The global marine chartplotter market is estimated to register a CAGR of nearly 12.01% during the forecast period.
Marine Chartplotter MarketMarine Chartplotter Market Market Highlights
The global marine chartplotter market is expected to witness phenomenal growth during the forecast period due to increasing adoption of SONAR systems for search and rescue operations and rising use of anti-submarine warfare systems. Furthermore, the upgrade of existing boats with devices such as marine chartplotters is expected to encourage market growth during the forecast period. A marine chartplotter is a critical hardware that provides safety to the naval vessel. Chartplotter systems help in the detection of fish, which, in turn, is expected to drive the market growth during the forecast period.
The global marine chartplotter market has been segmented on the basis of component, application, end use, and region.
Based on component, the market has been segmented into hardware and software. Hardware was a larger segment in 2018, while software is projected to be the faster-growing segment during the review period. The hardware segment includes displays, radar, sonar/GPS, and others. The sonar/GPS sub-segment is expected to register the highest CAGR during the forecast period. Increasing use of chartplotter devices for finding fish is expected to drive the growth of the segment during the forecast period.
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Marine Chartplotter MarketBy application, the global marine chartplotter market has been classified as navigation, fish finders, and others. Navigation was the largest segment in 2018, whereas fish finders is estimated to be the fastest-growing segment during the review period. The growth of the fish finders segment can be attributed to the increasing use of boats for leisure purposes across the globe.
On the basis of end use, the market has been classified as yachts and boats. Boats was the largest segment in 2018, and the yachts segment is expected to register a higher CAGR during the forecast period. Upgradation of existing yachts is expected to drive the growth of the segment during the forecast period.
Based on region, the global marine chartplotter market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market in 2018. However, the market in Asia-Pacific is estimated to be the fastest-growing during the forecast period. High naval investments in Asia-Pacific are expected to drive the market in the region during the forecast period.
Key Players
The key players in the global marine chartplotter market are Simrad (Norway), Lowrance (US), Garmin Ltd (US), ONWA Marine Electronics Co. Ltd (Hong Kong), FLIR Systems (Raymarine) (US), B&G (US), Furuno Electric Co., Ltd (Japan), Humminbird (US), Navionics srl (Italy), and Japan Marina Co., Ltd (Japan).
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