Surge in Marine Trade to boost Marine Electronics Market Worldwide

Surge in marine trade among countries of the world and increasing investment in marine electronics technology by major players of the market is driving the global marine electronics market. Similar to the U.S. and Indonesia, many countries of world have made installation of automatic identification system (AIS) chips on vessels mandatory. Beyond this, there is increase in number of tourists preferring coastal areas and cruise ships & ferries. This tourism trend has forced the ship-owners to keep their vessels technologically upgraded. Such market scenario has further helped the marine electronics market to expand in 2021. 

Digitalization and e-commerce has ensured high growth in sea-trade activities. Similarly, there is significant growth in the demand for boats and ships for fishing, logistics, and recreational water activities across the world since the last few years. Greece, Japan, China, Singapore and the U.S. are the top ship owning nations. According to United Nations Conference on Trade and Development (UNCTAD), the global sea trade is expected to grow with 3.8% CAGR from 2019 to 2025. In addition to above, security and surveillance is another factor influencing the market growth. Increase in number of RADARs, submarines, underwater robots has further buoyed the market growth reaching US$ 5.21 Bn in 2021 and further expected to grow with a CAGR of 5.12% during the forecast period. 

Navigation Segment remain the Major Contributor to Market

Growing adoption of new technologies such as augmented reality (AR) for navigation has ensured large market share for the navigation segment in 2018. Navigation system displays high quality satellite images and navigation charts for better navigation. This has not only helps the ship-owners for standardize reporting but also enhances safety & security while navigating. Further, new trend observed in the market is the use of an integrated navigation system having greater accuracy and which cost less than conventional system. Altogether, the navigation segment captured over 35% share of global marine electronics market in 2018. On the other hand, communication segment is expected to register the highest CAGR during the forecast period on account of advancement in SatCom-based communication technology and growing trend of its use.

North America to remain the Largest Market

In 2021, North America was the largest regional market, in terms of revenue of the global marine electronics market. Major defense companies such as Thales Group, Raytheon Company, Northrop Grumman Corporation and FLIR® Systems, Inc. are well established in the U.S. These companies are investing heavily in developing new marine technologies such as new marine camera introduced by FLIR Systems, Inc. This new M300 Series thermal camera is installed with advanced awareness-enhancing technologies, safer navigation, and seamless integration with onboard boat systems. Secondly, the U.S. navy is highly interested in buying unmanned undersea vehicle and submarines. Overall, North America gathered with over 35% share in global marine electronics market in 2018. The U.S. navy is upgrading its fleet in the wake of rising geopolitical tension and trade tension with China. 

New Technological Development is keeping the Market Competitive

The overall marine electronics market is highly fragmented and market players are focusing on launching new and advanced electronic products and upgrading the current technology. Also, players are collaborating with other companies for expanding their market share. For instance, in October 2019, FLIR Systems, Inc. introduced new intelligent docking technology line, Raymarine DockSense Alert. It is capable of object recognition and motion sensing capabilities that assist captain while docking. Further, in October 2019, Navico announced its strategic partnership with Axopar Boats, the leading boat manufacturer of Europe. With this partnership, both the companies are expected to increase their market share.

Major players profiled in the marine electronics market include Thales Group, Raytheon Company, Northrop Grumman Corporation, ATLAS ELEKTRONIK GmbH, FURUNO ELECTRIC CO. LTD., Kraken Robotics, Garmin Ltd., FLIR® Systems, Inc., Neptune Sonar Limited, Kongsberg, Navico and R2SONIC, Inc. etc. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Marine Electronics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Marine Electronics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Marine Electronics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Marine Electronics market?
• Which is the largest regional market for Marine Electronics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Marine Electronics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Electronics market worldwide?