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NEW YORK, Sept. 24, 2024 /PRNewswire/ -- The global marine Electronics market size is estimated to grow by USD 1.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
4.82%
during the forecast period. Increase in adoption of GPS systems
is driving market growth,
with a trend towards
increasing deployment of UUVs. However,
high cost associated with sonar systems
poses a challenge. Key market players include Adrie Marine Electronics Solutions Pvt. Ltd., Elcome International LLC, Furuno Electric Co. Ltd., Garmin Ltd., Icom America Inc., Japan Radio Co. Ltd., Johnson Outdoors Inc., Kongsberg Gruppen ASA, Kraken Robotics Inc., Marine Electronics, Navico, Neptune Sonar Ltd., Northrop Grumman Corp., R2SONIC Inc., Raymarine, Sound Metrics Corp., SRT Marine Systems Plc, Teledyne Technologies Inc., thyssenkrupp AG, and Ultra Electronics Holdings Plc.
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Technavio has announced its latest market research report titled Global marine electronics market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Marine Electronics Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 4.82% |
| Market growth 2024-2028 |
USD 1549 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
4.51 |
| Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
| Performing market contribution |
North America at 41% |
| Key countries |
US, Canada, China, Germany, and Japan |
| Key companies profiled |
Adrie Marine Electronics Solutions Pvt. Ltd., Elcome International LLC, Furuno Electric Co. Ltd., Garmin Ltd., Icom America Inc., Japan Radio Co. Ltd., Johnson Outdoors Inc., Kongsberg Gruppen ASA, Kraken Robotics Inc., Marine Electronics, Navico, Neptune Sonar Ltd., Northrop Grumman Corp., R2SONIC Inc., Raymarine, Sound Metrics Corp., SRT Marine Systems Plc, Teledyne Technologies Inc., thyssenkrupp AG, and Ultra Electronics Holdings Plc |
Market Driver
Unmanned underwater vehicles (UUVs) are gaining significant attention in various industries and military applications due to the increasing need for underwater surveillance and environmental monitoring. UUVs, which include remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs), are used for naval mine detection, seabed mapping, seabed mining, underwater mine clearance, and search and recovery missions. Equipped with sonar systems and oceanographic sensors, these vehicles are essential for monitoring water quality and detecting pollutants in sensitive areas and larger basins. The demand for UUVs is driven by the need to protect naval bases, offshore oil-and-gas production and transport facilities, and nuclear power plants from terrorist activities and environmental hazards. In military operations, UUVs are used for naval intelligence, mine countermeasure operations, anti-submarine warfare missions, and intelligence, surveillance, and reconnaissance roles. The global marine electronics market is expected to grow due to the increasing demand for UUVs and the advanced technology they offer. UUVs are designed for underwater surveillance, hull inspections, dock inspections, and underwater mines deactivation, making them indispensable in maritime operations.
The Marine Electronics Market is experiencing significant growth due to increasing demand for advanced navigation and communication systems. Radar displays and navigation applications are popular trends, ensuring safe navigation in extreme weather conditions and preventing collisions. VHF radio systems and communication systems enable seamless connectivity during voyages. Power generation and environmental condensation management systems enhance operational efficiency. Fire alarms, vessel control applications, and underwater drones are essential for ice navigation and ice management, particularly in the fishing industry. Ocean surveillance, military electronics, and ship tracking systems are crucial for naval forces and commercial shipping. SONAR systems help detect underwater mines, while fish finder devices boost fishing industry productivity. Multi-functional control and monitoring systems, GPS systems, and satellite transmission enable real-time ship tracking and effective rescue operations. Luxury yachts and work boats require advanced electronics for optimal performance. Electronic hardware, including sensors, plays a vital role in enhancing overall system functionality. Overall, the Marine Electronics Market continues to evolve, catering to diverse needs in various sectors.
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Market
Challenges
.
The Marine Electronics Market is primarily driven by the demand for sonar systems, which are categorized into commercial and defense segments. Commercial sonar systems, priced between USD100 and USD1,000, are used for fishing, treasure hunting, and seabed surveys. These systems have low Research and Development (R&D) investment requirements. In contrast, defense sonar systems, with much higher average selling prices, necessitate significant R&D investments due to customization needs. Vendors must continuously upgrade these systems with the latest technology to ensure acoustic superiority and secure defense contracts. Long-term customer relationships and economies of scale are essential for market sustainability. Defense contracts, funded by governments, are acquired through bidding processes, and vendors risk losing contracts without innovative and sophisticated sonar systems. Consequently, vendors must invest heavily in R&D to develop high-resolution sonar systems, which may hinder market growth during the forecast period.
.
The Marine Electronics Market encompasses various segments, including recreational boats, merchant vessels, and fishing vessels. Recreational boats require electronics for navigation, automation, and entertainment, such as TVs, VHF radios, autopilots, depth sounders, GPS devices, chart plotters, and fish finders. Commercial shipping relies on advanced electronics for navigation, vessel management systems, real-time data, and satellite communication systems. Fishing vessels utilize fishing software and sonar technology. Challenges include wiring, calibration, and waterproofing for saltwater and brackish water environments. Power consumption, emission control systems, and water corrosion resistance are also critical factors. The leisure boating sector, tourism, and outdoor recreational activities drive market growth. Irregular waves and natural gas, minerals, and international trade are additional applications. Marine electronics must meet stringent requirements for diesel engines, engines, and container ships. Video displays, radars, and satellite communication systems are essential for enhancing safety and efficiency.
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Segment Overview
This marine electronics market report extensively covers market segmentation by
Component
1.1 Hardware
1.2 Software
Product
2.1 Sonar systems
2.2 Radars
2.3 GPS tracking devices
Geography
3.1 North America
3.2 APAC
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1
Hardware-
The marine electronics market encompasses various hardware components, including marine electrical scanners, fish finders/SONAR modules, thermal and visible cameras, marine VHF communication devices, audio/video equipment, marine autopilots, autonomous identification systems, analog and digital communication displays, and satellite TVs. The largest component segment is expected to remain hardware, driven by the increasing adoption of GPS systems in marine vessels and advanced electronic hardware applications. The market's growth is fueled by the armed forces' expanding naval presence due to new ship and submarine purchases and upgrades. Additionally, marine trade, oil and gas development, dredging, and fishing activities contribute to the market's expansion. Countries relying on conventional fish finders are projected to significantly boost their demand for advanced sonar systems during the forecast period. Technological advancements are expected to encourage nations to invest in state-of-the-art sonar systems for their naval fleets, further driving the growth of the hardware component segment in the marine electronics market.
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Research Analysis
The Marine Electronics Market encompasses a wide range of advanced technologies used on various types of watercraft, from ships and naval vessels to boats and yachts. Key components of this market include GPS systems for navigation and ship tracking, satellite transmission for communication, and electronic hardware for radar and SONAR systems. These technologies play a crucial role in military electronics, particularly in rescue operations and naval forces. Ships, whether commercial or military, rely on these systems for efficient navigation, tracking, and communication. Container ships, natural gas carriers, and mineral tankers all utilize marine electronics for safe and efficient international trade. Recreational water activities, fishing, and even recreational boats benefit from these technologies, ensuring safety and convenience. Marine electronics must be designed to withstand the harsh marine environment, including salty and brackish water, irregular waves, and water corrosion resistance. Video displays and waterproofing are essential features to ensure clear visibility and operational functionality. Overall, the Marine Electronics Market continues to grow, driven by advancements in technology and the increasing demand for safer and more efficient water transportation.
Market Research Overview
The Marine Electronics Market encompasses a wide range of advanced technologies and systems designed for various types of watercraft, from naval vessels and commercial ships to luxury yachts and recreational boats. This market includes GPS systems, satellite transmission, ship tracking systems, electronic hardware, sensors, and automation for navigation, engine management, and vessel control applications. It caters to the needs of naval forces, merchant vessels, fishing vessels, and recreational water activities. Key components include radars, VHF radios, autopilots, depth sounders, navigation software, and vessel management systems. The market also offers real-time data and satellite communication systems for fishing industries, ocean surveillance, and ice navigation. With the increasing focus on environmental concerns, emission control systems and waterproofing solutions are gaining popularity. The market is also witnessing the integration of advanced technologies like underwater drones, fire alarm systems, and ice management systems to enhance safety and efficiency.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Component
Product
Sonar Systems
Radars
GPS Tracking Devices
Geography
North America
APAC
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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