Rate of Turn Indicator Market: Dynamics, Segments, Size and Demand
Analysis during 2017-2024
The global rate of turn indicator market is segmented into product type segment
such as analog and digital rate of turn indicator. Among these segments, analog
segment is believed to be the leading segment in the overall rate of turn indicator
market by 2024. In addition to this, analog segment is projected to post a
considerable CAGR during the forecast period. Likely, on-going advancement in
the marine technology is predicted to bolster the growth of rate of turn indicator
market. Moreover, rising need to check the turn of the ship is also believed to
flourish the growth of rate of turn indicator market.
Global rate of turn indicator market is projected to showcase a remarkable CAGR
during the forecast period i.e. 2017-2024. Moreover, the global rate of turn
indicator market is anticipated to reach notable revenue by 2024. Additionally, the
rate of turn indicator market is riding on the back various factors such as
increasing government legislations and increasing number of ships.
In terms of regional platform, Asia-Pacific region contributed the largest market
of rate of turn indicator in 2016. Further, China and Japan are the dominating
countries in this region owing to increasing government spending on the
development of marine industry. Moreover, globalization and positive GDP growth
of this region is projected to foster the growth of rate of turn indicator market.
Apart from this, Europe region captured the second largest market of rate of turn
indicator in 2016 aided by Germany, Italy, The Netherlands and others.
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Increasing Seaborne Activities
Growing waterborne activities across the globe on the back of growing demand for
oversea products due to swelled disposable income of the population is predicted
to boost the demand for new ships which is projected to foster the growth of rate