Marine Electronics Market Highlights 2020 by Revenue Share, Growth Rate, and Future Opportunities to 2026

Marine electronics include the machines and electronics such as chart-plotters, marine VHF radio, marine radar, and others that are designed and developed for the marine industry. Marine electronics has wide applications in satellite television, marine fuel management, autopilot system, and others.

Marine vessels use electronic systems for marine vhf communication, multifunctional navigation, GPS and RADAR systems, SONAR modules, audio and video equipment, satellite TV, marine autopilot, thermal and security cameras, lighting appliances and various other analog and digital instruments. The boost in the maritime industry is expected to increase the demand for marine electronics.

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The growth in the marine international trade market, increasing trend of recreational boats like luxury yachts and cruise ships, expanding naval forces in the developing and developed economies including the U.S., Russia, China, the UK, India, and others, and increase in demand for sea food market is expected to play major role in the development of the marine electronics market.

The marine electronics market is expected to showcase tremendous growth during the forecast period. The increase in transportation overseas requires enhanced use of advanced electronic navigation, sonar, and radar systems for proximity sensing, and other applications, which influences the demand for marine electronic devices. In addition, advanced applications of electronic hardware and software in naval forces across the globe has increased the demand for marine electronic systems.

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The increase in demand for sea food is leading toward adoption of marine electronic system advanced SONAR systems, cold storage systems, & sensors and other electronic systems, which influences the global market. The growing industry of luxury yachts and recreational boats has also accelerated the market for fancy lightings, TVs, audio and video systems, along with other electronic components. All these factors contribute to the marine electronics market growth.

The disruptive technologies like artificial intelligence, industrial Internet of Things, autonomous surface vessels, block chain, augmented reality, virtual reality, drones, robotics, and cyborg crew is the future of marine electronics industry, which is projected to secure considerable market share during forecast period.

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The developing and developed countries such as the U.S., China, Japan, Germany, the UK, India are over-fueled with global economic growth, as the result of which the maritime transport policies across various economic zones, in terms of freight costs, have been reduced. This boosts marine activities such as fishing, sea bed mining & exploration, and others. For instance, inland waterways are developed in countries like India, owing to government initiatives toward promotion of marine services. Therefore, the rise in marine trading activities in South East Asia is expected to boost the marine industrial vertical electronic market which, in turn, is anticipated to rise the demand for marine electronic devices during the forecast period.

The marine electronics market is segmented on the basis of component, application, industrial vertical, and region. On the basis of component, it is bifurcated into hardware and software. On the basis of application, it is categorized into multifunctional navigations, GPS and radar systems, very high frequency communication systems, SONAR systems, marine autopilot, thermal & security, cameras, and lighting appliances. On the basis of industrial vertical, it is categorized into naval ships, merchant ships, fishing ships, yacht/recreational ships. On the basis of region, it is categorized into North America, Europe, Asia-Pacific, and LAMEA.

The major market players in marine electronics industry include Atlas Elektronik GmbH (Germany), FLIR Systems Inc. (US), Furuno Electric Co. Ltd (Japan), Garmin International (US), Ultra Electronics (UK), Thales Group (France), Northrop Grumman Corporation (US), Raytheon Company (US), Tokyo Keiki Inc. (Japan), and Wartsila SAM Electronics GmbH (Germany).

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