(MENAFN- America News Hour) The global gyro compass market is segmented into product type such as electronic gyro compass and mechanical gyro compass. Among these segments, electronic gyro compass segment is envisioned to grow at maximum pace over the forecast period. Further, rising installation of electronic gyrocompass in new watercrafts is likely to foster the growth of this segment in upcoming years. Apart from this, increasing sales of boat across the globe is also anticipated to enhance the market size of this segment over the forecast period.
Global gyro compass market is expected to thrive at a notable CAGR over the forecast period. Gyro compass has additional advantages over other compasses such as highly reliable in terms of navigation and no use of earth's magnetic field for reference. Further, rising sales of new boats and large ships across the globe is anticipated to intensify the expansion of global gyro compass market during the forecast period.
The boat segment by application is likely to grow at remarkable pace during the forecast period. Additionally, increasing number of boats across the globe due to enhancements in water transport infrastructure is expected to foster the growth of boat segment in future. Sample Copy Here ]
Growing Shipbuilding Industry
Development of new ships and watercrafts is increasing across the globe. Further, countries are expanding their naval power and buying new watercrafts such as submarines and others. Apart from this, rising demand for watercrafts across the globe is expected to escalate the growth of market of gyro compass across the globe.
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Technological Advancements in Gyro Compass
Demand for gyro compass is anticipated to rise due to their high accuracy and other advantages including unaffected by external forces such as magnetic field and iron. Further, continuous advancements such as compact design, improved reliability are anticipated to drive the demand for gyro compass in near future.
However, dependency of electric gyro compass on electricity is likely to inhibit the growth of the gyro compass market in the near future.
The report titled“Gyro Compass Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global gyro compass market in terms of market segmentation by product type, by application and by region.
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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.
This report also provides the existing competitive scenario of some of the key players of the global gyro compass market which includes company profiling of Yokogava Denshikiki Co. Ltd., B & G Company, Tokyo Keiki, Raytheon Defense Contractor Co., NKE Marine Electronics, Furuno Electronics Company, Airmar Technology Corp., Maretron LLP, Spery Marine, and Tecnauntic. 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 gyro compass 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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