New York, May 17, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Search, Detection, And Navigation Instruments Global Market Report 2021: COVID 19 Impact and Recovery to 2030″ – https: // www. reportlinker.com/p06072084/?utm_source=GNW
The global search, detection and navigation devices 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 companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 199.65 billion in 2025 with a CAGR of 5%.
The search, detection and navigation instruments market consists of the sale of search, detection and navigation instruments and associated services used for search, detection, recording and guidance and for determining speed and the direction to arrive at the destination point. detection and navigation instruments refer to the instruments used by mariners and nautical pilots as tools for their profession.
Some of the search, detection and navigation instruments include aeronautical instruments, navigation and guidance systems, SONAR and RADAR system equipment.
Growing demand from the civil aircraft manufacturing and defense industries has driven the market for search, detection and navigation instruments.
The increase in the number of workgroups and the demographics of the middle class will positively affect demand: for example, in 2020, Airbus invested $ 1 billion to manufacture 63 A320 Family aircraft per month, starting in 2021 .
Hence, increasing demand from civil and defense aircraft manufacturers is expected to drive the search, detection and navigation instruments market.
Strict tariff regulations have limited the growth in the manufacture of search, detection and navigation instruments.Governments around the world are imposing tariffs due to trade wars between countries, national defense or the reduction of monopoly powers, the volatility of oil prices and the volatility of international trade.
The World Trade Organization has allowed the United States to tax European exports up to $ 7.5 billion a year. As a result, the United States imposed tariffs of 10% on imports of large civil aircraft and industrial products, among others, from the European Union. Tariffs could raise the prices of US companies that import goods and machinery, thus increasing spending. The increase in import duties and taxes is negatively impacting the growth of the search, detection and navigation instruments market.
The Searching, Sensing and Navigating Instruments market covered in this report is segmented by Type into Compasses, Aeronautical and Space Navigational Instruments, Nautical Navigational Instruments, and Radio Navigational Aids.
Companies in the maritime industry prefer navigation instruments integrated with augmented reality (AR) .AR is a technology that reflects digital information in the real world.
Navigation systems integrated with AR technology provide great support to mariners in vessel handling and related operations. For example, Mitsui OSK Lines (MOL) planned to install AR navigation systems on 21 very large crude oil carriers (VLCCs) operated by them. This navigation system will overlay real-time video images and voyage information and provide visual support to crew members during their surveillance and navigation operations. The benefits provided by real-time AR technology will increase the demand for instruments with such advanced technology.
In January 2020, BAE Systems, a British multinational defense, security and aerospace company, acquired the military GPS business of United Technologies for $ 1.93 billion. The acquisition of the GPS business from United Technologies will strengthen the professional and technical capabilities of BAE Systems to provide a more complete portfolio of solutions and adds new technology for BAE Systems that is compatible with industry standard equipment and contributes to the growing product line. United Technologies is an American multinational conglomerate that is engaged in the research and manufacturing of products in many fields, including aircraft engines, aerospace systems and industrial products.
Read the full report: https://www.reportlinker.com/p06072084/?utm_source=GNW
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.