Search, Detection, And Navigation Instruments Global Market To Reach Value Of About $200 Billion In 2025
6 Oct, 2021
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.
Global Search, Detection, And Navigation Instruments Market Size And Drivers:
The global search, detection, and navigation instruments market is expected to grow from $159.3 billion in 2020 to $167.35 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $199.65 billion in 2025 at a CAGR of 5%. The increasing demand from civilian and defense aircraft manufacturing industries drove the market for search, detection and navigation instruments.
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Trends In The Global Search, Detection, And Navigation Instruments Market
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, 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.
Global Search, Detection, And Navigation Instruments Market Segments:
The global search, detection, and navigation instruments market is further segmented –
By Type: Compasses, Aeronautical and Space Navigation Instruments, Nautical Navigation Instruments, Radio Navigational Aid Apparatus
By Application: Marine, Aviation, Military, Others
By Geography: The global search, detection, and navigation instruments market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/search-detection-and-navigation-instruments-global-market-reportSearch, Detection, And Navigation Instruments Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides search, detection, and navigation instruments market overviews, analyzes and forecasts market size and growth for the global search, detection, and navigation instruments market, search, detection, and navigation instruments market share, search, detection, and navigation instruments market players, search, detection, and navigation instruments market segments and geographies, search, detection, and navigation instruments market’s leading competitors’ revenues, profiles and market shares. The search, detection, and navigation instruments market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.