Marine Electronics Market 2022 Industry Research, Segmentation, Key Players Analysis and Forecast to 2029

 

The Marine Electronics Market was estimated to be worth US$ 5.2 billion in 2022 and is anticipated to grow at a CAGR of 5.3 percent to reach US$ 7.5 billion by 2029. The marine electronics sector is growing as a result of rising industrialization and globalization’s impact on demand for ships and boats.

Additionally, as concerns about search and rescue, safety and security, and assistance with the monitoring and navigation of maritime traffic have grown, so too has the use of marine electronics equipment. Additionally, governments in many nations are passing legislation requiring the installation of AIS in ships and boats, which is promoting the growth of the marine electronics sector.

The defence sector remains a significant source of income. Significant growth opportunities in the marine electronics market are being created by the expanding demand for marine electronics solutions in the defence sector.

To increase coastal safety and security, the Coast Guard Office of Navigation Systems and the Coast Guard Research and Development Center are working to improve communication and navigation for continuous broadcast and autonomous systems. Additionally, the defence industry’s ongoing research and development for the improvement of maritime navigation and communication is one of the key factors fueling the growth of the marine electronics market.

In recent years, ocean carriage has gained enormous appeal in countries throughout Europe and Asia. Among the nations in these regions are Germany, France, France, China, Japan, and India.

Key Takeaways

• North America is expected to lead the global marine electronics market due to the increasing demand for recreational boating and fishing.
• The U.S. is a prominent player in the marine electronics market, with product offerings that cater to both commercial and recreational segments.
• China is considered to be a major growth market for marine electronics, as it has the world’s largest fishing fleet and rising number of leisure boats.
• Among different types of marine electronic devices, GPS navigation systems are expected to witness highest adoption rate in coming years.

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 APAC region is expected to surpass Europe to become the leading region in global marine electronics market owing to the increasing marine activities and growing demand for advanced ships & boats in the countries of this region.

Impact of COVID-19

The COVID-19 pandemic had a major influence on the marine industry as well as on seafarers. Companies manufacturing marine electronics were severely affected by the pandemic, with logistics management posing the most significant challenge.

Automated vehicles, which are on the verge of becoming mainstream, are presenting tremendous prospects in the industry, owing to rapid expansion in AI processing capabilities and better technology.

New generation marine electronics with easy integration into systems are expected to facilitate companies to regain their market share over the coming years.

Competitive Landscape

Companies producing marine electronics are continually focusing on providing advanced marine electronics products and solutions by leveraging the latest technologies to enhance and expand their product portfolio with innovations and technological advancements.

This continuous research & development by the defense sector is creating high competition among vendors for technological advancements in communication systems, thus contributing to the growth of the marine electronics market.

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, and 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.

Information Source:
https://www.futuremarketinsights.com/reports/marine-electronics-market