NEWARK, Del, June 03, 2022 (GLOBE NEWSWIRE) -- The Marine Electronics Market was valued at US$ 5.2 billion in 2022, and is expected to reach US$ 7.5 billion by 2029, growing at a CAGR of 5.3 percent throughout that time. Increased demand for ships and boats as a result of increased industrialisation and globalisation is driving the expansion of the marine electronics industry.
Furthermore, the usage of marine electronics equipment has expanded as worries about search and rescue, safety and security, and help for the monitoring and navigation of maritime traffic have grown. Furthermore, governments in various countries are enacting various legislation mandating the installation of AIS in ships and boats, which is fueling the marine electronics market’s development.
The Defense Industry Continues to Be a Major Source of Revenue. The growing demand for marine electronics solutions in the defence industry is creating significant development prospects in the marine electronics market.
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The Coast Guard Office of Navigation Systems and the Coast Guard Research and Development Center are trying to enhance communication and navigation for continuous broadcast and autonomous systems in order to boost coastal safety and security. Furthermore, one of the primary reasons contributing to the growth of the marine electronics market is the defence sector’s continual research and development for the advancement of maritime navigation and communication.
Ocean carriage has seen tremendous popularity in European and Asian nations in recent years. India, China, Japan, France, and Germany are among the countries in these areas.
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.
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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.
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Key Segments of Marine Electronics Industry Research
By 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
- Marine Autopilots
- Autonomous Identification Systems
- Analogue & Digital Communication Displays
- Satellite TVs
- 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
Marine Electronics Industry Report Scope
| Attribute | Details |
| Forecast Period | 2022-2029 |
| Historical Data Available for | 2014-2021 |
| Market Analysis | Value in US$ Mn, Units for Volume |
| Key Regions Covered |
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| Key Countries Covered |
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| Key Market Segments Covered |
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| Key Companies Profiled |
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