Technological advancements and the emergence of the connected need for accurate and real-time tracking are likely to fuel the growth of the navigation equipment market.
Globally, the navigation equipment market is expected to grow with a CAGR of more than 5% during the forecast period from 2019 to 2027.
Navigation equipment was traditionally referred to as the services assisting in finding the correct route and path guidance. However, advanced navigational equipment is much more than just that. Technological advancements have improved navigation equipment in such a way that modern equipment encompasses multiple services and facilities with multiple features and capabilities.
This is primarily attributed to the growth in the adoption of navigation equipment across various industry verticals. Furthermore, factors such as the emergence of the need for more accurate, real-time tracking and monitoring facilities, rapid advancements in the aerospace, military, and defense industries, the emergence of mobile and internet technology, and the rise in demand for handy and effective portable systems are also expected to fuel the growth of the navigation equipment market during the forecast period.
With the increasing penetration of mobile and internet technologies, navigation systems will be adopted at a higher level. As this virtual technology supports the navigation system, developments in this technological segment are projected to largely contribute to the growth of this market. Moreover, improvisations in the navigation systems, such as the implementation of voice assistance and increased accuracy, and the ability to provide predictive updates, are offering substantial growth opportunities to the players operating in this market globally.
However, the pressure to maintain safety standards, issues with directional and distance accuracy, and storage limitations are some of the factors that are expected to restrain the growth of the navigation equipment market throughout the forecast period.
Market Synopsis
The marine navigation systems segment is expected to grow at the highest CAGR during the forecast period.
Based on type, marine navigation systems are projected to witness a growth of around 12% during the forecast period. The evolution of software and electronic appliances has helped with the enhancement of the design and development of marine navigation systems. Globally, the rise in naval security budgets combined with the prominence of maritime security is the primary factor driving the growth of this market segment.
In this market segment, defense and commercial consumers are the major end-users. The growing penetration of advanced technologies in this sector is likely to fuel the adoption of marine navigation systems.
North America is expected to dominate the market in the near future.
North America dominates the navigation equipment market, holding the largest market share of nearly 33% of the total revenue generated worldwide. North America, being a technologically advanced region, is experiencing notable growth in the navigation equipment market.
The presence of major companies operating in the navigation equipment market, high investments in research and development of advanced technologies, and the growing adoption of navigation systems in various personal, as well as commercial sectors are some of the factors attributed to the huge market for navigation systems in North America.
Furthermore, in addition to the US, countries such as China, France, the UK, and some Asian countries are considered to showcase significant potential in the global navigation equipment market during the forecast period. Other developing countries in the Asia-Pacific region are also investing in the market to strengthen their navigation capabilities, which is driving the growth of the navigation equipment market in this region.
Some of the prominent players operating in the navigation equipment market include Honeywell International Inc., Northrop Grumman, Rockwell Collins, KVH Industries, SAGEM, Raytheon Company, Advanced Navigation, SBG Systems, Trimble Navigation, and Atlantic Inertial System.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The navigation equipment market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global navigation equipment market based on type, technology, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of navigation equipment in 2018, and what is the forecast up to 2027?
Which is the largest regional market for the maritime navigation systems segment?
What are the major trends followed in navigation equipment across different regions?
Who are the key navigation equipment companies leading the market?
What are the key strategies adopted by the leading navigation equipment companies on the market?
Unique data points of this report
Statistics on navigation equipment penetration and spending worldwide
Recent trends across different regions in terms of the adoption of navigation equipment for various applications in various industries
Notable developments are going on in the navigation equipment market industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Question:
The market for Navigation Equipment Market is expected to reach USD$ XXin 2027.
The Navigation Equipment Market is expected to see significant CAGR growth over the coming years, at 5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
International Inc., Northrop Grumman, Rockwell Collins, KVH Industries, SAGEM, Raytheon Company, Advanced Navigation, SBG Systems, Trimble Navigation, and Atlantic Inertial System.are some of the major players in the global market.
