Marine Electronics Market Opportunity Potential 2018-2026 | Top Key Players are Transas, KONGSBERG, FLIR Systems, Garmin International, Northrop Grumman

Ability of marine electronics to withstand extreme weather conditions is one of the major factors driving growth of the market

The marine environment is subjected to extreme weather conditions such as change in temperature, exposure to direct sunlight, salty water, vibrations, and environmental condensation. The marine vessels that are constantly exposed to such conditions require electronic devices, which can withstand such harsh conditions. This is expected to drive growth of the marine electronics market

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Electronic devices such as VHF radio systems and Digital Selective Calling (DSC) systems are used to facilitate ship to ship or ship to shore communication. This type of communication is useful, as alert signals can be given to the concerned officials in case of a technical snag or a problem, which is very important for safety and security of seafarers. Therefore, growing use of electronic devices in marine communication helps in increasing the market revenue of companies manufacturing marine electronic devices.

The National Marine Electronics Association (NMEA), in 2000, presented a new standard for data communication among shipboard electronic devices, which are used in power generation, navigation, fire alarm, and vessel control applications. This standard mandates the deployment of a faster network in comparison to other conventional networks, as it is devoid of any setup and it also eliminates the requirement of a master controller for operating it. As a result, the implementation of the new effective standard in data communication leads to the use of advanced electronic devices in the marine environment, which results in growth of the marine electronics market.

Unmanned Underwater Vehicle (UUV) is an underwater drone, which is capable of traveling under water without human intervention. This equipment is used to search for underwater mines and in the investigation of nuclear reactor waste and removal. Sound Navigation and Ranging (SONAR) device is also known as a fish finder device, which is mainly used in the fishing industry. The usage of SONAR device has increased over the last few decades, as it is primarily used for searching fish, and other marine and aquatic life. Radio Detection and Ranging (RADAR) is an essential device, which is used for various applications such as ocean surveillance, to trace landmarks, and track other ships. Moreover, it is also used in ice navigation and ice management.

The adoption of UUV, RADAR, and SONAR in the marine electronics market is expected to drive growth of the market. According to Coherent Market Insights, it is expected that the global UUV market will be sized at around US$ 4 billion by 2021. The market was valued at around US$2.2 billion in 2015.

Marine Electronics Market: Regional Analysis

North America and Europe are the largest markets for marine electronic devices. North America and Europe largely invests in manufacturing of boats and also implements advanced technologies such as marine electronics in boats. This drives growth of the marine electronics market. According to a 2017 report of the International Trade Administration (ITA), the total U.S. exports of marine electronics is expected to grow by 5 percent annually and reach an estimated US$ 2.4 billion in 2018.

Marine Electronics Market: Competitive Landscape

Key players operating in the global marine electronics market include Transas, Kongsberg Gruppen, Intellian, Honeywell Process Solutions, Johnson Outdoors Marine Electronics Inc. (Hummingbird), Atlas Electronics, FLIR Systems, Furuno electric, Garmin, Navico, Neptune Sonar, and Northrop Grumman.

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This release was published on openPR.