"Technological advancements and the emergence of the connected need for accurate and real-time tracking is 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 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.
Furthermore, in addition to the US, countries such as China, France, UK, and some of the Asian countries are considered to showcase a 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, this driving the growth of navigation equipment market in this region.
Some of the prominent players operating in the 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.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Navigation Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
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Technology Protocol
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
