Industrial, Manufacturing & Heavy Industry Market News

Growing world seaborne trade is likely to drive the growth of navigation speed log market

Navigational speed log is a navigation tool which is used to measure longitudinal and transversal speed of the ship with respect to sea bed and water. Navigation speed log provides accurate data as measured in a logical way. Further, speed logs are run with electric power. A speed log also provides data of water speed and distance traveled.

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The global navigation speed log market is segmented into type such as single axis doppler speed log, dual axis doppler speed log, dual axis electromagnetic speed log, single axis electromagnetic speed log, pitometer speed log and acoustic correlation log. Among these segments, dual axis doppler speed log segment is expected to grow at a significant pace over the forecast period.

Further, high accurate speed measurement, temperature display and user friendly programmable displays are some of the features of dual axis doppler speed log which are escalating the growth of this segment.

Global navigation speed log market is expected to register a remarkable CAGR over the forecast period.

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Moreover, the market is growing on the back of rising shipping industry across the globe. Countries are focusing towards strengthen of their naval.

Further, expansion of merchant fleet of countries such as Greece, Japan and China is escalating the demand for navigation speed log. Furthermore, technological advancements in navigation speed log such as improved speed measurement, stability and user friendly programming are also expected to bolster the growth of navigation speed log market in upcoming years.

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The Asia Pacific navigation speed log market is projected to witness substantial growth over the forecast period owing to a number of factors such as large naval forces and large merchant fleet base in Asian Countries such as China, Japan and India.

Growing Shipping Industry

Rising seaborne trading across the globe has led countries to increase their shipping capacity through expanding their fleet. For instance, Greek owned merchant fleet rose by 74% since 2010.

Greek has 4,085 ships with a capacity of more than 1,000 Gt each. Further, expansion in world shipping industry is likely to enhance the market of navigation speed log in upcoming years.

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Water Transportation

Governments in developing countries such as India are engaged in enhancement of water transportation infrastructure. In India, government is highly investing to enhance coastal shipping industry and inland water transportation.

Further, growing water transportation industry is also expected to drive the demand for navigation speed log in near future.

Although, decline in China’s contribution in world trade and high life span of  navigation speed log are some of the factors that are likely to hamper the growth of the navigation speed log market in the near future.

The report titled Navigation Speed Log Market: Globa…tlook 2024” delivers detailed overview of the global navigation speed log market in terms of market segmentation by type, by application and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global navigation speed log market which includes company profiling of Raytheon Anschütz GmbH, Echomaster Marine Ltd., Aeronautical & General Instruments Ltd., Consilium AB, Skipper Electronics AS, Furuno, Wartsila SAM Electronics, Electronics Navigation Ltd., Sperry Marine and REDCAI S.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global navigation speed log market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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