Marine Electronics Market Set to Soar Past USD 8.13 Billion by 2030
The global Marine Electronics market size is expected to reach USD 8.13 billion by 2030 and exhibit a CAGR of 5.2% in the forecast period (2023−2030), according to Skyquest’s latest research report. The economic growth, globalization, increasing maritime trade, safety regulations, technological advancements, demand for navigation and communication systems, fishing and recreational boating industry, environmental concerns, maritime security, integration of IoT and AI technologies, and rising demand for efficient marine transportation is fueling the market’s growth.
Westford, USA, Feb. 14, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Marine Electronics market, connectivity solutions, increasing use of autonomous vessels, digitalization of maritime operations, emphasis on energy-efficient technologies, enhanced data analytics and predictive maintenance, growth of e-navigation systems, adoption of electronic charts and weather forecasting tools, development of advanced sonar and imaging technology, rising interest in electric propulsion systems, utilization of satellite communication for remote monitoring and management, focus on sustainable and eco-friendly marine electronics solutions are the trends that aid in the market’s growth.
Browse in-depth TOC on the “Marine Electronics Market”
- Pages – 157
- Tables – 62
- Figures – 77
Marine electronics are electronic devices designed and built for use in the marine environment on board ships, yachts, and other vessels. They are designed to withstand harsh marine environment conditions, including salt water, spray, vibration, and shock. Marine electronics are used for various purposes, including navigation, communication, safety, and entertainment.
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Prominent Players in the Marine Electronics Market
- Atlas Elektronik GmbH
- FLIR Systems Inc
- Furuno Electric Co., Ltd.
- Garmin International Inc.
- Ultra Electronics
- Thales Group
- Northrop Grumman Corporation
- Navico
- Neptune Sonar
- Johnson Outdoors Inc.
- A+T Instruments
- Raymarine
- Simrad
- Japan Radio Company
- Raytheon Company
- Sound Metrics
- Wärtsilä SAM Electronics GmbH
- Kongsberg Maritime
- Tokyo Keiki Inc.
- B&G
Commercial Vessels Demand to Grow Substantially in the Forecast Period
Commercial Vessels dominate the global online market, often making up a significant portion of the global fleet. These vessels are responsible for transporting goods on a large scale, contributing to the need for advanced navigation, communication, and safety systems to ensure efficient and secure maritime trade.
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Safety and Security is the Leading Application Segment
Regarding application, safety, and security is the leading segment due to the potential risks of sea travel. International regulations and safety standards, such as those outlined by the International Maritime Organization (IMO), mandate advanced vessel safety and security systems. This drives the demand for technologies like radar, AIS (Automatic Identification System), EPIRBs (Emergency Position-Indicating Radio Beacons), and advanced surveillance systems.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a robust maritime industry, significant commercial shipping, a large leisure boating and fishing sector, and a strong presence of marine electronics manufacturers. The U.S. Coast Guard enforces stringent safety and security regulations, further boosting the demand for advanced marine electronics.
A recent report thoroughly analyzes the major players operating within the Marine Electronics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Marine Electronics.
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Key Developments in Marine Electronics Market
- In June 2023, Lowrance announced the launch of its new ActiveTarget™ Live Sonar. This sonar provides live views of fish and structures below the boat, giving anglers a new 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 range, clarity, and target separation performance.
- In April 2023, Raymarine announced the launch of its new Quantum™ 2 CHIRP Sonar. This sonar provides superior range, clarity, and target separation performance.
Key Questions Answered in Marine Electronics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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