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.
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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.
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.
How Is Maritime Digitalisation Shaping the Future of Marine Electronics
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.
- 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