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 : August, 2020 | Semiconductor & Electronics | PPT format

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

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.