Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 4,824.1 million | USD 6,501.7 million | 5.1% | 2020 |
FrequentlyAsked Questions
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.
According to the report, the global marine electronics market was worth about 4,824.1 (USD million) in 2021 and is predicted to grow to around 6,501.7 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 5.1%.
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.
Some of the main competitors dominating 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.
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