Electronic cartography market worth more than $20 billion by 2020, says research firm
According to a report on the electronic cartography marketplace published by MarketsandMarkets, the electronic cartography market is expected to reach $20.3 billion, growing with a CAGR of 1.46 percent from 2014 to 2020.
The study, entitled “Electronic Cartography Market by Application,” contains 62 market data tables with 53 figures spread through 180 pages, as well as an in-depth table of contents.
The last few years have witnessed a well-paced revolution in the electronic cartographic market, says a news release issued by the market research firm. The transition from paper navigation charts to electronic navigation charts is moving at a steady rate. The safety of life at sea and reduction in the risk of marine accidents are the major concerns which drive the electronic cartography marine market. Tremendous efforts have been directed towards the improvement of these drivers.
The International Maritime Organization (IMO), International Hydrographic Organization (IHO), and the regional hydrographic associations play a major role in electronic marine cartography.
Similarly, the International Civil Aviation Organization (ICAO) and the Federal Aviation Administration are the key players for electronic aviation cartography. These organizations and various commercial players are conducting special training programs to impart knowledge about the benefits of electronic navigation. The use of electronic navigation charts has increased the accuracy and efficiency of navigation, says MarketsandMarkets.
The Electronic Cartography Market is witnessing huge investments in developments and demonstrations of electronic cartographic in the marine and aviation industry. All these developments have created a demand for better and more stable technology.
The Electronic Chart Display and Information Systems (ECDIS) are electronic chart display systems which will foresee an increase in demand due to the IMO regulations for safe navigation. The electronic aeronautical navigational charts will witness an increase in demand owing to the trend towards paperless cockpits and instant access to navigational databases, says the news release.
The Electronic Cartography Market is segmented by application, component and geography. These segments are further sub-segmented. The geographical segments covered in the report are APAC, Europe, North America, South America, the Middle East and Africa. The report covers every geographical region in detail, along with the respective major contributing countries. The APAC region would be the highest contributor to the electronic cartographic market by 2020. China, North Korea and Russia would be the major players in this region.
The report profiles the companies playing a major role in the electronic cartography marine market. Jeppesen (U.S.), Northrop Grumman (U.S.), Transas (Russia), Furuno (Japan) and Raytheon Asnchutz (Germany) are amongst the profiled companies in the report.