Los Angeles, CA -- (SBWire) -- 02/19/2020 --In a recent report by QY Research, titled, "Global Marine Chartplotter Market Size, Status and Forecast 2020-2026" analysts have provided an in-depth understanding of the growing global chartplotter market. The global marine chartplotter market was estimated at US$ 634.8 mn in 2019. It is expected to reach at a CAGR of 6.8% by reaching US$ 1011.6 mn at the end of 2026.
Marine chartplotter is used in boats with pre-installed map that helps the operator of the boat to locate a particular vessel or underwater debris. It can also be used to identify direction and speed of a vessel and also used in calculation of estimated voyage time.
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Many countries are trying to adopt to the high marine technologies to make a journey easier and reliable. Continues upgradation of the marine chartplotter software is expected to increase the demand. The demand in marine defence sector is also expected to increase due to high reliability in navigation. Moreover, increase in yacht, cruise and boat tourism is also anticipated to drive the market further.
Hardware Marine Chartplotter Segment to rise due to Better Processing Power
Global marine chartplotter are segmented in two types which are hardware and software. Software can run on standard devices like computer and mobile phones. Hardware marine chartplotter are used for higher end application and are can be used to guide bigger ships under any circumstances. As chartplotter are majorly used by ships, defence, yachts and boats to navigate, powerful processors are highly required. The demand for hardware marine chartplotter have increased in past few years and is expected to grow further.
Developed Advanced Marine Chartplotter Technology to Increase the Demand
Marine chartplotter is highly accurate and reliable for on sea navigation as it is integrated with GPS satellite navigation which is also used to track and identify speed and direction. Many companies are focused on innovating and developing chartplotter to make navigation easier. The advanced marine chartplotter is capable to store hundreds of routes which are customable. It is anticipated that developing marine chartplotter technology will increase the market during forecast period.
North America to Drive the Market due to High Tourism
North America is one of the top tourism which also attracts sea voyages and cruise ships. Due to establishment and adaptation of high technology, North America is expected to drive the global marine chartplotter market further.
Other region to drive the global marine chartplotter market include Europe, China, Japan and India.
Global Marine Chartplotter Market Competitive Landscape
Simrad is one of the leading manufactures for marine chartplotter. The firm focuses on innovation and new product designs to make sea navigation easier for the users. Recently, Simrad launched a new chartplotter named, NS0 EV03S for large power boats and sport fishing. It is anticipated for Simrad to drive global marine chartplotter market further during the forecast period.
Other key players to drive the global marine chartplotter market are Garmin Ltd, FLIR System, B&G, Lowrance, Furuno Electric Co., Ltd, Humminbird, Navionics srl, ONWA Marine Electronics Co. Ltd, and Japan Marina Co., Ltd
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Global Marine Chartplotter Market to Increase at a CAGR of 6.8% by 2026 Due to High Reliability in Sea Navigation