DUBLIN--(BUSINESS WIRE)--The "Navigation Equipment Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
Globally, the navigation equipment market is expected to grow with a CAGR of more than 5% during the forecast period from 2021 to 2029.
Navigation equipment were traditionally referred to the services assisting to find a correct route and path guidance. However, advanced navigation equipment are much more than just that. Technological advancements have improved the 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 of adoption of navigation equipment across various industry verticals. Furthermore, factors such as emergence of need for more accurate, real-time tracking and monitoring facility, rapid advancements in aerospace, military and defense industry, emergence of mobile and internet technology, the rise in demand for handy and effective portable systems are also expected to fuel the growth of navigation equipment market during the forecast period.
With the increasing penetration of mobile and internet, navigation systems will be adopted on higher level. As this virtual technology supports the navigation system, developments in this technological segment is projected to largely contribute to the growth of this market. Moreover, improvisation in the navigation systems such as the implementation of voice assistance, increased accuracy and ability to provide predictive updates are offering substantial growth opportunities to the players operating in this market, globally. However, the pressure to maintain the safety standards, issues with directional and distance accuracy and storage limitations are some of the factors that are expected to restrain the growth of navigation equipment market throughout the forecast period.
The marine navigation systems segment is expected to grow at the highest CAGR during the forecast period
Based on type, marine navigation system is projected to witness a growth of around 12% during the forecast period. The evolution of software and electronic appliances has helped for the enhancement of design and development of marine navigation systems. Globally, rise in naval security budgets combined with prominence on maritime security is the primary factor driving the growth of this market segment. In this market segment, defense and commercial constitutes are the major end-users. 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 near future
North America dominates the navigation equipment market by holding largest market share of nearly 33% of the total revenue generated worldwide. North America being technologically advanced region, is experiencing a notable growth in the navigation equipment market. Presence of major companies operating in the navigation equipment market, high investments in research and development of advanced technologies, growing adoption of navigation systems in various personal as well as commercial sectors, are some of the factors attributed to the huge market of navigation systems in North America.
Companies Mentioned
- Honeywell International Inc.
- Northrop Grunman
- Rockwell Collins
- KVH Industries
- SAGEM
- Raytheon Company
- Advanced Navigation
- SBG Systems
- Trimble Navigation
- Atlantic Inertial System
Key questions answered in this report
- What was the market size of Navigation Equipment in 2020 and forecast up to 2029?
- Which is the largest regional market for 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 in the market?
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
3.1 Introduction
3.1.1 Global NE Market Value, 2019 - 2029, (US$ Bn)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends
3.5 Attractive Investment Proposition, by Geography, 2020
3.6 Competitive Analysis
3.6.1 Market Positioning of Key NE Vendors, 2020
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Navigation Equipment (NE) Market Analysis, by Type, 2019 - 2029 (US$ Bn)
4.1 Overview
4.2 Automotive Navigation System
4.3 Global Positioning System (GPS)
4.4 Marine Navigation System
4.5 Surgical Navigation System
4.6 Inertial Navigation System
4.7 Robotic Navigation
4.8 Others
Chapter 5 Global Navigation Equipment (NE) Market Analysis, by Technology Protocol, 2019 - 2029 (US$ Bn)
5.1 Overview
5.2 Mechanical
5.3 Ring Laser Gyro (RLG)
5.4 Fiber Optic Gyro (FOG)
5.5 Resonator Gyro
5.6 Vibrating Gyro
5.7 Others
Chapter 6 Global Navigation Equipment (NE) Market Analysis, by End User, 2019 - 2029 (US$ Bn)
6.1 Overview
6.2 Defense
6.2.1 Military
6.2.2 Space/Satellite
6.2.3 Others
6.3 Commercial
6.3.1 Aviation
6.3.2 Maritime
6.3.3 Transportation
6.3.4 Fleet Management
6.3.5 Automotive
6.3.6 Others
Chapter 7 North America Navigation Equipment (NE) Market Analysis, 2019 - 2029 (US$ Bn)
Chapter 8 Europe Navigation Equipment (NE) Market Analysis, 2019 - 2029 (US$ Bn)
Chapter 9 Asia Pacific Navigation Equipment (NE) Market Analysis, 2019 - 2029 (US$ Bn)
Chapter 10 Rest of the World (RoW) Navigation Equipment (NE) Market Analysis, 2019 - 2029 (US$ Bn)
Chapter 11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/vs51ge
