USD 6.00 Billion
Marine Electronics Market Size, Share, Growth Analysis, By Type(Hardware (GPS & Radar Systems, Multi-function Navigation, Sonar Modules, Thermal & Visible Cameras), By Application(Navigation, Communication, Instrumentation, Command & Control), By Platform(Commercial Vessels (Bulk Carrier, Tanker, passenger Cruise, Dry Cargo {Container), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20T2011 |
Region:
Global |
Published Date: September, 2024
Pages:
202
|Tables:
62
|Figures:
77
Marine Electronics Market Insights
Global Marine Electronics Market size was valued at USD 6.00 Billion in 2022 and is poised to grow from USD 6.52 Billion in 2023 to USD 9.78 Billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).
Due to the dependence on ships for the delivery of essential items like natural resources and consumer goods among other resources, the marine sector is expanding steadily. Ships need powerful engines to carry the load of the ships and high-performance engines to go a distance in less time. Diesel engines are typically used to power these engines since they are dependable and require less maintenance than other kinds of engines.
The demand for container ships to transport various goods including oil, natural gas, and minerals is expanding as a result of increased globalisation and industrialization and rising international trade. The marine electronics market's H1 2022 BPS values were different from those expected for H1 2022, reflecting a 10-unit rise. The primary cause of the rise in demand for marine electronics is digitization. Additionally, there has been a discernible increase in demand for boats and ships for commercial shipping, recreational water activities, and fishing.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
5.20% CAGR
Global Marine Electronics Market ($ Bn)
Country Share for North america Region (%)
To get more reports on the above market click here to Buy The Report
Marine Electronics Market Segmental Analysis
Global Marine Electronics Market is segmented based on type, application platform, and region. Based on type, the market is segmented into hardware and software. Based on application, market is segmented into Navigation, Communication, Instrumentation, Command & Control, Search & Rescue, Surveillance, Port Security, and Electronic Warfare. Based on platform, the market is segmented into Commercial Vessels, Defense Vessels, and Unmanned Vehicles. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The hardware segment is the largest segment of the marine electronics market, accounting for a market share of over 60% in 2023. The hardware segment includes products such as radars, GPS systems, VHF radios, autopilots, and depth sounders. The growth of this segment can be attributed to the increasing demand for navigation, communication, and safety systems in commercial and recreational vessels.
Software segment is expected to be the fastest growing segment of the marine electronics market, with a CAGR of over 6% during the forecast period. The software segment includes products such as navigation software, vessel management systems, and fishing software. The growth of this segment can be attributed to the increasing demand for integrated marine electronics systems that can provide real-time data and analysis to help users make informed decisions.
Analysis by Application
With a market share of more than 35% in 2023, this sector will be the largest in the marine electronics market. Radars, GPS units, VHF radios, autopilots, and depth sounders are some of the products in the navigation section. The demand for navigation systems in commercial and recreational vessels has contributed to the expansion of this market sector.
The communication segment is the fastest growing segment of the marine electronics market, with a CAGR of over 7% during the forecast period. The communication segment includes products such as satellite communication systems, VHF radios, and AIS (Automatic Identification System) devices. The growth of this segment can be attributed to the increasing demand for satellite communication systems in commercial and recreational vessels.
Global Marine Electronics Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Marine Electronics Market Regional Insights
North America is the largest market for marine electronics, accounting for a market share of over 35% in 2023. This is due to the presence of a large number of commercial and recreational vessels in the region. The United States and Canada are the major markets for marine electronics in North America. The region expects to require marine engine manufacturers to provide engines that comply with US EPA New Source Performance Standards (NSPS). The region's marine propulsion engine market is anticipated to grow more quickly than the average global rate due to the expansion of seaborne trade.
Asia Pacific is expected to be the fastest growing market for marine electronics during the forecast period, with a CAGR of over 7%. This is due to the growing demand for marine electronics in countries such as China, India, and Japan. China is the major market for marine electronics in Asia Pacific.
Global Marine Electronics Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Marine Electronics Market Dynamics
Drivers
- Growth of the recreational boating industry
The leisure boating sector has witnessed substantial growth, fueled by rising disposable incomes, tourism, and a growing interest in outdoor recreational activities. Marine electronics, such as GPS devices, chart plotters, and fish finders, enhance the safety and navigation capabilities of recreational boats, providing boaters with features like route planning, real-time weather updates, and fish detection. This has led to increased adoption of marine electronics in the recreational boating market.
- Maritime safety regulations
Governments and regulatory bodies across the world have implemented stringent safety regulations to ensure the security of marine operations. These regulations mandate the use of certain electronic equipment on vessels to enhance safety and prevent accidents. For instance, the International Maritime Organization (IMO) requires ships to be equipped with various navigation and communication systems, including radar, AIS, and emergency position-indicating radio beacons (EPIRBs), which contribute to the demand for marine electronics.
Restraints
- Complex installation and maintenance
The installation and maintenance of marine electronics can be complex and require skilled professionals. The integration of various systems, wiring, and calibration can be time-consuming and challenging, especially in larger vessels or complex marine environments. Additionally, the harsh marine conditions, including exposure to saltwater, humidity, and vibration, can result in increased maintenance requirements and costs. The complexity and maintenance challenges can deter some potential buyers from investing in marine electronics.
Request Free Customization of this report to help us to meet your business objectives.
Marine Electronics Market Competitive Landscape
The global marine electronics market is highly competitive, with several prominent companies operating in the industry. These companies compete based on factors such as product innovation, technological advancements, quality, pricing, and customer service.
Marine Electronics Market Top Player’s Company Profiles
- Archer Daniels Midland (ADM) (US)
- Chevron Lummus Global (US)
- Avril Group (France)
- Emerald Electronics (US)
- Neste Corporation (Finland)
- UPM (Finland)
- Sunpine (Sweden)
- Nvergent Tech (a Honeywell Company) (US)
- Steeper Energy (Canada)
- Licella (Australia)
- Altaca Energi Inc. (Canada)
- Renmatix (US)
- Velocys (formerly Oxford Catalysts) (UK)
- BetaRenewables (Italy)
- Poet-DSM Advanced Electronics (US)
- Enerkem (Canada)
- Stena Line (Sweden)
- Progression Industry (US)
- Amyris (US)
- Galp (Portugal)
- Sunshine Electronics (US)
- Gevo (US)
- Maersk (Denmark)
- Eni (Italy)
- Evoleum (Spain)
- GoodFuels Marine (Netherlands)
- Renewable Energy Group (US)
Marine Electronics Market Recent Developments
- In January 2024, ship operators will be required to purchase carbon credits under the EU Emissions Trading System (EU ETS) if their vessels call at any EU port. Initially, operators must acquire credits covering 40% of the ship's emissions for each voyage. This requirement will incrementally rise each year until 2027, at which point operators may need to purchase credits for 100% of the voyage's emissions.
- In 2023, the UK Electronic Trade Documents Act aims to facilitate the transition from paper bills of lading and other related shipping documents to electronic versions.
- In 2023, Raymarine introduced the Axiom 2 Pro, the most advanced all-in-one Axiom system they have ever created. It features an ultra-fast six-core processor and operates on the intuitive LightHouse 4 system.
- In June 2023, Lowrance announced the launch of its new ActiveTarget Live Sonar. This sonar provides live views of fish and structure below the boat, giving anglers a new level of insight into what's swimming below.
- In May 2023, Humminbird announced the launch of its new Helix 10 CHIRP MEGA SI DI transducer. This transducer provides superior performance in terms of range, clarity, and target separation.
- In April 2023, Raymarine announced the launch of its new Quantum™ 2 CHIRP Sonar. This sonar provides superior performance in terms of range, clarity, and target separation.
- In March 2023, Navico announced the launch of its new Simrad Halo 20 radar. This radar features a new design that makes it easier to install and use, as well as improved performance in terms of range and clarity.
- In February 2023, Garmin Ltd. announced the launch of its new Panoptix Live Scope Forward sonar. This sonar provides live views of the underwater world directly in front of the boat, giving anglers a new level of insight into what's swimming below.
Marine Electronics Key Market Trends
- Emphasis on Sustainable and Eco-friendly Solutions: The maritime industry is increasingly focusing on sustainability and reducing its environmental impact. This trend is influencing the marine electronics market, leading to the development of eco-friendly solutions. For instance, there is a growing demand for energy-efficient marine electronics systems that minimize power consumption. Furthermore, the adoption of emission control systems, including ballast water treatment systems and exhaust gas cleaning systems, requires integration with marine electronics for effective monitoring and control.
Marine Electronics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the marine electronics market has been experiencing steady growth due to factors such as increasing demand for commercial shipping, growth in the recreational boating industry, and technological advancements. The market size is expected to continue growing as industries such as shipping, offshore exploration, and recreational boating expand further. The marine electronics market is witnessing several notable trends, including the integration of IoT and connectivity, advanced navigation and positioning technologies, emphasis on sustainable and eco-friendly solutions, integration of AI and ML, increased focus on cybersecurity, growing demand for autonomous vessels, and the integration of AR and VR technologies. These trends reflect the evolving needs of the maritime industry and the advancements in technology that are shaping the market. The global marine electronics market presents substantial opportunities for growth. With ongoing technological advancements and market trends, the marine electronics market is poised for further development and innovation in the years to come.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.00 Billion |
| Market size value in 2031 | USD 9.78 Billion |
| Growth Rate | 5.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Marine Electronics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Marine Electronics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Marine Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Marine Electronics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Marine Electronics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Marine Electronics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
