Overview of the global marine electronics market
Marine Electronics Market - Zion Market Investigation
The global marine electronics market size was worth around US$4,824.1 million in 2021 and is estimated to grow to around US$6,501.7 million by 2028.
The global Marine Electronics Market report analyzes the driving factors, constraints/challenges of the market and the effect they have on the demands during the projection period.
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NEW YORK, UNITED STATES, December 13, 2022 /EINPresswire.com/ -- OThe global marine electronics market is mainly driven byby the expansion of maritime trade and by the growing demand of the defense industry. In both developing and developed countries, including the United States, Russia, China and India, navies continue to grow. The market is also expanding due to increased demand for seafood. The increased use of sonar systems in search and rescue missions, as well as the growing popularity of pleasure craft such as luxury yachts and cruise ships, are other important factors. The need for sophisticated electronic navigation, sonar and radar systems is being driven by expanding international trade and product shipping, which is likely to create lucrative new market opportunities and drive the global market for marine electronics. There are several limitations, such as the higher prices of some sophisticated marine electrical equipment and the lack of adequate standards. Major players operating 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.
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Global marine electronics market – overview
Marine electronic devices are waterproof devices made specifically for the marine industry for purposes such as communication and navigation. They consist of tools and equipment such as marine radars, VHF radios and chartplotters. Marine fuel management, autopilot systems, multifunction navigation, GPS and RADAR systems, SONAR modules, audio and video devices, satellite television, thermal and security cameras, lighting and gyrocompasses are just a few of the uses of marine electronics.
The global marine electronics market is segregated on the basis of components, applications and region. On the basis of components, the market is divided into hardware and software. During the projection period, the hardware category of the market is expected to have the largest market share. Based on application, the market is divided into merchant marine electronics, fishing vessel electronics, yacht/recreational craft electronics, marine military electronics, autonomous transportation electronics, smart vessel electronics, and underwater drone electronics. By 2022, merchant marine is expected to have a 41.2% share of the global marine electronics market.
In July 2020, Furuno, a Japanese electronics manufacturer, purchased EMRI A/S, a Danish company specializing in maneuvering systems, dynamic joystick positioning, directional control and autopilots. More than 1,000 cruise ships and boat owner's vessels have steering control systems from EMRI, an original equipment manufacturer.
In June 2021, Brunswick Corporation said it reached a definitive agreement to pay $1.05 billion for Navico, a world leader in marine electronics and sensors. With this acquisition, Brunswick will expand its Advanced Systems Group (ASG), which already includes leading parts and accessories (P&A) brands in power management, digital control, monitoring and networking devices, to include industry-leading Lowrance brands. , Simrad, B&G and C-MAP.
In November 2021, the marine electrical systems division of Hamburg-based Wärtsilä SAM Electronics GmbH was contracted to provide electrical systems integration (eSI) solutions for the German Navy's F126 project. The company has finalized the agreement with Dutch shipyard Damen, which was given the task of building the F126 frigates last month after a lengthy bidding and coordination process.
In February 2022, SRT Marine Systems PLC announced that its wholly owned subsidiary em-trak Marine Electronics has been awarded a contract to supply transceivers for the Panama Canal Automatic Identification System. Through an international network of dealers and online, em-trak sells AIS transceivers for commercial and recreational vehicles worldwide.
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key ideas
The value of the marine electronics market is projected to grow at a CAGR of 5.1% during the forecast period.
The global marine electronics market size was worth around US$4,824.1 million in 2021 and is estimated to grow to around US$6,501.7 million by 2028.
The globalization of commerce and shipping, as well as the increasing use of sophisticated marine electronics for military purposes, are expected to fuel the growth of the marine electronics market during the forecast period.
In terms of revenue generated by the global marine electronics market in 2021, North America was the largest regional market.
Merchant shipping is projected to have a 41.2% market share worldwide by 2022.
During the projection period, the hardware category of the market is expected to have the largest market share.
The North American market is anticipated to experience the fastest growth during the assessment period ending in 2028 due to increased investment in unmanned underwater vehicles (UUVs) and anti-submarine warfare (ASW) systems. In North America, the increasing use of marine GPS systems and marine chart plotters is driving market expansion. Market growth in North America is being driven by a significant presence of numerous marine electronics manufacturing companies and increased sales of GPS systems. Increased investment in GPS and autonomous underwater vehicle systems, along with advancements in the marine industry, are factors driving the overall market growth.
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Key Audiences of Global Marine Electronics Market Report: (Who Can Purchase Our Report)
Consulting firms and research institutes in the global marine electronics market
Industry leaders and companies looking to enter the marine electronics market
universities and students
Service Providers, Product Providers, Solution Providers, and Other Marine Electronics Market Players
Government bodies and associated private companies
Individuals interested in learning about the Marine Electronics Market
Marine electronics market: growth drivers
Increased use of sophisticated marine electronics for military purposes to fuel market growth
The growing desire of a considerable part of the public for electronics on boardwalks and other marine life are the main factors that are fueling a significant and widespread demand from the industry. The increasing use of sophisticated marine electronics for military purposes, along with the globalization of commerce and shipping, is expected to fuel the growth of the marine electronics market during the forecast period. Furthermore, the large increase in income that people have had as a result of the establishment of higher jobs has improved their situation, which is fueling demand for military electronics. The need for marine electronic equipment is influenced by the increasing use of contemporary digital navigation, sonar and radar for proximity detection and other applications.
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