Marine Electronics Market By Component (Hardware, Software), By Product (RADAR, SONAR, GPS, Others), By Vessel (Naval, Merchant, Recreational, Others), By Application (Navigation, Communication, Automation, Others) - Growth, Future Prospects and Competitive Landscape, 2019 – 2027

Surge in Marine Trade to boost Marine Electronics Market Worldwide

The surge in marine trade among countries of the world and increasing investment in marine electronics technology by significant players in the market are driving the global marine electronics market. Similar to the U.S. and Indonesia, many countries have made the installation of automatic identification system (AIS) chips on vessels mandatory. Beyond this, there is an increase in the number of tourists preferring coastal areas and cruise ships & ferries. This tourism trend has forced ship-owners to keep their vessels technologically upgraded. Such a market scenario has further helped the marine electronics market to expand in 2018. 

Digitalization and e-commerce have ensured high growth in sea-trade activities. Similarly, there has been significant growth in the demand for boats and ships for fishing, logistics, and recreational water activities worldwide in 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 a 3.8% CAGR from 2019 to 2023. In addition to the above, security and surveillance is other factors influencing market growth. An increase in the number of RADARs, submarines, and underwater robots has further buoyed the market growth reaching US$ 4.52 Bn in 2018 and is further expected to grow with a CAGR of 5.12% during the forecast period. 

Market Snapshot

Navigation Segment remains the Major Contributor to Market

The growing adoption of new technologies, such as augmented reality (AR) for navigation, has ensured a large market share for the navigation segment in 2018. The navigation system displays high-quality satellite images and navigation charts for better navigation. This has helped the ship-owners standardize reporting but also enhanced safety & security while navigating. Further, a new trend observed in the market is the use of an integrated navigation system with greater accuracy and cost less than a conventional system. Altogether, the navigation segment captured over 35% share of the global marine electronics market in 2018. On the other hand, the communication segment is expected to register the highest CAGR during the forecast period on account of advancements in SatCom-based communication technology and the growing trend of its use.

North America to remain the Largest Market

In 2018, North America was the largest regional market in terms of global marine electronics market revenue. First, 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 the 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 vehicles and submarines. Overall, North America gathered over 35% share in the global marine electronics market in 2018. The U.S. Navy is upgrading its fleet due to rising geopolitical and trade tensions 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 to expand their market share. For instance, in October 2019, FLIR Systems, Inc. introduced a new intelligent docking technology line, Raymarine DockSense Alert. It is capable of object recognition and motion sensing capabilities that assist the captain while docking. Further, in October 2019, Navico announced its strategic partnership with Axopar Boats, the leading European boat manufacturer. As a result, both companies are expected to increase their market share with this partnership.

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

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

Marine electronics market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global marine electronics market based on component, product, vessel, application, and geography.

Frequently Asked Questions

The market for Marine Electronics is expected to reach US$ 4.52 Bn in 2027.

The Marine Electronics market is expected to see significant CAGR growth over the coming years, at 5.12%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

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 are some of the major players in the global market.

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Published Date:  Dec 2019
Category:  Technology & Media
Report ID:   60092
Report Format:   PDF
Pages:   120
Rating:    4.2 (49)
Delivery Time: 24 Hours to 48 Hours   
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