Marine electronics market CAGR to be at 5 Percent, USD 8.53 Bn Industry Revenue by 2030

The Marine electronics market will witness a CAGR of 11.07% for the forecast period of 2023-2030. This press release launches the current market scenario, macroeconomic factors, regional trends, competitive landscape, and growth opportunities for the future

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Market Overview, Opportunities and Top Players Analysis

The marine electronics market was worth roughly US$6.06 billion in 2023 and is expected to surpass US$8.53 billion by 2030, burgeoning at a compound annual growth rate (CAGR) of 5% between 2023 and 2030.

There are a number of factors driving this growth:

Technological Innovations: In modern maritime operations, the use of advanced technology, including navigation, communication, and safety systems, is of utmost importance. Adding to this is the necessity for modern life for innovations like autonomous vessels, data analytics in real-time, advanced sonar and even radar systems that help improve operational efficiency as well as safety, driving the requirements for all these latest marine electronic gear.

Meeting the Marine Safety & Regulatory Compliance: With one of the strictest marine safety regulations and the requirement to comply with international maritime standards, a range of advanced electronic systems will be needed. Due to the increasing prevalence of Automatic Identification Systems (AIS), Electronic Chart Display and Information Systems (ECDIS), and Voyage Data Recorders (VDR) on ships, these types of equipment have become vital horizontal market drivers for market growth.

Growth of Global Trade - The increasing flow of goods and services traded globally contributes to an escalation in commercial shipping. As the expansion continues, it demands modern fleets with sophisticated electronic systems that can effectively navigate waters, communicate accordingly, and manage cargo efficiently, thus driving the market trends forward.

Increase in End-user Demand: Growth of recreational boating activities has escalated the demand for yacht and marine in the leisure marine industry. With the demand for new global electronic systems for navigation, entertainment, and safety among enthusiasts, it also drives the market growth.

Trends in US Markets: Investments Opportunities in 2024

The U.S. marine electronics market recorded key trends and investments in 2024:

2 - Autonomous Maritime Technologies: A focus on commercial and defense applications for autonomous vessels. Sea Machines Robotics, for instance, grew their autonomous control systems, working with industry leaders to expand their operational capabilities.

Industry Consolidation: Several strategic acquisitions were made to consolidate the capabilities within the industry. For example, Kpler's acquisition of Spire Maritime, one of the world's leading companies providing ship tracking data, for $241 million, signalled the critical role of data analytics in maritime operations. Announced on 13 November 2024, the overall plan was to complement Kpler's forms of data analytics platform with Spire's satellite data stream, which can provide every 15 minutes updates on the progress of ships globally, including hitchhiker vessels if tasked appropriately.

Defense Sector Investments: Stronger defense spending created a persistent demand for marine instrumentation and aerospace electronics. Profits in the third-quarter of 2024 surged at Teledyne Technologies, with top results driven by strong demand for marine instrumentation as global defense spending surged.

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Market Segmentation & Dominant Segments

Based on application, component, and end-user, the marine electronics market is segmented. By system, but the multifunctional navigation and communication system segment accounted for a major share of the market in 2023 and is expected to grow at a rapid pace during the forecast period. Factors contributing to this growth include the rising adoption of marine navigation, and the use of communication electronic equipment, in order to enhance marine communication and to monitor and control the movement of marine ships.

Redefining Competitor Analysis: Top 5 Companies

North America Marine Electronics Market: Key Players The marine electronics market in North America is fragmented, with the presence of several international players. The market share and recent developments of few major companies are:

Garmin Ltd.: As one of the biggest players in the marine electronics market, Garmin has a well-established track record of releasing new innovative products. Further strengthening its position in the marine market, the Independent Boat Builders, Inc. (IBBI) named Garmin as its exclusive marine electronics and audio supplier for model years 2025 - 2029 in 2024.

Teledyne Technologies Incorporated, a manufacturer of marine instrumentation and imaging equipment, has benefited from rising defense spending. Rockhead stated company saw a strong financial performance in 2024 due to a more strategic focus on longer-cycle opportunities in defense, space, and energy sectors as well as a better-than-expected recovery in shorter-cycle commercial sales.

Sea Machines Robotics: Sea Machines specializes in developing autonomous control and navigation systems and has partnered with industry leaders to advance maritime autonomy. In 2021, the firm joined forces with Rolls-Royce to create systems for remote command and autonomous control in the marine market, with plans to deliver autonomy for yachts, as well as commercial and government vessels.

Kongsberg Gruppen ASA: A Norwegian firm, Kongsberg offers advanced marine electronics and unmanned underwater vehicles. These vehicles, with their integrated marine systems, kept the company relevant in the technology field over the years.

Raytheon Technologies Corporation: Integrated Bridge and Navigation Systems (via Raytheon Anschütz subsidiary) Moreover, the company's leading market share comes from its continuous efforts to improve maritime situational awareness and maritime safety through advanced electronic systems.

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Regional Analysis

Geographically, marine electronics market can be divided into key regions, such as:

United States: The U.S. is a leader in technological innovation and defense-related maritime electronics. Governmental efforts to modernise naval capabilities and improve maritime security are also contributing factors driving investments in advanced electronic systems.

UK: With the focus on the protection of the marine environment and maritime safety, the UK has a high adoption of advanced marine electronics. The growth of the market is also supported by the government policies in place for the development of autonomous vessels and digitalization in maritime operations.

Germany: Germany is a supplier of advanced electronics for vessels and a center for shipbuilding and marine engineering. The marine technologies sector has also benefitted from government support for research and development, encouraging innovation and growth in the market.

An analysis of the marine electronics market based on geography:Geographically, marine electronics market in Europe is mainly driven by the strong maritime industry of France and the initiatives taken by the government in strengthening naval defense capabilities through innovation, thus, propelling the adoption of marine electronics. Other noteworthy investments include autonomous underwater vehicles and surveillance systems.

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