July 10, 2018
WELLESLEY, Mass., July 10, 2018–Rising air travel, increasing disposable income and increasing demand for seafood are all helping to drive growth of the global search, detection and navigation industry, according to a report by BCC Research.
The industry is expected to see a compound annual growth rate (CAGR) of 5.7% through 2022, when it could be worth nearly $209 billion, according to the report Search, Detection and Navigation Instruments Manufacturing: Global Markets to 2022.
Major players in the market include BAE Systems, Leonardo, Raytheon, Thales Group and United Technologies.
“The search, detection and navigation instruments market benefitted from increased demand for seafood globally,” the report notes. “Fishing vessels are generally integrated with equipment such as gyrocompasses, fish finders and sonar fish finders, therefore increased demand for seafood drove the demand for fishing vessels. For instance, in 2017, global fish trade industry was expected to be around $150 billion, a 7% increase from 2016.”
Stringent Regulations Seen as a Major Market Restraint
Though generally robust, the market is heavily regulated—a fact which is leading to higher costs for manufacturing companies. Governments have imposed strict regulations on these instruments due to their use in transport vehicles, and complying with these regulations is time-consuming. Other market restraints include increasing trade protectionism globally and increasing water pollution, which is damaging marine life and therefore the fishing industry.
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Search, Detection and Navigation Instruments Manufacturing: Global Markets to 2022( IAS132A )
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