Global Marine Electronics Market is Likely to Grow at a CAGR Value of 5.1% by 2028

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. The report analyzes the marine electronics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the marine electronics market.

Marine electronics are waterproof gadgets made specifically for the maritime sector to serve purposes like communication and navigation. They consist of tools and equipment like maritime radar, VHF radios, and chart-plotters. Marine fuel management, autopilot systems, multipurpose navigation, GPS & RADAR systems, SONAR modules, audio & video devices, satellite TV, thermal & security cameras, lighting appliances, and gyrocompasses are just a few of the uses for marine electronics.

The global market for marine electronics is primarily driven by the expansion of maritime trade and rising demand from the defense industry. In both developing and developed nations, including the U.S., Russia, China, and India, naval forces are continuing to grow. The market is expanding due to an increase in seafood demand as well. Sonar systems' increased use in search and rescue missions as well as the rising popularity of leisure boats like luxury yachts and cruise ships are other significant factors. The need for sophisticated electronic navigation, sonar, and radar systems is being driven by the expansion of international trade and the transportation of products, which is likely to create new lucrative market opportunities and drive the global marine electronics market. There are several limitations, such as the higher prices of some of the sophisticated maritime electrical equipment and the absence of adequate standards.

The global marine electronics market is segregated based on components, applications, and region. Based on components, the market is divided into hardware and software. During the projection period, the market's hardware category is anticipated to hold the highest market share. Based on application, the 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 2022, it is anticipated that the merchant marine would hold a 41.2 percent share of the global marine electronics market.

The North American market is anticipated to have the quickest growth throughout the assessment period ending in 2028 due to increased investment in both unmanned underwater vehicles (UUVs) and anti-submarine warfare (ASW) systems. 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.

Key players functioning in the global marine electronics market include Navico, FLIR Systems, Furuno Electric, Wärtsilä SAM Electronics, Raytheon Company, Icom Inc., SRT Marine Systems, Thales Group, Ultra Electronics, Kongsberg Gruppen ASA, and Northrop Grumman Corporation.

Recent developments:

• In June 2021, Brunswick Corporation said that it has reached a definitive deal to pay USD 1.05 billion for Navico, a global leader in maritime electronics and sensors. With this acquisition, Brunswick will expand its Advanced Systems Group (ASG), which already encompasses the top Parts & Accessories (P&A) brands in power management, digital control, monitoring, and networked devices, to include the leading industry brands Lowrance, Simrad, B&G, and C-MAP.
• In February 2022, SRT Marine Systems PLC announced that its fully owned em-trak Marine Electronics subsidiary has been awarded a contract to provide transceivers for the Panama Canal's automatic identification system. Through an international dealer network and online, em-trak sells AIS transceivers to commercial and recreational vehicles all over the world.

Browse the full “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.” Report at https://www.zionmarketresearch.com/report/marine-electronics-market

Global Marine Electronics Market is segmented as follows:

By Component

• Hardware
• 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
  • 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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