The global navigational, measuring, electro-medical and control instruments market is driven by factors such as the surge in demand for smart and connected devices and rise in need for accurate and reliable navigational instruments.
PORTLAND, Ore., June 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Navigational, Measuring, Electro-Medical and control Instruments Market, by Type (Automatic Environmental Control, Navigational Instruments, Industrial Process Variable Instruments, and Others), and Application (Electronics, Medical, Oil and Gas, Consumer Goods, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global navigational, measuring, electro medical and control instruments market was valued at $5.2 billion in 2022, and is projected to reach $8.7 billion by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.
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Prime Determinants of Growth
The global navigational, measuring, electro-medical and control instruments market is driven by factors such as growing need of better natural resource management and increasing demand for accurate and reliable navigational instruments in several industries. However, high development costs associated with navigational, measuring, electromedical, and control instruments may hamper the market growth. Nevertheless, surge in demand for smart and connected devices is expected to provide prolific growth opportunities in the upcoming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $5.2 billion |
Market Size in 2032 | $8.7 billion |
CAGR | 5.68 % |
No. of Pages in Report | 247 |
Segments covered | Type, Application, and Region. |
Drivers | Rise need of better natural resource management. Increasing demand for accurate and reliable navigational instruments in several industries |
Opportunities | Surge in demand for smart and connected devices |
Restraints | High development cost associated with navigational, measuring, electromedical, and control instruments |
Covid-19 Scenario
- The COVID-19 epidemic had significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the navigational, measuring, electro-medical and control instruments market.
- Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
- The pandemic had intensified the attention on sustainable navigational, measuring, electro-medical and control instruments solutions as people looked for eco-friendly choices.
The automatic environmental control segment to maintain its leadership status throughout the forecast period
Based on type, the automatic environmental control segment held the highest market share in 2022, accounting for nearly half of the global navigational, measuring, electro-medical and control instruments market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a growing emphasis on energy efficiency in automatic environmental control systems. This includes the use of energy-efficient sensors and devices, as well as optimization of energy usage through real-time data analytics. This is expected to reduce costs and make it easier for manufacturers to develop and produce solid-state battery systems. the same segment is projected to portray the fastest CAGR of 6.27% from 2023 to 2032.
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The electronics segment to maintain its leadership status throughout the forecast period
Based on application, the electronics segment held the highest market share in 2022, accounting for nearly half of the global navigational, measuring, electro-medical and control instruments market and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to cite the fastest CAGR of 6.19% during the forecast period. Surge in demand for miniaturization in the electronics industry, which is driving the development of smaller and more compact electronic devices and instruments. This is particularly important in the medical industry, where smaller and more portable devices are required for applications such as remote patient monitoring.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global navigational, measuring, electro-medical and control instruments market revenue and is likely to dominate the market during the forecast period. Owing to increase in technological advancements and rise in oil and gas standards in developing countries such as India, China, and Indonesia. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.49% from 2023 to 2032.
Leading Market Players:
- THERMO FISHER SCIENTIFIC INC.
- SIEMENS
- HONEYWELL INTERNATIONAL INC.
- SCHNEIDER ELECTRIC SE
- AGILENT TECHNOLOGIES, INC.
- HEXAGON AB
- EMERSON ELECTRIC CO.
- BOEING
- MEDTRONIC
- APPLE, INC.
The report provides a detailed analysis of these key players in the global navigational, measuring, electro-medical and control instruments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the navigational, measuring, electro-medical and control instruments market analysis and navigational, measuring, electro-medical and control instruments market outlook from 2021 to 2031 to identify the prevailing market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global navigational, measuring, electro-medical and control instruments market trends, key players, market segments, application areas, and market growth strategies.
Navigational, Measuring, Electro-Medical And Control Instruments Market Key Segments:
By Type
- Automatic Environmental Control
- Navigational Instruments
- Industrial Process Variable Instruments
- Others
By Application
- Electronics
- Medical
- Oil and Gas
- Consumer Goods
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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