Marine Electronics Market

Marine Electronics Market Research Report - Forecast till 2023
Marine Electronics Market
Research Report - Forecast
till 2023
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Marine Electronics Market Research Report - Forecast till 2023
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Marine Electronics Market Research Report - Forecast till 2023
The Marine Electronics Market is Expected to Exhibit an Over 5% CAGR from 2018 to 2023.
Marine electronics are electronic components designed for the marine environment on ships for various applications
such as navigation and communication. The demand for marine electronics is growing rapidly owing to increasing
demand from the defense sector and rise in marine trade activities.
Marine electronics require covering from moisture and direct contact from water which is why they are built
in a way to ensure their waterproofing. These devices include marine VHF radios, fish finders/sonars,
autopilots, chart plotters, radars, GPS, satellite TVs, gyrocompasses, and various audio and video devices.
The global marine electronics market is getting notable thrust from the defence sector which would help the
market to achieve 5% CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR).
Factors to impact the global marine electronics market are increasing adoption of sonar technology in the
sector, along with growing need for safety measures during maritime operations. Increasing marine terrorism
and border disputes are spurring the demand for marine electronics market. At the same point time,
information regarding correct positioning of vessels have also triggered the adoption of marine electronics,
which is bound to inspire the marine electronics market.
The global marine electronics market has been analysed geographically by MRFR on the basis of detailed
studies of the market in clusters such as North America, Europe, Asia Pacific (APAC), Middle East & Africa
(MEA), and Latin America (LATAM). This type of analysis ensures better possibility of growth pocket
revelation.
The APAC region is leading the global marine electronics market. The region is benefiting from the presence
of several countries sharing borders with seas. This inspires them to keep their defence fleets updated. Other
sectors such as commercial and personal gain substantial boost from the market due to surge in maritime
trade and various types of fishing activities. Such sectors demand strong inclusion of marine electronics
owing to which the regional market is growing.
North America, on the other hand, is expected to emerge as the fastest growing region owing to the presence
of the U.S. whose defence expenditure allows substantial intake of marine electronics. In Europe, tourism
sector is going to provide much needed thrust to the market. Several countries such as Italy, France, Spain,
and others can contribute significantly.
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Marine Electronics Market Research Report - Forecast till 2023
MRFR segmented the global marine electronics market for a better, detailed analysis by component type,
vessel type, and application.
Based on the component type, the marine electronics market includes hardware, and software. The hardware
segment gains more traction from the market owing to rising uptake of GPS systems by marine vessels for
safer journeys and better defense mechanism. Meanwhile, the software segment is is deemed to score the
highest CAGR over the review period.
Based on the vessel type, the marine electronics market comprises recreational boats, merchant vessels,
naval vessels, fishing vessels, and others. The naval vessels segment is currently enjoying the maximum
thrust owing to various upgradation project going on in maritime force. The merchant vessels segment, on
the other hand, is expected to leave others behind in terms of growth rate over the forecast period.
Based on the application, the marine electronics market consists navigation, automation, communication,
and others. The navigation segment has the maximum percolation owing to increasing usage of GPS by
maritime force and seaborne trade. The communication segment has the potential to top the market in terms
of CAGR during the forecast period.
The intense marine electronics market has several top players who are implementing strategies to stay
abreast in the market. Their initiatives are helping the market expand. At the same time, new entrants are also
impacting the market significantly. Major players, as profiled in MRFR report, are FLIR Systems Inc. (US),
Garmin International (US), Tokyo Keiki Inc. (Japan), Furuno Electric Co. Ltd (Japan), Atlas Elektronik GmbH
(Germany), Ultra Electronics (UK), Northrop Grumman Corporation (US), Raytheon Company (US), Thales
Group (France), and Wartsila SAM Electronics GmbH (Germany).
Raymarine recently launched their new ClearCruise AR which aims at providing information beforehand
regarding collision and situational awareness. The system includes three different segments; Raymarine
AR200 augmented reality sensor module, Raymarine Axiom-series chart plotter with Raymarine’s Lighthouse
3.7 or newer operating system, and either a Raymarine CAM220IP or CAM210IP video camera for better
functioning.
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Marine Electronics Market Research Report - Forecast till 2023
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Global Marine Electronics Market: Information by Component type (hardware, software), Vessel Type (Merchant Vessels, Fishing Vessels, Naval Vessels, Recreational Boats, Others), Application (Navigation, Communication, Automation, Others), Region—Forecast till 2023

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