Marine GPS Equipment Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

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Marine GPS Equipment Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

Status : May, 2021 | Semiconductor & Electronics

Report Digest

Global Marine GPS Equipment Market: Overview

As mariners and oceanographers increasingly depend on marine GPS equipment for better safety and research outcomes respectively, the market for marine GPS equipment is set to grow at a notable pace. This will bring players a plethora of growth opportunities in the forecast period of 2018 to 2028. Additionally, growth in steel and construction industry will lead to higher demand for marine GPS equipment over the stated period.

Global Marine GPS Equipment Market: Competitive Landscape

The global marine GPS equipment market has a decent number of players and they are highly focused on technological advancement as that would lead to a greater market share over the forecast period, being an important growth determinant. It is significant to note here that this has a direct bearing on product development.

Besides, in order to beat competition, players look to expand geographic reach, tapping into regions with novel growth opportunities. Often this leads to deployment of strategies such as mergers and acquisitions, and partnerships and collaborations. As a better market penetration is provided by the stated means, share in the market grows. Often it is a result of combining resources and finances.

Some of the significant players in the global marine GPS equipment market are spelled out below:

  • Garmin Ltd.
  • Navico
  • Humminbird
  • Send SMSNitya Marine
  • CLR Marine LLC
  • Vetus

Global Marine GPS Equipment Market: Key Trends and Drivers

Over the forecast period, a slew of trends and growth drivers will propel the global marine GPS market over to high growth domain. Some of the most significant factors are outline below:

  • Growing demand for vessel safety owing to presence of numerous waterway dangers and growing vessel traffic is leading to higher demand for marine GPS equipment as it allows for better navigation and helps pin point accurate location. Additionally, it helps with the optimum speed to allow for better safety. This is leading to a reduction in cases of misdirected containers as well as lost containers. It adds significantly to reducing operational costs. It also contributed to ship traffic control, smoothening creases in operations and improving safety.
  • In oil and gas industry, marine GPS equipment plays a crucial role in sea floor mapping, offshore positioning, underwater detection and exploration, and dredging and drilling operations. Pipeline and routing and sediment monitoring also make use of the marine GPS equipment in the industry. As this expands, so does demand for this equipment.
  • Fish hotbeds are often found using marine GPS equipment. Thus it is not uncommon to witness commercial fishing fleet using it. Besides, governments are directing efforts towards improvement in information systems, driving growth in marine GPS equipment market.

Global Marine GPS Equipment Market: Regional Analysis

Over the forecast period, important regional markets would be North America and Asia Pacific - the former for its market share and the latter for its growth prospects. As industries such as steel and construction expand across these regions, demand for marine GPS equipment would see an upward facing curve. It is worth noting here that just in terms of construction volumes over the next 10 years, the world will witness an increase of 85% and of this, 57% would be held by United States of America, China, and India.

Market Segmentation:

By Type:

  • Multifunction Displays GPS
  • Handheld GPS
  • Fish Finder GPS
  • Other

By Display Size:

  • 2-2.9 Inches
  • 3-3.9 Inches
  • 4-4.9 Inches
  • 5-6.9 Inches
  • Over 7 inches

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?