May 25, 2020 (AmericaNewsHour) -- Global digital course recorder market is projected to showcase a significant CAGR of 5.4% during the forecast period i.e. 2017-2024. Moreover, the global digital course recorder market is anticipated to reach exponential revenue by 2024. Additionally, the digital course recorder market is riding on the back of increasing government regulations for the installation of navigation system.
The global digital course recorder market is segmented into distribution channel such as online store and offline store. Among these segments, online store segment is projected to mask a notable CAGR by the end of 2024. In addition to this, the growth of online store segment is attributed to the growing consumer inclination towards online shopping due to ease of convenience and wide availability of products. Likely, increasing waterborne activities across the globe is one the major factor pushing the market of Digital Course Recorder .
In terms of regional platform, Asia-Pacific region accounted for the largest market of digital course recorder in 2016. Further, China is the dominating country in this region owing to presence of major key vendors of digital course recorder and increasing number ocean trade activities. Moreover, presence of huge marine infrastructure is also playing a positive role in the growth of digital course recorder market in this region. Apart from this, Europe region has witnessed a robust growth in the market of digital course recorder due to increasing seaborne activities between Europe and Asia-Pacific region.
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Robust Expansion of Marine Industry
Rapid growth of marine industry throughout the globe on the back of positive GDP figures and growing adoption of advanced navigation technologies by ships are believed to foster the growth of digital course recorder market by the end of 2024. Furthermore, increasing number of ships owing to growing trade activities is also predicted to bolster the market of digital course recorder.
Strict government policies towards installation of navigation system and growing adoption of advanced navigation system by defense sector for accurate navigation are some of the factors triggering the demand for digital course recorder. Additionally, growing research and development activities in the field of marine navigation is projected to flourish the growth of digital course recorder market.
The report titled "Digital Course Recorder Market: Global Demand Analysis & Opportunity Outlook 2024" delivers detailed overview of the global digital course recorder market in terms of market segmentation by distribution channel, 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 digital course recorder market which includes company profiling of AMI Marine UK Ltd, AEC (SK) Group, Points North Ltd. ,Ashapura Marinetech International , Hijoy Technology Company Limited , Skippers Technology Ltd., Lambda Electronics. , Tototheo Group of Companies, Alphatron Marine. 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 digital course recorder 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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