Slow yet steady growth of the shipbuilding industry to influence the future of marine radar systems
As per XploreMR, the global market for marine radars is expected to display slow growth during the period of assessment. The global marine radar market has been witnessing slow growth since past couple of years. As per this research report, the future of marine radars is dependent on seaborne trade, rate of fleet expansion and regulatory environment.
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It is also dependent on the shipbuilding industry as well as trends associated with technology update in the existing fleet. The shipbuilding industry is facing hard time since last few years however, it is anticipated to gain traction during latter half of the forecast period, ultimately influencing the growth of global radar systems market.
The research report reflects that the global Marine Radar market is expected to grow at a listless pace to reflect a CAGR of 2.9% throughout the period of assessment. In 2017, the global market for marine radars is valued at US$ 772 Mn and is estimated to reach a valuation more than US$ 1 Bn by the end of the year of assessment (2027).
Merchant Marine segment to lead the global market in terms of market share
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The performance of this segment is dependent on the construction of new ship as well as replacement rate in the existing fleet. Merchant marine segment in the application category is expected to grow at a value CAGR of 2.6% during the period of forecast 2017-2027. In 2017 this segment dominated the market by showing a high valuation a bit under US$ 430 Mn and is likely to continue with this trend in the coming years.
By 2027, this segment is anticipated to be the largest segment with a high revenue share thus leading the global market. Merchant marine involves medium and large vessels used for transportation of cargo. With respect to volume, the merchant marine segment is expected to reach above 14,000 units by the end of the year of assessment (2027).
Yacht/recreational application segment to register the second highest CAGR in terms of value during the forecast period
Yacht/recreational segment is expected to show high potential in the coming years. Increasing spending on recreational activities coupled with expanding tourism industry has dramatically increased the size of the fleet of recreational vessels especially in countries with higher income. This segment is expected to float at a relatively high value CAGR of 3.6% during the period of forecast, 2017-2027.
This segment is estimated to reach a value of a bit over US$ 100 Mn by the end of the year of assessment. Even though marked by high pace, this segment reflects a lower market share and value as each class of recreational vessels are not mandated to install marine radar systems unless they fall under the category of IMO.
Fishing vessel segment is the second largest segment from a value share standpoint. This segment is expected to reflect a valuation of more than US$ 240 Mn by the end of 2027 from a value of around US$ 180 Mn in 2017. Fishing vessels are mainly of two types, namely, commercial fishing vessels and recreational (Leisure) fishing vessels. The commercial fishing vessels are relatively larger & have to employ at least one marine radar system in compliance to the IMO rules and regulations. Large number of existing as well as newly ordered fishing vessels is estimated to play a crucial role for the growth of the segment
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