Major players in the search, detection, and navigation instruments market are BAE Systems Plc, Leonardo S. p. A, Raytheon, Thales Group, United Technologies Corp. , Agilent Technologies, Siemens Medical Solutions, Boeing, and Thermo Fisher Scientific.
New York, May 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release 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 instruments 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 the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $199.65 billion in 2025 at a CAGR of 5%.
The search, detection, and navigation instruments market consist of sales of search, detection and navigation instruments and related services used for searching, detecting, recording and guiding and to determine the speed, and direction to arrive at the point of destination.The search, detection, and navigation instruments refer to the instruments used by nautical navigators and pilots as tools for their trade.
Some of the search, detection, and navigation instruments include aeronautical instruments, navigation and guidance systems, SONAR and RADAR systems equipment.
The increasing demand from civilian and defense aircraft manufacturing industries drove the market for search, detection and navigation instruments.The increasing demand was supported by rising disposable income, increasing air travel and military usage.
Rise in working group and middle-class demography will affect the demand positively.For instance, in 2020, Airbus invested $1 billion to manufacture 63 A320 Family aircraft per month, beginning in 2021.
Therefore, the increasing demand from civilian and defense aircraft manufacturing companies is expected to drive the market for search, detection and navigation instruments.
Stringent regulations on tariffs limited the growth of search, detection and navigation instruments manufacturing.Governments across the world are imposing tariffs owing to trade wars between countries, national defense or curtailment of monopoly powers, volatile oil prices and volatility in international trade.
The World Trade Organization permitted the USA to tax European exports as much as $7.5 billion annually. As a result, the USA has imposed tariffs of 10% on imports of large civil aircraft, and industrial products among other goods from the European Union. The tariffs could raise prices for American companies importing goods and machinery thereby increasing the expenses. The increase in the import duties and taxes has a negative impact on search, detection, and navigational instruments market growth.
The search, detection and navigation instruments market covered in this report is segmented by type into compasses, aeronautical and space navigation instruments, nautical navigation instruments and radio navigational aid apparatus.
Companies in the marine industry are preferring navigation instruments incorporated with augmented reality (AR).AR is a technology that reflects the digital information in the real world.
Navigation systems integrated with AR technology provide great support to the sailors in ship keeping and related operations. For instance, Mitsui O.S.K. Lines (MOL) planned to install AR navigation systems on 21 very large crude oil carriers (VLCCs) operated by them. This navigation system will superimpose real-time video imagery and voyage information and provide support to crewmembers during their watch-keeping and ship operations visually. The benefits provided by AR technology in real time will increase the demand for instruments with such advanced technology.
In January 2020, BAE systems, a British multinational defense, security and aerospace company acquired military GPS business from United Technologies for $1.93 Billion. The acquisition of GPS business from United Technologies will strengthen the professional and technical capabilities of BAE Systems to provide more comprehensive portfolio of solutions and adds new technology for BAE Systems that is compatible with industry-standard equipment and helps for the increasing product line. United Technologies is an American multinational conglomerate which operates in the fields of researches and manufacturing products in numerous areas, including aircraft engines, aerospace systems and industrial products.
Read the full report: https://www.reportlinker.com/p06072084/?utm_source=GNW
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