Marine Chartplotter Market
Marine Chartplotter Market Size was valued at USD 0.7 Billion in 2022. The Marine Chartplotter market industry is projected to grow from USD 0.74 Billion in 2023 to USD 1.28 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.0% during the forecast period (2023 - 2032).
A chartplotter is a gadget that displays a location on a map using the global positioning system (GPS). Maps come pre-installed on this device. Chartplotters are commonly used in boats to examine a vessel's position and environmental condition to advise the operator of any undersea trash. The device displays real-time data like a vessel's direction and speeds while also calculating the journey duration.
Owners of boats could preload navigation paths on chartplotters and update them at any time while on the water. Chartplotters can save several routes for later use. Each path comprises many waypoints to prevent risks like reefs and shallow rocks. These barriers are visualized on maps utilizing latitude and longitude coordinates. If the boat veers off course, the device alerts the user.
The Marine Chartplotter Market report published by Market Research Future (MRFR), a rapidly growing start-up, reveals indispensable insights into the market. The marine chartplotter market research by MRFR shed light on the marine chartplotter industry estimates till 2025. The rise in sea trading is creating the need for marine chartplotters. The growing concern for naval security due to suspicious militant activities is observed to gain traction for marine chartplotter for assessing the exact location and surrounding environment of vessels.
Market Segmentation
The worldwide marine chartplotter market has been divided into hardware and software segments based on components. The software segment is anticipated to have the highest CAGR during the forecast period. The segmental is projected to grow during the predicted period due to continuous advancements in chartplotter functions via software releases. Regular software upgrades also allow chartplotter manufacturers to introduce new navigation tools and maps that users can download via the Internet.
The market has been segmented into fish finders, navigation, and other applications depending on the application. The fish finders’ segment is anticipated to grow at the fastest rate during the projected period. The fish finder is a chartplotter feature that employs sonar technology to find fish underwater. The fish finder feature is becoming more popular in chartplotters, fueling the segment's development.
The global Marine Chartplotter Market has already been divided into two types of end users: yachts and boats. Due to the rising demand for boat upgrades, the yachts market is likely to grow faster during the projection period. In addition, chartplotters' many functions are likely to boost their use in boats for navigation and security concerns.
Key Players
Marine Chartplotter Market Players is Simrad (Norway), Garmin Ltd (US), Lowrance (US), ONWA Marine Electronics Co. Ltd (Hong Kong), B&G (US), FLIR Systems (Raymarine) (US), Furuno Electric Co., Ltd (Japan), Navionics srl (Italy), Humminbird (US), and Japan Marina Co., Ltd (Japan) are some key players in the global marine chartplotter market that are studied for market insights.
Regional Classification
Middle East & Africa, North America, Asia-Pacific, Europe, and Latin America are the regions that make up the worldwide marine chartplotter market. Because of the increasing demands for personal yachts within the region, the North American market is expected to grow fastest.
Additionally, rising per capita disposable income in nations like the United States allows for the purchase of yachts, likely to support regional market growth throughout the projection period. The need for marine chartplotters in the area is projected to be fueled by increased military and defence spending.
Industry News
Furthermore, the marine chartplotter supports the operator in detecting any underwater debris, assisting in the prevention of accidents. The use of a GPS system and a marine chartplotter that displays real-time direction and speed data to compute journey time benefits the helmsman in sailing more efficiently. Maine chartplotter allows yacht owners to save and store many routes for later use, which helps sailors make better route and direction selections.
The global marine chartplotter market is expected to rise significantly over the projected period, owing to increased global sea traffic and stricter maritime security laws. Furthermore, expanding use of anti-submarine warfare systems and increasing acceptance of sonar systems for operations for search and rescue are likely to fuel demand for marine chartplotters around the world.
Marine Chartplotter Market Research Report: Information by Component (Hardware and Software), Application (Navigation, Fish Finders and others), End Use (Yachts and Boats), by Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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