Technavio, a tech-focused market research firm, has published a new report on the global marine wind sensor market, which is expected to grow at a CAGR of close to 4% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global marine wind sensor market into the following key regions: the US, Europe, and ROW.
Source: Technavio
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Top three contributors for the global marine wind sensor market are elaborated below
Marine wind sensor market in the US: Factors such as improvement in the US economy, stronger job market, improving house sales, low fuel prices, and increasing consumer confidence are the key factors driving the marine wind sensor market in the US. Besides, the sale of powerboats is experiencing an upsurge owing to the increasing number of people participating in water-based recreational activities in the US. During 2016, the number of people participating in boating activities rose from over 37% in 2015 to more than 38% as a percentage of the total population.
According to Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on automotive electronics, “The growing popularity of water sports, boat races, and other activities in the US has affected the sales of powerboats positively. The economic recovery in the US has led to the increasing purchasing power of an average American household, which has resulted in increased sales of powerboats.”
Marine wind sensor market in Europe: Finland, France, Spain, Italy, and Germany are the key revenue contributing countries in the marine wind sensor market in Europe. Germany has a large coastal region, providing opportunities for the boating industry to grow, which would eventually lead to the growth of the wind sensor market. In addition, Germany has a number of lakes and inland waterways, which act as a growth driver for the boating industry. Technavio’s industry analysts estimate the marine wind sensor market in Europe to post growth at a CAGR of almost 4% by 2021.
Marine wind sensor market in ROW: In ROW, the major countries contributing to the volume of marine wind sensors are Brazil, Canada, and Australia. All these countries contribute to a significant volume of marine wind sensor market owing to their vast coastal lines. The market for marine wind sensors is heavily dependent on the sales of the power boats and yachts, and the purchasing of a boat largely depends on the per capita penetration.
The leading vendors operating in the global marine wind sensor market are:
- Garmin
- Gill Instruments
- Renewable NRG System
Other prominent vendors in the market include Biral, LAMBRECHT meteo, Thies Clima, and Vaisala.
A more detailed analysis is available in the Technavio report titled, ‘Global Marine Wind Sensor Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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