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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 

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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. 

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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.

Key players operating in the global marine chronometers market are:

  • Canepa & Campi Srl
  • Cassens & Plath GmbH
  • Muhle-Glashutte GmbH
  • Ulysse Nardin
  • Wempe
  • Wheems & Path 

Global Marine Chronometers Market: Research Scope 

Global Marine Chronometers Market, by Material Type

  • Steel Case
  • Wooden Case
  • Brass
  • Glass
  • Others 

Global Marine Chronometers Market, by Application

  • Timekeeping
  • Longitude Measurement 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Chronometers Market