iCrowdNewswire Jan 27, 2021 3:00 AM ET
Search, Detection, And Navigation Instruments Market:
WiseGuyReports.com adds “Global Search, Detection, And Navigation Instruments Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
Companies in the marine industry are preferring navigation instruments incorporated with augmented reality (AR). AR is a technology that reflects the digital information in the real world. Navigation systems integrated with AR technology provide great support to the sailors in ship keeping and related operations. For instance, in 2018, Mitsui O.S.K. Lines (MOL) planned to install AR navigation systems on 21 very large crude oil carriers (VLCCs) operated by them. This navigation system will superimpose real-time video imagery and voyage information and provide support to crewmembers during their watch-keeping and ship operations visually. The benefits provided by AR technology in real time will increase the demand for instruments with such advanced technology.
The search, detection, and navigation instruments market consist of sales of search, detection and navigation instruments and related services used for searching, detecting, recording and guiding and to determine the speed, and direction to arrive at the point of destination. The search, detection, and navigation instruments refer to the instruments used by nautical navigators and pilots as tools for their trade. Some of the search, detection, and navigation instruments include aeronautical instruments, navigation and guidance systems, SONAR and RADAR systems equipment.
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The global search, detection, and navigation instruments market was worth $175.14 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 6.13% and reach $222.22 billion by 2023.
The search, detection and navigation instruments market covered in this report is segmented by type into compasses, aeronautical and space navigation instruments, nautical navigation instruments and radio navigational aid apparatus.
The search, detection, and navigation instruments market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia-Pacific was the largest region in the search, detection, and navigation instruments market in 2019. Asia-Pacific region is expected to be the fastest growing region in the search, detection, and navigation instruments market in forecast period.
The increasing demand from civilian and defense aircraft manufacturing industries drove the market for search, detection and navigation instruments. The increasing demand was supported by rising disposable income, increasing air travel and military usage. Rise in working group and middle-class demography will affect the demand positively. For instance, in 2020, Airbus invested $1 billion to manufacture 63 A320 Family aircraft per month, beginning in 2021. Therefore, the increasing demand from civilian and defense aircraft manufacturing companies is expected to drive the market for search, detection and navigation instruments.
Stringent regulations on tariffs limited the growth of search, detection and navigation instruments manufacturing. Governments across the world are imposing tariffs owing to trade wars between countries, national defense or curtailment of monopoly powers, volatile oil prices and volatility in international trade. In October 2018, the World Trade Organization permitted the USA to tax European exports as much as $7.5 billion annually. As a result, the USA has imposed tariffs of 10% on imports of large civil aircraft, and industrial products among other goods from the European Union. The tariffs could raise prices for American companies importing goods and machinery thereby increasing the expenses. The increase in the import duties and taxes has a negative impact on search, detection, and navigational instruments market growth.
In January 2020, BAE systems, a British multinational defense, security and aerospace company acquired military GPS business from United Technologies for $1.93 Billion. The acquisition of GPS business from United Technologies will strengthen the professional and technical capabilities of BAE Systems to provide more comprehensive portfolio of solutions and adds new technology for BAE Systems that is compatible with industry-standard equipment and helps for the increasing product line. United Technologies is an American multinational conglomerate which operates in the fields of researches and manufacturing products in numerous areas, including aircraft engines, aerospace systems and industrial products.
Major players in the market are BAE Systems Plc, Leonardo S.p.A, Raytheon, Thales Group, United Technologies Corp., Agilent Technologies, Siemens Medical Solutions, Boeing, and Thermo Fisher Scientific.Search, Detection and Navigation Instruments Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global search, detection and navigation instruments market.
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