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Marine Electronics Market to Showcase Attractive Growth Opportunities: Transas, Johnson Outdoors Marine Electronics, Intellian, Honeywell Process Solutions, Atlas Electronics, FLIR Systems, Furuno electric, Garmin, Navico, Neptune Sonar and Northrop Grumm
Marine Electronics
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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.
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.
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.
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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.
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