Marine Electronics Market – Experience Significant Growth during the Forecast Period 2019 – 2023
Global Marine Electronics Market: Information by Component type (hardware, software), Vessel Type (Merchant Vessels, Fishing Vessels, Naval Vessels, Recreational Boats, Others), Application (Navigation, Communication, Automation, Others), Region—Forecast till 2023
The increasing adoption of sonar systems for search and rescue operations is the key trends contributing towards the growth of the marine electronics market. A lack of proper standards is also expected to hinder the growth of the global marine electronics market.
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Marine electronics are waterproof devices designed for the marine environment on ships for various applications such as navigation and communication. Marine electronic devices comprises marine VHF radios, chart plotters, autopilots, fish finders/sonars, radars, gyrocompasses, GPS, satellite TVs, and various audio and video devices. The factors driving the global marine electronics market are increasing demand from the defense sector, and rise in marine trade activities. As a result, the global marine electronics market is expected to grow at a significant pace during the forecast period.
Marine electronics are electronic components designed for the marine environment on ships for various applications such as navigation and communication. The demand for marine electronics is growing rapidly owing to increasing demand from the defense sector, and rise in marine trade activities.
On the basis of component type, the market has been divided into hardware, and software. The hardware segment has the largest demand in the global marine electronics market owing to increasing adoption of GPS systems by marine vessels. The software segment is expected to grow at the highest rate during the forecast period.
By vessel type, the market has been classifed as merchant vessels, fishing vessels, naval vessels, recreational boats, and others. Naval vessels has the largest demand in the global marine electronics market owing to increase demand of marine electronics by maritime force. The merchant vessels segment is expected to be fastest-growing during the forecast period.
On the basis of application, the market has been segmented into navigation, communication, automation, and others. Navigation segment has the largest demand in the global market owing to increase usage of GPS by maritime force and seaborne trade. The communication segment of the market is expected to register the higher CAGR during the forecast period.
The key players in the marine electronics market are 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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