According to a new market research report published by Credence Research “Global Navigation Equipment Market (Type (Automotive Navigation System, Global Positioning System, Marine Navigation System, Surgical Navigation System, Inertial Navigation System, Robotic Navigation), Technology (Mechanical, Ring Laser Gyro, FOG, Resonator Gyro, Vibrating Gyro), End User (Defense and Commercial)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall navigation equipment market worldwide is set to grow with a CAGR of more than 5% during the forecast period from 2019 to 2027.
The global navigation equipment market is highly driven by growing penetration of mobile and internet technologies. Additionally, growing need for more accurate, real-time tracking and monitoring facility, rapid advancements in aerospace, military and defense industry are also expected to fuel the growth of navigation equipment market during the forecast period. Furthermore, there is rapid development in user interface and responsiveness of these systems which is also anticipated to fuel the market growth. The navigation equipment providers collaborate with wireless network providers for data access, which works for the development of the market.
Moreover, improvisation in the navigation systems such as voice assistants, increased accuracy and ability to provide predictive updates are likely to offer significant 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 during the forecast period.
Based on type, the marine navigation system is projected to witness a growth of around 12% during the forecast period. The technological evolution has led to enhancements in the design and development of marine navigation systems. Growing penetration of advanced technologies in various industrial sectors are likely to fuel the adoption of marine navigation systems.
Based on geography, North America dominates the navigation equipment market by holding the largest market share of nearly 33% of the total revenue generated worldwide. As US is a technological hub, a large number of companies operating in the navigation equipment market have a huge presence in this country. Additionally, the companies and government organizations conduct high investments in research and development of advanced technologies. Growing adoption of navigation systems in various personal, as well as commercial sectors, also attributed to the huge market of navigation systems in North America.
Though North America dominates the market, Asia-Pacific is expected to witness the highest growth during the forecast period. Emerging countries such as India and China are considered to showcase a significant potential in the global navigation equipment market, during the forecast period. Other countries in Europe, Asia-Pacific, and the Middle East region are also investing in the market, to strengthen their navigation capabilities, this driving the growth of navigation equipment market in this region.
Some of the major companies profiled in the report include Navigation Equipment Market include Honeywell International Inc., Northrop Grunman, Rockwell Collins, KVH Industries, SAGEM, Raytheon Company, Advanced Navigation, SBG Systems, Trimble Navigation and Atlantic Inertial System.
Browse the full report at https://www.credenceresearch.com/report/navigation-equipment-market
The Global Navigation Equipment Market is Segmented into:
|Segmentation||By Type Segment (2017–2027; US$ Mn)|
|By Technology Protocol Segment (2017–2027; US$ Mn)|
|By End User Segment (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page