Marine Radar Market Revenue is Expected to Reach US$ 1 Bn by 2027Posted by Pradnya Kulkarni on November 20th, 2017 According to the research report titled “Marine Radar Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” published by Future Market Insights, the global market is expected to witness sluggish growth in the years to come. The main reason for the slow growth is a marked decline in the shipbuilding industry in the recent past. This slow growth has reduced the number of marine radar systems installations to a certain extent. The research publication explains several aspects that have a negative influence over the growth of the global marine radar market and also few recommendations that will impact businesses in the coming years. The report covers exhaustive analysis of various segments across key regions such as North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA) during the period 2017-2027. This 10 year forecast will help gauge the growth direction of the market and help key stakeholders understand how to plant strategic seeds in the future to achieve stability during the said period. Global Marine Radar Market: Forecast Insights The global market for marine radars is expected to grow at a slow rate to reflect a CAGR of 2.9% during the period of forecast. From a value of around US$ 770 Mn in 2017, the global marine radar market is estimated to reach around US$ 1 Bn by the end of the assessment year (2027). Global Marine Radar Market: Dynamics Drivers- Growing international trade and technology exchange coupled with increasing defence spending is expected to drive the global market Challenges- Uncertainties in the shipbuilding industry and state restrictions for private sector in defence technology are the main restraints hindering revenue growth of the global marine radar market Opportunities- Opening channels through technology exchange agreements and tapping the markets in several developing countries can provide high growth opportunities in the coming years Trends- Intensifying new product development and technology up-gradations along with political regimes to escalate the regional shipbuilding industry are some of the trends influencing the growth of the market Global Marine Radar Market: Segmental Snapshot The global marine radar market is segmented by product type, application and region.
Global Marine Radar Market: Competition Scenario The report on the global marine radar market covers detailed competitive analysis in which several key marine radar players are profiled. This section features major companies such as FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd., BAE Systems, Johnson Outdoors Inc., Alphatron Marine BV, Garmin, Wärtsilä SAM Electronics GmbH, Transas Marine International AB, FLIR Systems, Inc., Navico Inc., TOKYO KEIKI INC., GEM Elettronica, Rutter Inc., Kelvin Hughes Limited, Koden Electronics Co., Ltd., and Kongsberg Maritime AS. Buy Marine Radar Market Research Report@ https://www.futuremarketinsights.com/checkout/4258 Like it? Share it!More by this author |