What is the global market size of Marine Electronics Market?

Global Marine Electronics Market size was valued at USD 5.70 Billion in 2022 and is poised to grow from USD 6.00 Billion in 2023 to USD 9.00 Billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).

Who are the key vendors in the Global Marine Electronics Market?

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. 'Garmin Ltd. (Switzerland)', 'Raymarine (FLIR Systems) (United States)', 'Furuno Electric Co., Ltd. (Japan)', 'Navico (Norway)', 'Kongsberg Gruppen (Norway)', 'Icom Incorporated (Japan)', 'FLIR Systems, Inc. (United States)', 'Humminbird (Johnson Outdoors Inc.) (United States)', 'ABB Ltd. (Switzerland)', 'Thales Group (France)', 'JRC (Japan Radio Co., Ltd.) (Japan)', 'Wärtsilä Corporation (Finland)', 'Simrad Yachting (Navico) (Norway)', 'Lowrance (Navico) (Norway)', 'B&G (Navico) (Norway)', 'McMurdo Group (Orolia Group) (United Kingdom)', 'GME Electrophone Pty Ltd (Australia)', 'Sailor (Cobham SATCOM) (Denmark)', 'Standard Horizon (Japan Radio Co., Ltd.) (Japan)', 'Maretron (Carling Technologies) (United States)', 'Digital Yacht Ltd. (United Kingdom)', 'Hatteland Display AS (Norway)'

What is the key driver of Global Marine Electronics Market?

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.

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 News

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 Market Report Snapshots

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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).

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. '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) '

Growth of the recreational boating industry

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.

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.

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Marine Electronics Market News

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What is the global market size of Marine Electronics Market?

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