Marine Electronics Market Analysis

Global Marine Electronics Market Overview

Marine Electronics Market Size was valued at USD 5.5 billion in 2022. The Marine Electronics market industry is projected to grow from USD 5.775 Billion in 2023 to USD 7.7390 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030). The increased need for electronics on marine tours and the substantial rise in incomes of people owing to the creation of higher employment positions is putting them in a better position that is resulting in the creation of demand for military electronics are the key market drivers enhancing the market growth.

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Marine Electronics Market Trends

• Increase in the adoption of GPS driving the market growth

There is an increase in the adoption of GPS systems as they determine the position of ships and facilitate immediate rescue operations in emergencies. GPS systems connect multiple devices and provide accurate details and information.GPS systems based on satellite transmission are very authentic and efficient. They help determine the position and location of ships. With the help of GPS systems, marine vessels know which route to take and which directions to avoid. Marine vessels also use other ship tracking systems with GPS functionality. A ship tracking system consists of a collection of devices that help naval and naval vessels to identify, track and trace the position, location, and other details of ships. This information is useful for guiding and stabilizing ship routes and courses. This factor drives the Market CAGR.  

In addition, advanced applications of electronic hardware and software in naval forces across the globe have increased the demand for marine electronic systems. The demand for seaHardware is leading toward adopting marine electronic systems, advanced SONAR systems, cold storage systems, & sensors, and other electronic systems, which influence the global market. The growing luxury yachts and recreational boats industry has also accelerated the market for fancy lighting, TVs, audio and video systems, and other electronic components. All these trends drive the Marine electronics market revenue to the marine electronics market growth.

Marine Electronics Market Segment Insights

Marine Electronics Component Type Insights

The Marine Electronics Market segmentation, based on type, includes hardware and software. The hardware segment of the market is expected to account for the largest market share during the forecast period that ends in 2030, owing to the increasing adoption of GPS and sonar technology by maritime forces and the merchant navy.

Figure 1: Marine Electronics Market, By Component Type, 2022& 2030 (USD billion)Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Marine Electronics Vessel Type Insights

Based on vessel type, the Marine Electronics Market segmentation includes store merchant vessels, fishing vessels, naval vessels, recreational boats, and others. The naval vessels segment of the global market is expected to account for the largest market share during the forecast period that ends in 2028 because of the increased demand for marine electronics by the marine industry.

Marine Electronics By Application Insights

The Marine Electronics Market segmentation includes navigation, communication, automation, and others. The navigation segment will account for the largest market share during 2021-2028. The communication segment of the marine electronics market revenue is expected to grow at a higher CAGR during the review period of 2021-2028.

For instance, March 2018 Wartsila, a global technology group, acquired Transas, a provider of innovative digital solutions. This acquisition recognizes Transas’ dominant position in the maritime technology market.

Marine Electronics Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American marine electronics market will dominate, owing to the increased investment in unmanned underwater vehicles (UUVs) and anti-submarine warfare (ASW) systems, which will boost the market growth in this region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: MARINE ELECTRONICS MARKET SHARE BY REGION 2022 (%)Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's marine electronics market accounts for the second-largest market share due to the increased need for electronics on marine tours. Further, the German market held the largest market share, and the UK marine electronics Industry was the fastest-growing market in the European region.

The Asia-Pacific marine electronics Industry is expected to grow at the fastest CAGR from 2023 to 2030. This is due to the substantial rise in incomes of people owing to the creation of higher employment positions, which is putting them in a better position, resulting in demand for military electronics. Moreover, China’s marine electronics Industry held the largest market share, and the Indian marine electronics market was the fastest-growing market in the Asia-Pacific region.

Marine Electronics Key Market Players& Competitive Insights

Leadingmarine electronics market players are investing heavily in research and development to expand their product lines, which will help the marine electronicsmarket grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The marine electronics industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global marine electronics industry to benefit clients and increase the market sector. In recent years, the marine electronics industry has offered the military some of the most significant advantages. Major players in the marine electronics market, including FLIR Systems Inc.,Garmin Ltd.,Transas,Icom Inc.,Furuno Electric Co.Ltd.,Kongsberg Maritime,SRT Marine Systems plc,Navico,Northrop Grumman Sperry Marine B.V.,Japan Radio Co. Ltd., and others, are attempting to increase market demand by investing in research and development operations.

KPM Marine, based in Birmingham, UK, has specialized in designing and manufacturing safety-critical products for the marine and automotive industries for over 28 years. The KPM range of products for the marine industry includes seating, modular vessel interiors, engine room air management systems, high-performance bilge pumps, and sea strainers.

KPM designs its products around extended lifetimes with full reparability and the lowest possible failure. In addition, we design around recyclability (95% by weight) and use no volatile organic chemicals to be kind to the environment.KPM-Maritime collaborated with marine electronics and safety equipment distributor Pinpoint Electronics to expand the global audience for its product range by using Pinpoint’s varied client base and expertise in delivering items to shipyards, boat builders, and military and commercial fleets.

Speed Cast is a leading global network and satellite communications service provider offering high-quality managed network services in over 60 countries and a global maritime network serving customers worldwide. Headquartered in Hong Kong, with 25 international sales & support offices and 30 teleport operations, SpeedCast has a unique infrastructure to serve customers' requirements globally. With over 4,000 links on land and at sea supporting mission-critical applications, SpeedCast has distinguished itself with strong operational expertise and a highly efficient support organization. Speedcast International Limited, a provider of remote communication and IT solutions, partnered with SRH Marine to offer Navigation as a Service (NaaS), a simplified electronic distribution of electronic navigational charts and updates, to Maritime vessels. The SIGMA Gateway technology powers Speedcast NaaS from Speedcast and the Pilot from SRH Marine.

Key Companies in the marine electronicsmarket include

• FLIR Systems Inc.


• Garmin Ltd.


• Transas


• Icom Inc.


• Furuno Electric Co.Ltd.


• Kongsberg Maritime


• SRT Marine Systems plc


• Navico


• Northrop Grumman Sperry Marine B.V.


• Japan Radio Co.Ltd.

Marine Electronics Industry Developments

For Instance, July 2019 KPM-Maritime collaborated with marine electronics and safety equipment distributor Pinpoint Electronics to expand the global audience for its product range by using Pinpoint’s varied client base and expertise in delivering items to shipyards, boat builders, and military and commercial fleets.

For Instance, March 2018 Speedcast International Limited, a provider of remote communication and IT solutions, partnered with SRH Marine to offer Navigation as a Service (NaaS), a simplified electronic distribution of electronic navigational charts and updates, to Maritime vessels. The SIGMA Gateway technology powers Speedcast NaaS from Speedcast and the Pilot from SRH Marine.

Marine Electronics Market Segmentation

Marine Electronics Component Type Outlook

• Hardware


• Software

Marine Electronics Vessel Type Outlook

• Merchant Vessels


• Fishing Vessels


• Vessels


• Recreational Boats


• Others

Marine Electronics Application Outlook

• Navigation


• Communication


• Automation


• Others

Marine Electronics Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America