Global Marine Electronics Market

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Global Marine Electronics Market

Global marine electronics market size was US$ ~5.25 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 5% during the forecast period.

Global Marine Electronics Market

 

Global Marine Electronics Market

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Global marine electronics market Definition

The electronics products and devices that are manufactured or designed to use in the marine environment on yachts and board ships is known as marine electronics. These electronic products are normally waterproof or water-resistant type.
Global marine electronics market Dynamics

A rapidly growing market for marine and industrial electronics products industry across the globe is a major driving factor behind the growth of the market. Increasing applications of navigation, safety, marine communication and fishing electronics in marine electronics industry, rising adoption of entertainment electronics such as satellite TV and stereos on marine ships, rising market for marine transportation, surge in the adoption of sonar and radar systems for search and rescue operations and rapid adoption of marine safety protocols are expected to improve growth of the market during the forecast period. In addition, rising adoption of various vessel management systems such as vessel traffic management is further propelling the growth of the market.
However, high costs associated with marine electronics products and sometime technical failure in software or hardware products are major restraining factors that could hamper the growth of the market.
Global Marine Electronics Market: Segmentation Analysis

By application, multifunctional navigation and communication system segments dominated the market in 2019 and are projected to witness fast growth at a CAGR of XX% during the forecast period. Increasing adoption of marine navigation and communication electronics equipments to improve marine communication and to monitor and control the movement of marine ships from one place to another is attributed to the growth of the market.

Introduction of various communication protocols by marine electronics suppliers is driving the growth of the market. For instance, Simrad have SimNet communication protocol, Furuno have NavNet, B&G have FastNet and so on. In addition, growing adoption of navigation devices such as magnetic compasses, gyro compasses, drone and AIS system, CCTV, marine radar system to track and identify the location of vessels’ with the intention to safely navigate ship from one location to other is further expected to improve growth of the market during the forecast period.
Global Marine Electronics Market: Regional Analysis

Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The US and Canada are the major contributors behind the growth of the market in the region. The growth is attributed to the massive presence of various marine electronics device manufacturing companies across the region. Growing investment in anti-submarine warfare and unmanned underwater vehicle systems and rising advancements in marine industry is driving the growth of the market.

On the other hand, Asia Pacific region is projected to witness fast growth at a CAGR of XX% during the forecast period. China, India, and Japan are the leading countries in marine electronics market. Rising ship exports and shipment activities via waterways, the massive presence of ports and ongoing investment by the private and government sector in marine industry is impelling the growth of the market.
Global Marine Electronics Market: Competitive Analysis

Navico is the world leader in the marine electronics market with the revenue of US$ 373 Mn in 2018. The company provides marine instruments, navigation equipments and fish finding equipment to both the commercial and recreational marine sectors. Navico followed by Furuno, Japan radio company and Garmin are top market players of the marine electronics market.

Global marine electronics market share in 2018, by global market players (in US$ Mn):

Global marine electronics market1

The objective of the report is to present a comprehensive analysis of the Global Marine Electronics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Marine Electronics Market dynamics, structure by analyzing the market segments and projects the Global Marine Electronics Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Marine Electronics Market make the report investor’s guide.
The Scope of Global Marine Electronics Market: Inquire before buying

Global Marine Electronics Market, By Component

• Hardware
• Software
Global Marine Electronics Market, By Application

• Multifunctional Navigations
• GPS and Radar Systems
• Very High Frequency communication systems
• SONAR systems
• Marine Autopilot
• Thermal & Security Cameras
• Lighting appliances
Global Marine Electronics Market, By Industry

• Defense
• Merchant Navy
• Fishing
• Sports and Cruise
Global Marine Electronics Market, By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Marine Electronics Market, Key Players

Global Players
• Atlas Elektronik GmbH
• FLIR Systems Inc
• Furuno Electric Co. Ltd
• Garmin International
• Ultra Electronics
• Thales Group
• Northrop Grumman Corporation
• Navico
• Neptune Sonar
• Johnson Outdoors
• A+T Instruments
• Raymarine
• Simrad
• Japan Radio Company
• XX
• XX
North America
• Raytheon Company
• Sound Metrics
• XX
• XX
Europe
• Wartsila SAM Electronics GmbH
• Kongsberg Maritime
• XX
• XX
Asia Pacific
• Tokyo Keiki Inc
• XX
• XX
South America and MEA
• B&G
• XX
• XX

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