The Marine Electronics Market is expected to develop at a CAGR of 5.3 percent from its estimated value of US$ 5.2 billion in 2022 to US$ 7.5 billion in 2029. Due to the effects of globalisation and increased industrialization on the need for ships and boats, the marine electronics industry is expanding.

Marine Electronics Market Size (2022) US$ 5.2 Bn
Sales Forecast (2029) US$ 7.5 Bn
Global Market Growth Rate (2022 to 2029) 5.3% CAGR
Share of Top 5 Marine Electronic Device Suppliers 55%

Additionally, the usage of marine electronics equipment has increased along with worries about search and rescue, safety and security, and assistance with the monitoring and navigation of maritime traffic. Additionally, legislation mandating the installation of AIS in ships and boats is being passed by governments in many countries, which is fostering the expansion of the marine electronics industry.

The defence sector remains a significant source of income. Significant growth opportunities in the marine electronics market are being created by the expanding demand for marine electronics solutions in the defence sector.

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To increase coastal safety and security, the Coast Guard Office of Navigation Systems and the Coast Guard Research and Development Center are working to improve communication and navigation for continuous broadcast and autonomous systems. Additionally, the defence industry’s ongoing research and development for the improvement of maritime navigation and communication is one of the key factors fueling the growth of the marine electronics market.

In recent years, ocean carriage has gained enormous popularity in countries throughout Europe and Asia. Among the nations in these regions are Germany, France, France, China, Japan, and India.

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.

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SEA&P Likely to Soon Outpace Europe

The merchant marine, fishing vessel, yachts/recreational, military naval, autonomous shipping, smart boat, and underwater drone segments make up the worldwide marine electronics market by application. Due to the growing use of underwater drones for a variety of underwater operations and inspection tasks, the underwater drones sub-segment is anticipated to have substantial growth during the projected period.

Additionally, Europe is anticipated to dominate the worldwide marine electronics market in terms of geography. However, due to the rising maritime activities and rising demand for cutting-edge ships and boats in the nations of this area, the SEA & Others of APAC region is predicted to surpass Europe to become the top region in the worldwide marine electronics market in the next years.

Impact of COVID-19

The COVID-19 epidemic had a significant impact on both sailors and the marine industry. The pandemic had a substantial impact on businesses that produced marine electronics, with logistics management posing the biggest obstacle.

Due to the rapid increase of AI processing power and improved technology, automated vehicles, which are on the approach of become mainstream, are offering the sector significant opportunities.

In the upcoming years, corporations should find it easier to reclaim market share thanks to new marine electronics with simple system integration.

Competitive Landscape

Companies that make marine electronics are constantly concentrating on supplying cutting-edge marine electronics products and solutions by utilising the most recent technologies to increase and enhance their product line.

The military industry’s ongoing R&D is driving fierce rivalry among vendors for technological breakthroughs in communication systems, which is helping the marine electronics market expand.

Navico, Furuno Electric, Garmin Ltd., FLIR Systems, Raytheon Company, Transas, Wärtsilä SAM Electronics, SRT Marine Systems, Icom Inc., Kongsberg Maritime, and Japan Radio are a few of the major companies profiled in the global marine electronics market research report. These marine electronics market players continuously concentrate on delivering cutting-edge marine electronics products and solutions by utilising the most recent technology developments to improve and increase their product range.

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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

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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