The Global Marine Electronics Market is projected to 5% CAGR during the 2030

December 2020 The global marine electronics market. The market is expected to exhibit an over 5% CAGR from 2020 to 2030.

Market Highlights

Marine Electronics Market Size is USD 7.7390 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030).

Marine electronics are electronic components designed for the marine environment on ships for various applications such as navigation and communication. The demand for marine electronicss is growing rapidly owing to increasing demand from the defense sector, and rise in marine trade activities. 

The global marine electronics market has been studied by region, such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest- growing regional market during in the review period. By component, the global marine electronics market has been segmented into hardware and software. 

The hardware segment is expected to account for the largest market share during the forecast period owing to the increasing adoption of GPS and sonar technology by maritime force and merchant navy. Based on vessel type, the global marine electronics market has been segmented into merchant vessels, fishing vessels, naval vessels, recreational boats, and others. The naval vessels segment is expected to account for the largest market share during the forecast period owing to the increase demand of marine electronics by marine industry. Based on application, the global marine electronics market has been segmented into navigation, communication, automation, and others. The navigation segment is expected to account for the largest market share during the forecast period. The communication segment of the market is expected to register the higher CAGR during the review period.

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