Covid-19 Impact on Ship Indicators Market to Witness Impressive Growth During 2021-2026

February 07, 2022

Stratview Research has published a new report on the Ship Indicators Market, segmented by Type (Analog Display, Digital Display), By Application (Passenger Vessels, Cargo Vessels, Naval Vessels, Fishing Vessels, Scientific Research Ships, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global ship indicators market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026. This report provides critical insights on the market dynamics and enables strategic decision making for the existing and new market players.

Market Highlights

Ship indicators include analog and digital indicators which help in precise mobility and traveling of the ship and help to avoid any accidents. It includes instruments and gauges which are commonly used in the shipbuilding sector to ensure smooth travel of the ship.

Covid Impact

The COVID-19 outbreak has moderately affected the Ship Indicators industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The end-user of underwater exploration robots such as defense & security and scientific exploration was adversely affected by the temporary shutdown of defense activities, thus affecting the market growth amid the pandemic.

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Segmentation –

This report studies the Ship Indicators Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

Application Trends

Based on application, the ship indicators market is categorized into passenger vessels, cargo vessels, naval vessels, fishing vessels, scientific research ships, and others. The naval vessels segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising adoption of a naval vessel in defense and security applications as well as the presence of highly automated digital indicator systems. Moreover, the growing demand for network-centric warfare, survivability, situational awareness, and qualitative naval superiority, further bolsters the segment growth. 

Regional Trends

By region, the European market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing offshore oil and gas exploration activities as well rising military expenditure in the region. Also, the strong shipbuilding sector in the Nordic countries coupled with strong scientific marine exploration in Western Europe further proliferates the regional market growth.

Key Players:

Following are the key players in the Ship Indicators Market:

• King Gage (US)
• Alphatron Marine
• SCM Sistemas (Spain)
• JOWA (Belgium)
• Kobelt (Canada)
• Gems Sensors
• Scan-Steering (Denmark)
• Kwant Controls (Netherlands)
• Raytheon Anschutz (Germany)
• Marinelec (France)

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Author : Meha Prasad