Marine Electronics Market to Witness Comprehensive Growth by 2026
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Global Marine Electronics Market: Drivers and Restraints
Increasing globalization of world trade, development of blue economy in emerging markets, exploitation of electronics across various marine applications and the moving trend towards marine communication is accelerating the growth of marine electronics market across the world. Increasing awareness among vessel owners to utilize the benefit of modern technologies in various applications such as automation and control system to implement real-time fleet tracking, electronic navigation system for route optimization and fuel efficiency, multi-function displays to integrate various function into single big screen device are some of the major growth factors driving the growth of global marine electronics market. Furthermore, global investment in marine fisheries and technology advancement in commercial fishing fleets operations influences the growth of global marine electronics market. However, lack of various after-sales support such as maintenance & service, warranty claim and upgrade services across regions is identified as the restraints for the growth of global marine electronics market.
Global Marine Electronics Market: Segmentation
Global marine electronics market segmented on the basis of end user, display type, system and region. On the basis of end user the marine electronics market is segmented into commercial shipping, work boats, naval, fishing vessels and recreational boats. On the basis of display type marine electronics market is segmented into multi-functional and instrumental. By System the marine electronics market is segmented into control systems, monitoring systems, navigational system and communication system. Regionally marine electronics market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
Global Marine Electronics Market: Regional Outlook
Global marine electronics market is witnessing substantial growth in all major regions including North America, Latin America, Western Europe, Eastern Europe, Middle East, Africa and Asia Pacific. North America and China will lead the navel segment due to increasing defense spending. North America and Europe will dominate the leisure sector, due to presence of large manufactures and consumers for recreational boats. Overall Asia Pacific market is anticipated to dominate the market during the forecast period particularly such as India and china due to growing economy, technological advancement, industrialization marine infrastructure development and increasing ocean trade activity,
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Global Marine Electronics Market: Competition Landscape
The key vendors in the global marine electronics market include Navico, FURUNO ELECTRIC Co. Ltd, Garmin Ltd, FLIR Systems (Raymarine), Transas, Kongsberg Gruppen, Intellian, Honeywell Process Solutions, Johnson Outdoors Marine Electronics, Inc.(Humminbird) and Icom America Inc. Actuations collaborations with other players in the marine electronics market to expand the product portfolio, is the strategy followed by major market vendors to gain competitive edge.
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