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 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.

Marine Electronics Market Report Snapshots

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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 Insights

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What is the global market size of Marine Electronics Market?

Who are the key vendors in the Marine Electronics Market?

What is the key driver of Marine Electronics Market?

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