With 5.1% CAGR, Marine Electronics Market Size Worth US$ 6501.7 Mn by 2028 | Zion Market Research | Marine Electronics Industry Trends, Share, Growth, Value, Analysis & Forecast Report

NEW YORK, Aug. 1, 2022 /PRNewswire/ -- As per Zion Market Research study, The global marine electronics market size was worth around USD 4,824.1 million in 2021 and is estimated to grow to about USD 6,501.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.1% over the forecast period.

Marine Electronics Market: Overview

Marine electronics refers to the electronics gear created or intended for use on yachts and ships that is used in a marine environment. These electronic items are typically water-resistant or waterproof. The market is expanding as a result of the global marine and industrial electronics products market, which is expanding quickly. A rise in the market for marine transportation, a surge in the adoption of sonar & radar systems for search and rescue operations, and rapid uptake of marine safety protocols are expected to boost global marine electronics market growth during the forecast period. The marine electronics industry is also expected to see increasing applications of navigation, safety, marine communication, and fishing electronics. The market is also expanding due to the increasing adoption of different vessel management systems like vessel traffic management. The high cost of marine electronics devices and occasionally occurring technical issues with hardware or software are significant restraints on the market's growth.

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Key Industry Insights & Findings of the Marine Electronics Market Reports:

• As per the analysis shared by our research analyst, the Marine Electronics Market is expected to grow annually at a CAGR of around 5.1 % (2022-2028).
• Through the primary research, it was established that the Marine Electronics Market was valued at approximately USD 4824.1 million in 2021 and is projected to reach roughly USD 6501.7 million by 2028.
• The globalization of maritime trade and transportation, as well as the rising use of sophisticated marine electronics for military purposes, is expected to fuel the growth of the marine electronics market during the forecast period.
• The market growth in North America is being driven by a significant presence of numerous marine electronics device manufacturing businesses and rising sales of GPS systems.
• Growing investment in GPS and autonomous underwater vehicle systems, together with advancements in the marine industry, are factors boosting the market's overall growth.
• A significant investment gap has been one of the market's biggest obstacles, and this is further complicating matters if the manufacturers want to increase the size of the worldwide market and the range of goods they can offer the intended customer base.

Zion Market Research published the latest report titled "Marine Electronics Market By Component (Hardware and Software), By Application (Merchant Marine Electronics, Fishing Vessel Electronics, Yacht/Recreation Boat Electronics, Military Naval Electronics, Autonomous Shipping Electronics, Smart Boat Electronics, and Underwater Drone Electronics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.

Industry Dynamics:

Marine Electronics Market: Growth Drivers

• Rising use of sophisticated marine electronics for military purposes to drive market growth.

The growing desire for electronics on marine tours and other sea life by a sizable portion of the public are the main factors that are fueling significant and widespread demand for the industry. The rising use of sophisticated marine electronics for military purposes along with globalization of maritime trade and transportation, is expected to fuel the growth of the marine electronics market during the forecast period. Additionally, the large increase in earnings that individuals have seen as a result of the establishment of higher work positions has improved their situation, which is fueling demand for the military electronics. The need for maritime electronic equipment is influenced by the growing use of contemporary digital navigation, sonars, and radars for proximity sensing and other applications.

Marine Electronics Market: Restraints

• Lack of investment is likely to restrain the market expansion to a certain extent.

A significant investment gap has been one of the market's biggest obstacles, and this is further complicating matters if the manufacturers want to increase the size of the worldwide market and the range of goods they can offer the intended customer base. Additionally, the target audience's lack of awareness about the subject is likely to prevent the worldwide marine electronics industry from reaching its ideal sales level.   

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Global Marine Electronics Market: Segmentation

• The global marine electronics market is segregated on the basis of components, applications, and region.

By component, the market is divided into hardware and software. With the growing use of GPS and sonar technologies by merchant navy and marine forces, the hardware sector of the market is anticipated to hold the biggest market share during the forecast period, which ends in 2028. The market segment is expanding as a result of the growing naval footprint of the armed forces brought on by the acquisition of new ships and submarines as well as upgrading initiatives for current naval vessels. Additionally, increased marine trade, oil & gas development, dredging, and fishing operations are also credited with the market's expansion. During the projected period, there is anticipated to be a significant increase in demand for improved sonar systems from the nations that depend on basic fish finders. Technology developments may prompt nations to buy cutting-edge sonar systems for their naval fleets, which is anticipated to fuel the market's expansion shortly.

By application, the global marine electronics market is divided into merchant marine electronics, fishing vessel electronics, yacht/recreation boat electronics, military naval electronics, autonomous shipping electronics, smart boat electronics, and underwater drone electronics. In 2021, the merchant marine held a 41.2 percent share of the global market. The maritime sector has seen a tremendous increase in digital momentum, with increased autonomy being the ultimate goal. Modern maritime communication and navigation systems' technological advancements continue to drive developments in marine electronics. The risk of accidents is rising due to increased usage of the sea or the air for transportation of people or goods, which is driving the market for marine electronics, particularly marine electrical screeners. The global marine electronics market is anticipated to grow as a result of the increasing use of unmanned underwater vehicles (UUVs) and anti-submarine warfare (ASW) systems, as well as increased emphasis on enhancing marine transportation safety.

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List of Key Players in Marine Electronics Market:

• Navico
• FLIR Systems
• Furuno Electric
• Wärtsilä SAM Electronics
• Raytheon Company
• Icom Inc.
• SRT Marine Systems
• Thales Group
• Ultra Electronics
• Kongsberg Gruppen ASA
• Northrop Grumman Corporation.

Key questions answered in this report:

• What are the growth rate forecast and market size for Marine Electronics Market?
• What are the key driving factors propelling the Marine Electronics Market forward?
• What are the most important companies in the Marine Electronics Market Industry?
• What segments does the Marine Electronics Market cover?
• How can I receive a free copy of the Marine Electronics Market sample report and company profiles?

Report Scope:

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Recent Developments

• In July 2020, Furuno, a Japanese electronics manufacturer, purchased EMRI A/S, a Danish company that specializes in autopilots, steering control, joystick dynamic positioning, and maneuvering systems. More than 1000 cruise and ship owner's vessels have steering control systems from EMRI, an original equipment manufacturer.
• In November 2021, Wärtsilä SAM Electronics GmbH's marine electrical systems division, situated in Hamburg, has been contracted to supply electrical system integration (eSI) solutions for the German Navy's F126 project. The business finalized the agreement with Dutch shipbuilder Damen, which was given the job of building the F126 frigates last month after a protracted tendering and coordination process.

Regional Dominance:

• North America is projected to dominate global marine electronics market during projection period.

In North America, the rising use of marine GPS systems and marine chart plotters is propelling market expansion. The market growth in North America is being driven by a significant presence of numerous marine electronics device manufacturing businesses and rising sales of GPS systems. Growing investment in GPS and autonomous underwater vehicle systems, together with advancements in the marine industry, are factors boosting the market's overall growth. Large logistical operations in the United States require ongoing monitoring and communication. Consequently, it is anticipated that in the years to come, demand for water transportation would rise. Over the projected period, the marine electronics market is anticipated to increase in line with the growth in demand for maritime transportation as a result of the expansion of ocean logistics activities.

Global Marine Electronics Market is segmented as follows:

Marine Electronics Market: By Component Outlook (2022-2028)

• Hardware
• Software

Marine Electronics Market: By Application Outlook (2022-2028)

• Merchant Marine Electronics
• Fishing Vessel Electronics
• Yacht/Recreation Boat Electronics
• Military Naval Electronics
• Autonomous Shipping Electronics
• Smart Boat Electronics
• Underwater Drone Electronics

Marine Electronics Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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