Emphasis on Coastal Safety & Security Driving Sales of Marine Electronics
Marine electronics and communication & navigation systems have undergone a sea change over the past couple of decades. In light of the brisk increase in ocean trade and high investments in maritime defence sector, further resulting in a heap of challenges regarding coastal navigational safety and security, a steady stream of opportunities is likely to spring up for key manufacturers. Companies are focusing on R&D investments and product innovations for a competitive advantage.
Marine Electronics Market – Key Research Findings
- Global marine electronics market size in 2018 – ~ US$ 5 Bn.
- The marine electronics market is expected to grow at an approximate CAGR of 5% over 2019-2029.
- Europe and SEA & others of APAC are expected to remain leading regional markets for marine electronics.
- The growing concerns regarding safety & security, search & rescue, and aid to navigation and monitoring of marine transportation have increased the use of marine electronic devices, which is, in turn, boosting the growth of the marine electronics market in Europe.
- Continuous launches of advanced marine electronics products, which include marine autopilots and multi-function navigation systems, are among factors that are expected to support the growth of the global marine electronics market during the forecast period.
- SEA & others of APAC holds a high growth potential for the marine electronics market.
- The marine electronics market in SEA and Others of APAC countries is expected to witness potential growth opportunities. Countries such as India, South Korea, and Malaysia, are witnessing high demand for coastal security devices and experiencing positive growth in ocean trade activities.
- Moreover, increasing globalization and defence spending of these countries also are expected to boost the marine electronics market. Due to these factors, there are lucrative opportunities for the providers of marine electronics products and solutions in the region.
Top Factors Shaping the Marine Electronics Market
- Increasing Demand from the Defence Sector Creating High Demand for Marine Electronics
The coast guard and the Army Corps of engineers are pioneering the future of riverine, intra-coastal, and coastal navigation. They are continuously focusing on the improvement of navigation and communication for autonomous and continuous broadcast systems that exchange safety and security information between participating vessels and shore stations. This continuous research and development by the defence sector is creating high competition among vendors for technological advancements in communication systems, thus contributing to the growth of the marine electronics market.
- Increasing Ocean Trade Activities
During the past few years, ocean freight has witnessed positive growth in the countries of SEA and Western Europe. Countries in these regions have large logistical operations that need continuous monitoring and communication. Hence, the marine electronics market is expected to witness rapid growth.
Moreover, mandatory government regulations are also contributing to the growth of the marine electronics market. Many companies are establishing their foundries in Western Europe, China, and Japan.
With the growth of ocean logistical operations, the marine electronics market is witnessing potential demand, and is expected to grow in proportion with growth in the demand for logistics during the forecast period.
Marine Electronics Market Competition Analysis
Some of the top participants in the global marine electronics market include Furuno Electric Co., Ltd., Garmin Ltd., Navico, FLIR Systems, Inc., Wärtsilä SAM Electronics, Raytheon Company, SRT Marine Systems plc, Kongsberg Maritime, Icom Inc., Japan Radio Co., Transas, JOHNSON OUTDOORS INC., and Elcome International LLC.
A majority of key players in the marine electronics market are focused on maintaining a strong market presence in the Europe, North America, and SEA & Others of APAC regions by pursuing investments and acquisitions to evaluate opportunities in complementary businesses, technologies, services, and products. The report also underscores that technology assessment and launching of new marine electronics products and solutions will be among the important developmental strategies adopted by companies.
Market Set to Grow 1.7X between 2019 and 2029
While increasing ocean logistic operations are creating a favourable base for penetration of advanced marine electronics, regulatory framework emphasizes improvements in security and safety. Regions, where the regulatory compliance has been lax, are likely to generate higher demand for marine electronics.
Hike in Spending of Southeast Asian Governments on Marine Electronics
Government regulations underpinning effective penetration of advanced marine communications, consistently increasing demand for defence applications, and aggravating concerns regarding costal safety and security, continue to push innovations in marine electronics market in the Southeast Asian region. Mounting sales of safety and security systems are particularly driving the marine electronics market in Southeast Asia. However, inadequate security measures, software incompetence, and lack of infrastructural investments remain the longstanding challenges.
The Broader Outlook
Digital momentum has been building rapidly within the maritime industry, and the ultimate objective is to achieve greater autonomy. Developments in marine electronics remain influenced by technological progress of modern marine communication & navigation systems. With a palpable possibility of entry of multi-function displays (MFDs) in the mainstream, penetration of next-gen technologies, such as IoT and Blockchain, is promising a bright future.
Hardware components account for 80% revenue share
Demand for software components to grow at significant rate
Application in merchant marinecontinues to remain significant
Products for underwater drones to gain increasing demand
How Growth will Unfold
AI's predictive capabilities are enabling virtual time travel, cyber security is spreading its roots faster, and growing adoption of IoT is fostering the connectivity and thereby allowing for improved navigational safety, better regulatory compliance, and relatively quicker logistics and shipping.
Hardware | Software
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Marine Electronics Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029
A recent market study published by FMI about the marine electronics market during 2014-2018 and forecast for 2019-2029, which offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the marine electronics market, the growth prospects of the market have been obtained with maximum precision.
Marine Electronics Market Taxonomy
The global marine electronics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- GPS & Radar Systems
- Multi-function Navigation
- Fish Finders/SONAR Modules
- Thermal & Visible Cameras
- Marine VHF Communication Devices
- Audio/Video Equipment
- Marine Autopilots
- Autonomous Identification Systems
- Analogue & Digital Communication Display
- Satellite TV
- Merchant Marine
- Fishing Vessel
- Military Naval
- Autonomous Shipping
- Smart Boat
- Underwater Drones
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA & Others of APAC
- Middle East & Africa
The report commences with the executive summary of the marine electronics market, which includes a summary of the key findings and statistics of the market. It also includes the dominating segments in the global marine electronics market. In addition, it includes the graphical representation of the segments according to market size and growth rate.
Readers can find a detailed taxonomy and definition of the marine electronics market in this chapter, which will help them understand the basic information about the marine electronics market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the marine electronics market report.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the marine electronics market over the forecast period. Along with macroeconomic factors, this section also highlights the opportunity analysis of the marine electronics market. This chapter also highlights the key market dynamics of the marine electronics market, which include the drivers and restraints. Moreover, readers will understand the key trends followed by the leading providers in the marine electronics market.
This section explains the global market value analysis and forecast for the marine electronics market. It includes the detailed analysis of the historical marine electronics market, along with an opportunity analysis of the future. Readers can also find the absolute opportunity for the current year (2019 – 2019), and an incremental opportunity for the forecast period (2019 – 2029).
Based on component, the marine electronics market is segmented into hardware and software. In this chapter, readers can find information about the key attractive segments during the forecast period.
Based on application, the marine electronics market is segmented into merchant marine, fishing vessel, Yachts/Recreation, military naval, autonomous shipping, smart boat, and underwater drones. In this chapter, readers can find information about the key attractive segments during the forecast period.
This chapter explains how the marine electronics market is expected to grow across various geographical regions such as North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA & Others of APAC, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North American marine electronics market, along with a country-wise assessment that includes the U.S. and Canada. Readers will also find some of key points on the basis of estimated market size of marine electronics.
Readers can find detailed information about several factors, such as the pricing analysis and the regional trends, which are impacting the growth of the Latin America marine electronics market. This chapter also includes the growth prospects of the marine electronics market in leading countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the marine electronics market based on the product and the end-user industry in several countries, such as Germany, France, Spain, Italy, the UK, BENELUX, NORDIC, and the Rest of Western Europe, are included in this chapter.
India, Australia & New Zealand, Indonesia, Thailand, Malaysia, and the rest of South Asia are the leading countries in the SEA & Others of APAC region, which are the prime subjects of assessment to obtain the growth prospects of the SEA & Others of APAC marine electronics market in this chapter. Readers can find detailed information about the growth parameters of the SEA & Others of APAC marine electronics market during the period 2019-2029.
This chapter highlights the growth of the marine electronics market in China. The section also highlights data points regarding the growth of the marine electronics market in the China.
This chapter highlights the growth of the marine electronics market in Japan. The section also highlights data points regarding the growth of the marine electronics market in the Japan.
In this chapter, Russia and Poland are among the leading countries in the Eastern Europe region, which are the prime subjects of assessment to obtain the growth prospects of the Eastern Europe marine electronics market.
This chapter provides information about how the marine electronics market will grow in major countries in the MEA region, such as GCC Countries, South Africa, Turkey, Northern Africa, and the rest of MEA, during the forecast period 2019 - 2029.
In this chapter, readers will find a comprehensive list of all leading manufacturers in the marine electronics market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Furuno Electric Co., Ltd., Garmin Ltd., Navico, FLIR Systems, Inc., Wärtsilä SAM Electronics, Raytheon Company, SRT Marine Systems plc, Kongsberg Maritime, Icom Inc., Japan Radio Co., Transas, JOHNSON OUTDOORS INC., and Elcome International LLC.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the marine electronics report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information about the Marine Electronics market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Industry Publications
- IET Journals
- Marine Electronics Product Review
- Industry Magazine
- Industry Associations
- International Marine Electronics Alliance (IMEA)
- National Marine Electronics Association - NMEA
- Company Press Releases
Primary Interview Splits