The Marine Electronics Market is anticipated to reach a valuation of US$ 7.5 billion by 2029, growing at a CAGR of 5.3% over that time. It is currently forecast to be worth US$ 5.2 billion in 2022. Increased demand for ships and boats as a result of the industrialization and globalization boom is eventually fueling the expansion of the marine electronics market.
The usage of marine electronics equipment has also expanded due to growing concerns about search and rescue, safety and security, and assistance for the monitoring and navigation of marine traffic. The necessary installation of AIS in ships and boats is also subject to a number of rules being implemented by governments around the world, which is causing the marine electronics business to expand.
Defence Industry Remains Key Revenue Contributor
Potential growth prospects for the marine electronics market are being created by the defense industry’s rising demand for marine electronics solutions.
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The Coast Guard Office of Navigation Systems and Coast Guard Research and Development Center are improving communication and navigation for continuous broadcast and autonomous systems in order to boost coastal safety and security. Additionally, one of the key factors influencing the expansion of the marine electronics market is the defense industry’s ongoing research and development for the enhancement of maritime navigation and communication.
Ocean carriage has seen substantial expansion in recent years in both European and Asian nations. These counties, including those in India, China, Japan, France, and Germany, have significant logistical operations that call for constant contact and oversight. As a result, major players in the marine electronics market are concentrating on providing cutting-edge marine communication and navigation systems in these locations, where there may be a potential demand for advanced monitoring systems.
The marine electronics market has been divided into segments by geography, application, and component by FMI. The hardware and software subsectors of the global marine electronics market are based on component type. Further sub-segments of the hardware market include GPS and radar systems, multi-purpose navigation, fish finders and SONAR modules, thermal and visible cameras, marine VHF communication devices, audio/video equipment, marine autopilots, and autonomous vehicles.
SEA&P Likely to Soon Outpace Europe
Based on application, the global marine electronics market is sub-segmented into merchant marine, fishing vessel, yachts/recreation, military naval, autonomous shipping, smart boat, and underwater drones. Among these, the underwater drones sub-segment is expected to witness a high growth rate during the forecast period, owing to the increasing adoption of underwater drones for a wide range of underwater operations and inspection activities.
In addition, on the basis of geography, Europe is expected to dominate the global marine electronics market. However, in the next few years, the SEA & Others of the APAC region is expected to surpass Europe to become the leading region in the global marine electronics market owing to the increasing marine activities and growing demand for advanced ships & boats in the countries of this region.
Some of the key players in the global marine electronics market research report include Navico, Furuno Electric, Garmin Ltd., FLIR Systems, Raytheon Company, Transas, Wärtsilä SAM Electronics, SRT Marine Systems, Icom Inc., Kongsberg Maritime, Japan Radio.
These companies in the marine electronics market are continually focusing on providing advanced marine electronics products and solutions by leveraging the latest technologies to enhance and expand their product portfolio with new innovations and technological advancements.
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Key Segments of Marine Electronics Industry ResearchBy Component:
- Hardware
- GPS & Radar Systems
- Multi-function Navigation
- Fish Finders/SONAR Modules
- Thermal & Visible Cameras
- Marine Electrical Screeners
- Marine VHF Communication Devices
- Audio/Video Equipment
- Software
By Application:
- Merchant Marine Electronics
- Fishing Vessel Electronics
- Yacht/Recreation Boat Electronics
- Military Naval Electronics
- Autonomous Shipping Electronics
- Smart Boat Electronics
- Underwater Drone Electronics
By Region:
- North America Marine Electronics Market
- Latin America Marine Electronics Market
- Europe Marine Electronics Market
- East Asia Marine Electronics Market
- South Asia & Pacific Marine Electronics Market
- Middle East & Africa (MEA) Marine Electronics Market
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis
1.4. FMI Recommendations
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
2.3. Market Regulations and Standards
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Value Chain Analysis
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
3.6. Porter’s Five Forces
3.7. Market Trends
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