Ship Indicators Market Report
Ship Indicators Market, By Type (Analog Display, Digital Display), By Application (Passenger Vessels, Cargo Vessels, Naval Vessels, Fishing Vessels, Scientific Research Ships, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global ship indicators market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Ship Indicators Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of xx% during the forecast period.
Ship indicators include analog and digital indicators which help in precise mobility and traveling of the ship and help to avoid any accidents. It includes instruments and gauges which are commonly used in the shipbuilding sector to ensure smooth travel of the ship.
Key players operating in the ship indicators market are-
Some of the factor likely to spur market growth in the coming years are-
Also, the lack of sailors is expected to boost the adoption of automated systems, which, in turn, drives the demand for ship indicators. Moreover, a surge in marine accidents caused by human errors leads to financial losses as well as harm to the marine ecosystem, further offering lucrative opportunities to the industry players.
Based on application, the ship indicators market is categorized into passenger vessels, cargo vessels, naval vessels, fishing vessels, scientific research ships, and others. The naval vessels segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising adoption of a naval vessel in defense and security applications as well as the presence of highly automated digital indicator systems. Moreover, the growing demand for network-centric warfare, survivability, situational awareness, and qualitative naval superiority, further bolsters the segment growth.
By region, the European market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing offshore oil and gas exploration activities as well rising military expenditure in the region. Also, the strong shipbuilding sector in the Nordic countries coupled with strong scientific marine exploration in Western Europe further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the Ship Indicators industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The end-user of underwater exploration robots such as defense & security and scientific exploration was adversely affected by the temporary shutdown of defense activities, thus affecting the market growth amid the pandemic.
Here is the list of the group of customers that the ship indicators market hopes to have the greatest opportunity to convert-
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King Gage (US), Alphatron Marine, SCM Sistemas (Spain), JOWA (Belgium), Kobelt (Canada), Gems Sensors, Scan-Steering (Denmark), Kwant Controls (Netherlands), Raytheon Anschutz (Ger-many), and Marinelec (France) are among the key players in the ship indicators market.
Rising offshore oil & gas exploration, growing seaborne trade, and increasing maritime tourism are the factors driving the growth of ship indicators market.
The naval vessels segment is expected to register a healthy CAGR in the ship indicators market in the coming years.
Europe accounted for the largest share in the ship indicators market during the forecast period.
Ship Indicators vendors, Ship Indicators retailers, Navy ship companies, Fishing companies are the target audience in the ship indicators market.
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