Sales of marine electrical devices currently make up about 5% of the global marine sector. Over the assessment period of 2022 to 2029, the demand for hardware components is anticipated to grow at a notable CAGR.
Marine Electronics Market is estimated at US$ 5.2 Billion in 2022 and is projected to close in on a valuation of US$ 7.5 Billion by 2029, expanding at a CAGR of 5.3% over the said period. The surge in industrialization and globalization is resulting in an increase in demand for ships and boats, which is ultimately driving the growth of the marine electronics market.
Moreover, growing concerns regarding search & rescue, safety & security, and aid for the monitoring and navigation of marine transportation have increased the use of marine electronics devices. Furthermore, governments of various countries are also implementing various regulations for the mandatory installation of AIS in ships and boats which is, in turn, fuelling the growth of the marine electronics market.
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Defence Industry Remains Key Revenue Contributor
The increasing demand for marine electronics solutions from the defence sector is also generating potential growth opportunities for the marine electronics market.
In order to increase coastal safety and security, the Coast Guard Office of Navigation Systems and Coast Guard Research and Development Centre are working on the improvement of communication and navigation for continuous broadcast and autonomous systems. Moreover, constant research and development by the defence sector for the improvement of marine navigation and communication is one of the major factors contributing to the growth of the marine electronics market.
In the past few years, ocean carriage has witnessed significant growth in European and Asian countries. Counties in these regions, such as India, China, Japan, France, and Germany, have large logistical operations that require continuous communication and monitoring. This creates potential demand for advanced monitoring systems in these regions and therefore, key players in the marine electronics market are focusing on offering advanced marine communication and navigation systems.
FMI has segmented the global marine electronics market on the basis of component, application, and region. Based on components, the global marine electronics market is sub-segmented into hardware and software. The hardware segment is further sub-segmented into GPS & radar systems, multi-function navigation, fish finders/SONAR modules, thermal & visible cameras, marine VHF communication devices, audio/video equipment, marine autopilots, autonomous identification systems, analogue & digital communication display, and satellite TV.
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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.
Key Segments of Marine Electronics Industry Research By Component:
By Application:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Marine Electronics Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 02, 2023
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