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 : February, 2023 | 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

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?