Marine Electronics Market Trends, Size, Analysis 2031
The Marine Electronics Market is expected to register a CAGR of 5.3% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Product Type (GPS and Radar Systems, SONAR Modules, Communication Devices, Autonomous Identification Systems (AIS), Thermal and Visible Cameras, Multi-function Navigation, and Others), Application (Merchant Marine, Fishing Vessel, Yachts/Recreation, Military Naval, and Others) . The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
Purpose of the ReportThe report Marine Electronics Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Marine Electronics Market Segmentation
Product Type- GPS and Radar Systems
- SONAR Modules
- Communication Devices
- Autonomous Identification Systems
- Thermal and Visible Cameras
- Multi-function Navigation
- Others
- Merchant Marine
- Fishing Vessel
- Yachts/Recreation
- Military Naval
- Others
Strategic Insights
Marine Electronics Market Growth Drivers- Increasing Maritime Trade and Transportation: The marine electronics market is significantly driven by the growth of maritime trade and transportation. With globalization leading to an expansion of trade routes, the demand for efficient and reliable navigation, communication, and safety systems is on the rise. Ship operators are increasingly investing in advanced marine electronics to enhance operational efficiency, ensure regulatory compliance, and improve safety measures. This trend is further fueled by the need for real-time data and connectivity to navigate through various maritime environments.
- Growing Advancements in Navigation Technology: The rapid advancements in navigation technology are a key driver for the marine electronics market. Innovations such as Global Positioning System (GPS), Automatic Identification System (AIS), and Integrated Bridge Systems (IBS) have transformed how vessels navigate and communicate. These technologies enhance situational awareness, allowing for safer and more efficient maritime operations. As shipping companies and fleets adopt these advanced navigation systems to optimize routes and reduce fuel consumption, the demand for marine electronics continues to grow.
- Rising Development of Autonomous Vessels: The emergence of autonomous vessels is revolutionizing the marine electronics market. Companies are investing in advanced navigation and control systems that enable ships to operate with minimal human intervention. This trend is driven by the need for enhanced safety, reduced crew costs, and improved operational efficiency. As technology progresses, the demand for sophisticated marine electronics that support autonomous navigation, obstacle detection, and data analysis will continue to grow, creating new opportunities for innovation in the market.
- Growing Focus on Energy Efficiency and Sustainability: The marine electronics market is witnessing a growing trend towards energy efficiency and sustainability. As environmental concerns rise and regulations tighten, shipowners are seeking technologies that minimize fuel consumption and reduce emissions. Advanced electronics, such as energy management systems and eco-friendly navigation solutions, are being developed to address these challenges. This focus on sustainability is not only beneficial for the environment but also helps operators reduce operational costs and enhance their competitiveness in the market.
- Growth in Recreational Boating Segment: The recreational boating segment is an expanding area within the marine electronics market, driven by rising consumer interest in leisure boating and water sports. As more individuals invest in personal boats and marine activities, the demand for advanced electronics, including fish finders, GPS systems, and entertainment solutions, is increasing. Companies that focus on developing innovative products for this segment can tap into a lucrative market and establish a strong presence in the recreational boating industry.
- Growing Number of Partnerships and Collaborations for Innovation: The marine electronics market offers opportunities for partnerships and collaborations between technology providers, manufacturers, and maritime organizations. By collaborating on Research and Development initiatives, companies can leverage each other's expertise to develop innovative solutions that address emerging challenges in the maritime industry. Such partnerships can accelerate the development of cutting-edge technologies, enhance product offerings, and improve market reach, ultimately driving growth and competitiveness in the marine electronics sector.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Marine Electronics Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Marine Electronics Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Growth in Global Maritime Trade, Military Sector Requirements, Safety Regulations:
Rising Demand for Multifunctional Devices
The Marine Electronics Market is estimated to witness a CAGR of 5.3% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Marine Electronics Market - By Product Type
1.3.2 Marine Electronics Market - By Application
1.3.3 Marine Electronics Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MARINE ELECTRONICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. MARINE ELECTRONICS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. MARINE ELECTRONICS MARKET - GLOBAL MARKET ANALYSIS
6.1. MARINE ELECTRONICS - GLOBAL MARKET OVERVIEW
6.2. MARINE ELECTRONICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MARINE ELECTRONICS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. GPS AND RADAR SYSTEMS
7.3.1. Overview
7.3.2. GPS and Radar Systems Market Forecast and Analysis
7.4. SONAR MODULES
7.4.1. Overview
7.4.2. SONAR Modules Market Forecast and Analysis
7.5. COMMUNICATION DEVICES
7.5.1. Overview
7.5.2. Communication Devices Market Forecast and Analysis
7.6. AUTONOMOUS IDENTIFICATION SYSTEMS (AIS)
7.6.1. Overview
7.6.2. Autonomous Identification Systems (AIS) Market Forecast and Analysis
7.7. THERMAL AND VISIBLE CAMERAS
7.7.1. Overview
7.7.2. Thermal and Visible Cameras Market Forecast and Analysis
7.8. MULTI-FUNCTION NAVIGATION
7.8.1. Overview
7.8.2. Multi-function Navigation Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. MARINE ELECTRONICS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. MERCHANT MARINE
8.3.1. Overview
8.3.2. Merchant Marine Market Forecast and Analysis
8.4. FISHING VESSEL
8.4.1. Overview
8.4.2. Fishing Vessel Market Forecast and Analysis
8.5. YACHTS/RECREATION
8.5.1. Overview
8.5.2. Yachts/Recreation Market Forecast and Analysis
8.6. MILITARY NAVAL
8.6.1. Overview
8.6.2. Military Naval Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. MARINE ELECTRONICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Marine Electronics Market Overview
9.1.2 North America Marine Electronics Market Forecasts and Analysis
9.1.3 North America Marine Electronics Market Forecasts and Analysis - By Product Type
9.1.4 North America Marine Electronics Market Forecasts and Analysis - By Application
9.1.5 North America Marine Electronics Market Forecasts and Analysis - By Countries
9.1.5.1 United States Marine Electronics Market
9.1.5.1.1 United States Marine Electronics Market by Product Type
9.1.5.1.2 United States Marine Electronics Market by Application
9.1.5.2 Canada Marine Electronics Market
9.1.5.2.1 Canada Marine Electronics Market by Product Type
9.1.5.2.2 Canada Marine Electronics Market by Application
9.1.5.3 Mexico Marine Electronics Market
9.1.5.3.1 Mexico Marine Electronics Market by Product Type
9.1.5.3.2 Mexico Marine Electronics Market by Application
9.2. EUROPE
9.2.1 Europe Marine Electronics Market Overview
9.2.2 Europe Marine Electronics Market Forecasts and Analysis
9.2.3 Europe Marine Electronics Market Forecasts and Analysis - By Product Type
9.2.4 Europe Marine Electronics Market Forecasts and Analysis - By Application
9.2.5 Europe Marine Electronics Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Marine Electronics Market
9.2.5.1.1 Germany Marine Electronics Market by Product Type
9.2.5.1.2 Germany Marine Electronics Market by Application
9.2.5.2 France Marine Electronics Market
9.2.5.2.1 France Marine Electronics Market by Product Type
9.2.5.2.2 France Marine Electronics Market by Application
9.2.5.3 Italy Marine Electronics Market
9.2.5.3.1 Italy Marine Electronics Market by Product Type
9.2.5.3.2 Italy Marine Electronics Market by Application
9.2.5.4 United Kingdom Marine Electronics Market
9.2.5.4.1 United Kingdom Marine Electronics Market by Product Type
9.2.5.4.2 United Kingdom Marine Electronics Market by Application
9.2.5.5 Russia Marine Electronics Market
9.2.5.5.1 Russia Marine Electronics Market by Product Type
9.2.5.5.2 Russia Marine Electronics Market by Application
9.2.5.6 Rest of Europe Marine Electronics Market
9.2.5.6.1 Rest of Europe Marine Electronics Market by Product Type
9.2.5.6.2 Rest of Europe Marine Electronics Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Marine Electronics Market Overview
9.3.2 Asia-Pacific Marine Electronics Market Forecasts and Analysis
9.3.3 Asia-Pacific Marine Electronics Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Marine Electronics Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Marine Electronics Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Marine Electronics Market
9.3.5.1.1 Australia Marine Electronics Market by Product Type
9.3.5.1.2 Australia Marine Electronics Market by Application
9.3.5.2 China Marine Electronics Market
9.3.5.2.1 China Marine Electronics Market by Product Type
9.3.5.2.2 China Marine Electronics Market by Application
9.3.5.3 India Marine Electronics Market
9.3.5.3.1 India Marine Electronics Market by Product Type
9.3.5.3.2 India Marine Electronics Market by Application
9.3.5.4 Japan Marine Electronics Market
9.3.5.4.1 Japan Marine Electronics Market by Product Type
9.3.5.4.2 Japan Marine Electronics Market by Application
9.3.5.5 South Korea Marine Electronics Market
9.3.5.5.1 South Korea Marine Electronics Market by Product Type
9.3.5.5.2 South Korea Marine Electronics Market by Application
9.3.5.6 Rest of Asia-Pacific Marine Electronics Market
9.3.5.6.1 Rest of Asia-Pacific Marine Electronics Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Marine Electronics Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Marine Electronics Market Overview
9.4.2 Middle East and Africa Marine Electronics Market Forecasts and Analysis
9.4.3 Middle East and Africa Marine Electronics Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Marine Electronics Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Marine Electronics Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Marine Electronics Market
9.4.5.1.1 South Africa Marine Electronics Market by Product Type
9.4.5.1.2 South Africa Marine Electronics Market by Application
9.4.5.2 Saudi Arabia Marine Electronics Market
9.4.5.2.1 Saudi Arabia Marine Electronics Market by Product Type
9.4.5.2.2 Saudi Arabia Marine Electronics Market by Application
9.4.5.3 U.A.E Marine Electronics Market
9.4.5.3.1 U.A.E Marine Electronics Market by Product Type
9.4.5.3.2 U.A.E Marine Electronics Market by Application
9.4.5.4 Rest of Middle East and Africa Marine Electronics Market
9.4.5.4.1 Rest of Middle East and Africa Marine Electronics Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Marine Electronics Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Marine Electronics Market Overview
9.5.2 South and Central America Marine Electronics Market Forecasts and Analysis
9.5.3 South and Central America Marine Electronics Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Marine Electronics Market Forecasts and Analysis - By Application
9.5.5 South and Central America Marine Electronics Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Marine Electronics Market
9.5.5.1.1 Brazil Marine Electronics Market by Product Type
9.5.5.1.2 Brazil Marine Electronics Market by Application
9.5.5.2 Argentina Marine Electronics Market
9.5.5.2.1 Argentina Marine Electronics Market by Product Type
9.5.5.2.2 Argentina Marine Electronics Market by Application
9.5.5.3 Rest of South and Central America Marine Electronics Market
9.5.5.3.1 Rest of South and Central America Marine Electronics Market by Product Type
9.5.5.3.2 Rest of South and Central America Marine Electronics Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. MARINE ELECTRONICS MARKET, KEY COMPANY PROFILES
11.1. FLIR SYSTEMS, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. FURUNO ELECTRIC CO., LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GARMIN LTD.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ICOM INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. JAPAN RADIO CO., LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. KONGSBERG MARITIME
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NAVICO
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. NORTHROP GRUMMAN SPERRY MARINE B.V.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SRT MARINE SYSTEMS PLC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TRANSAS
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.FLIR Systems, Inc.2.Furuno Electric Co., Ltd.3.Garmin Ltd.4.Icom Inc.5.Japan Radio Co., Ltd.6.Kongsberg Maritime7.Navico8.Northrop Grumman Sperry Marine B.V.9.SRT Marine Systems plc10.Transas
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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