navigation speed log market is likely to expand at a significant pace during the forecast period. Favorable government initiatives to strengthen their navy forces are the major factor which is augmenting the demand for navigation speed logs in war ships and submarines.
By application, ships and merchant vessels segments are anticipated to witness significant demand for navigation speed logs during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global navigation speed log market includes the following segments:
Global navigation speed log market is further classified on the basis of region as follows:
Global navigation speed log market is primarily driven by growing ocean trading activities all across the globe. Further, increasing application of navigation speed log in the ships due to need for continues tracking of data include speed, distance and other data is also a major factor which is likely to drive the growth of global navigation speed log market.
Furthermore, rising prevalence of merchant vessels for transportation purposes is also a major factor which is fostering the growth of global market. Additionally, favorable government initiatives to strengthen their naval forces are augmenting the number of warships and submarines in the ocean. This rise in number of ships and submarines is a key factor which is bolstering the growth of navigation speed log market.
Furthermore, growing water traffic due to raise in ocean tourism activities is anticipated to foster the growth of maritime industries. Further, this growing maritime industry is also expected to foster the demand for navigation speed log market during the forecast period.
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 global market of navigation speed log market. Moreover, this factor is projected to dampen the growth of global market in near future.