What Is The Current and Historic Market Size Analysis Of The Search Detection And Navigation Instruments Market?
The search detection and navigation instruments market has seen considerable growth due to a variety of factors.
• In the recent past, there has been substantial growth in the market size of search, detection, and navigation instruments. The market, which stands at $318.94 billion in 2024, is forecasted to reach $344.99 billion by 2025, growing at a compound annual growth rate (CAGR) of 8.2%.
The historic progress in the market can be traced back to developments in aviation, maritime navigation, scientific exploration, and the industrial and manufacturing sectors.
What Is The Forecast For The Search Detection And Navigation Instruments Market Size?
The search detection and navigation instruments market is expected to maintain its strong growth trajectory in upcoming years.
• The market for search, detection, and navigation instruments is predicted to experience substantial growth in the upcoming years. The market is forecasted to reach $453.39 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%.
The predicted growth during this period can be attributed to the increased usage of autonomous vehicles and drones, environmental monitoring, healthcare and medical imaging, and space exploration. Key trends expected during this forecast period include miniaturization and portability, multi-sensor integration, remote sensing and Internet of Things (IoT), non-invasive imaging, and improved data visualization.
What Are The Essential Drivers Behind The Growth Of The Search Detection And Navigation Instruments Market?
The market for search, detection, and navigation instruments has seen an upswing due to growing needs from both civilian and defense sectors involved in aircraft production. This surge has been propelled by several contributors such as increased disposable income, a rise in air travel, and applications within the military domain. Additionally, the expansion of the working class and middle income bracket has had a positive impact. For example, data from the International Trade Administration, a UK government body, indicates that the aerospace sector saw revenue hitting approximately $22 billion, which included $9.5 billion in 2021, slated to rise to $34.5 billion by 2022. This clearly highlights the strong demand from civilian and defense aircraft production sectors, which is anticipated to play a major role in driving the market for search, detection, and navigation instruments.
How Is The Global Search Detection And Navigation Instruments Market Divided Into Key Segments?
The search, detection, and navigation instruments market covered in this report is segmented –
1) By Type: Compasses, Aeronautical And Space Navigation Instruments, Nautical Navigation Instruments, Radio Navigational Aid Apparatus
2) By Technology: Radio Frequency Identification based(RFID), Cellular, Network, Bluetooth, Remote Sensing Services, Real Time Kinetic, Other Technologies
3) By Application: Marine, Aviation, Military, Other Applications
Subsegments:
1) By Compasses: Magnetic Compasses, Gyroscopic Compasses, Digital Compasses
2) By Aeronautical And Space Navigation Instruments: Altimeters, Airspeed Indicators, Flight Management Systems, GPS Receivers, Inertial Navigation Systems
3) By Nautical Navigation Instruments: Echo Sounders, Radar Systems, GPS Navigation Systems, Depth Finders
4) By Radio Navigational Aid Apparatus: VOR (VHF Omnidirectional Range) Systems, DME (Distance Measuring Equipment), ILS (Instrument Landing Systems), Radar Beacons, Loran-C Systems
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How Are New Trends Impacting The Size Of The Search Detection And Navigation Instruments Market?
Firms in the marine sector are increasingly finding value in navigation tools that integrate augmented reality (AR). AR is an innovative technology that superimposes digital data onto the physical world. Sailors greatly benefit from navigation systems that have AR for tasks associated with ship maintenance and other relevant operations. An example is the Mitsui O.S.K. Lines' (MOL) plan to equip 21 of their very large crude oil carriers (VLCCs) with AR navigation systems. This revolutionary system overlays real-time video images and voyage specifics to visually aid crewmembers in their watch-keeping and ship operation duties. The real-time benefits offered by AR technology are likely to result in a higher demand for instruments that utilize such high-tech advancements.
Who Are the Key Players In The Search Detection And Navigation Instruments Market?
Major companies operating in the search
• detection
• and navigation instruments market include:
• BAE Systems Plc
• Leonardo S.p.A
• Raytheon
• Thales Group
• United Technologies Corp.
• Agilent Technologies
• Honeywell International Inc
• Northrop Grumman Corporation
• Moog Inc
• Garmin International Inc
• GE Aviation Systems
• Smiths Group North America Inc
• Herman Becker Auto Systems Inc
• Lockheed Martin Corporation
• Rockwell Collins Inc.
• Garmin Ltd.
• Trimble Inc.
• FLIR Systems Inc.
• Teledyne Technologies Inc.
• L3Harris Technologies Inc.
• Safran S.A.
• Cobham plc
• Kratos Defense & Security Solutions Inc.
• Ultra Electronics Holdings plc
• Curtiss-Wright Corporation
• Esterline Technologies Corporation
• Cubic Corporation
• OSI Systems Inc.
• Elbit Systems Ltd.
• Harris Corporation
• KVH Industries Inc.
• NovAtel Inc.
What Are The Regional Insights Into The Search Detection And Navigation Instruments Market?
Asia-Pacific was the largest region in the search, detection, and navigation instruments market in 2023. North America was the second-largest region in the search, detection, and navigation instruments market. The regions covered in the search, detection, and navigation instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
