Marine Chronometers Market

Marine Chronometers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Marine Chronometers: Introduction

A marine chronometer is a portable equipment that shows precise and accurate time. It can be used to find out accurate longitude of any place by measuring the time of a known fixed location.
A marine chronometer is a mechanical instrument that is employed at seashore to measure time for navigational purposes. Due to this, it is considered a marine safety equipment. The instrument is required to be kept in a horizontal and stable position to obtain accurate results.
Several manufacturers of marine chronometers are engaged in research and development of new products in order to meet the requirement of customers in terms of marine safety
When used in marine evacuation systems, rescue boats, and yachts, marine chronometers play an important role of determining time and longitude of the location for navigational purpose
Based on material type, marine chronometers are classified into steel case, wooden case, brass, and glass

Rise in Demand for Marine Chronometers for Use in Marine Applications

Marine chronometers are largely used in yachts, ships, rescue boats, and marine evacuation systems. This is considered one of the major factors driving the global marine chronometers market.
In marine applications, marine chronometers help determine exact time and longitude of any specific unknown location
Marine chronometers can be made of steel case, wooden case, brass, or glass, which helps them withstand in adverse environmental conditions; protects them from undesirable damage; and shows results with high accuracy. This, in turn, makes the process more efficient.
Moreover, during the production of marine chronometers, high-quality materials are used in order to resist the contracting or expanding effect led by changes in temperature
As a result of these advantages, the demand for marine chronometers for use in industrial automation applications is increasing, which is expected to drive the global marine chronometers market during the forecast period
However, marine chronometer watches are more expensive than the regular automatic watches, which is expected to hinder the global marine chronometers market during the forecast period

North America to Lead Global Marine Chronometers Market

In terms of region, the global marine chronometers market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
North America is anticipated to dominate the global marine chronometers market throughout the forecast period, as a large number of manufacturers of marine chronometers operate in North America and they are constantly investing in the production of marine chronometers
The marine chronometers market in Europe and Asia Pacific is expected to expand at a substantial rate during the forecast period. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.

Key Players Operating in Global Marine Chronometers Market

The global marine chronometers market was highly fragmented in 2018. Major players operating in the global market are focusing on technological advancements and expansions to meet the risen demand for marine chronometers. Moreover, manufacturers are entering into partnerships for the development of innovative products.