The global rate of turn indicator market is segmented into product type segment such as analog and digital rate of turn indicator. Among these segments, analog segment is believed to be the leading segment in the overall rate of turn indicator market by 2024. In addition to this,analog segment is projected to post a considerable CAGR during the forecast period.Likely, on-going advancement in the marine technology is predicted to bolster the growth ofrate of turn indicator market. Moreover, rising need to check the turn of the ship is also believed to flourish the growth of rate of turn indicator market.
Global rate of turn indicator market is projected to showcase a remarkable CAGR during the forecast period i.e. 2017-2024. Moreover, the global rate of turn indicator market is anticipated to reach notable revenue by 2024. Additionally, therate of turn indicator market is riding on the back various factors such as increasing government legislations and increasing number of ships.
In terms of regional platform, Asia-Pacific region contributed the largest market of rate of turn indicator in 2016. Further, China and Japan are the dominating countries in this region owing to increasing government spending on the development of marine industry. Moreover, globalization and positive GDP growth of this region is projected to foster the growth of rate of turn indicator market. Apart from this, Europe region captured the second largest market of rate of turn indicator in 2016 aided by Germany, Italy, The Netherlands and others.
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Increasing Seaborne Activities
Growing waterborne activities across the globe on the back of growing demand for oversea products due to swelled disposable income of the population is predicted to boost the demand for new ships which is projected to foster the growth of rate of turn indicator market. Moreover, increasing tourism by ships is also envisioned to foster the growth of rate of turn indicator market.
Strict Government Regulation
Stringent government regulations regarding marine safety and navigation devices are projected to foster the growth of rate of turn indicator market. Moreover, mandatory laws imposed by government such as ships of 50,000 gross tonnages and upwards have to be equipped with advanced safety and navigation devices. This factor is believed to plunge the market of rate of turn indicator.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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