Industry Background:
Gyro Compass is a type of compass based on a fast-spinning disc and rotation of the Earth to find the real north and not the magnetic north. They are widely used in Ships, Aircraft as well as other vehicles to determine the direction. With the expansion of global sea trade, this industry is naturally expected to experience growth in the coming years.
According to AMA Research, the market for Gyro Compass is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by The Rise in Global Trade and thus the Increase in the Number of Ships Involved in International Trade
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Electrical Components & Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as TOKYO KEIKI INC. (Japan), Kongsberg Maritime (Sweden), Raytheon Anschütz GmbH (Germany), iXblue (France), Yokogawa Denshikiki Co. Ltd. (Japan), Gem Elettronica Srl (Italy), Teledyne Marine (United States), Simrad (Norway), Ydk Technologies Co. Ltd. (Japan) and Maretron (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In March 2020,aytheon Anschütz has designed the new gyro compass Standard 22 NX which aims to improve accuracy, reliability and robustness even in harsh conditions.The market of navigation systems is broad and fragmented with the innovation and introduction of new technologies. With the increasing investment in technology, even the traditional mechanical systems are digitized or automated. With the growth of international sea traffic due to rising global trade, naturally, the gyrocompass market is expected to experience growth, especially in the Asia Pacific region.
Influencing Trend:
Increased Automation and Advancement of technologically superior Gyrocompass
Market Growth Drivers:
The Rise in Global Trade and thus the Increase in the Number of Ships Involved in International Trade, Increase in Naval Defence Budgets on Building New Ships, Submarines Worldwide Specifically from China, United States, and India and Accuracy of Gyrocompass is better than Traditional Magnetic Compass
Challenges:
Gyro Compass has Certain Technical Limitations or Errors Such as Steaming Error, and Other Mechanical Errors which needs to be addressed
Restraints:
Revolution in Direction Finding Mechanism with the Introduction of Satellite Navigation Systems like GPS, IRNSS Navic, Beidou Navigation Satellite System, and Other Such Systems and Tough Competition from Other Navigation Equipment Like Electronic Chart Display, Radar Plotting Systems, Traditional Magnetic Compass, Etc.
Opportunities:
Gyrocompass are Still Trusted if Electronic Equipment’s like Satellite Navigation Systems or Radars in Ships/ Aircraft Fail Due to Some Uncertainties and Innovation and Increased Research & Development in Technologically Advancing the Gyro Compass Compatible with Modern Navigation Systems will propel the Growth of the Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Gyro Compass Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Gyro Compass Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Gyro Compass players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Gyro Compass Study Sheds Light on
The Gyro Compass Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Gyro Compass industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Gyro Compass industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.