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The marine electronics market is estimated to grow at a CAGR of 5.64% between 2022 and 2027. The size of the market is forecast to increase by USD 1,765.93 million. The growth of the market depends on several factors, including the increase in the adoption of GPS systems, the growing focus on improving marine transportation safety, and the rise in seaborne trade.
This report extensively covers market segmentation by component (hardware and software), product (sonar systems, radars, and GPS tracking devices), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global marine electronics market as a part of the global electronic equipment and instruments market within the overall electronics market. The super parent global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increase in the adoption of GPS systems is notably driving the market growth, although factors such as the high cost associated with sonar systems may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Marine Electronics Market Driver
The increase in the adoption of GPS systems is notably driving market growth. There is an increase in the adoption of GPS systems as they determine the position of ships and facilitate immediate rescue operations in emergency situations. GPS systems connect multiple devices and provide accurate details and information.
GPS systems based on satellite transmission are very authentic and efficient. They help determine the position and location of ships. With the help of GPS systems, marine vessels know which route to take and which directions to avoid. Marine vessels also use other ship tracking systems with GPS functionality. A ship tracking system consists of a collection of devices that help naval and naval vessels to identify, track and trace the position, location, and other details of ships. This information is useful for guiding and stabilizing ship routes and courses.
Significant Marine Electronics Market Trend
The growing use of passive radars is an emerging trend in the market. Passive radar should become a complement to conventional active radar in the coming years. Passive radar systems cannot be jammed because they do not emit waves. They are deployed at remote locations to track low-flying objects and are essential in military operations.
Focusing more on the development of covert military platforms, countries around the world have demanded the development of surveys. As a result, there have been some initiatives and investments in the market to develop passive radar systems in the marine industry. In addition to defense and maritime operations, they are used in commercial applications. Such factors will drive market growth during the forecast period.
Major Marine Electronics Market Challenge
The high cost associated with sonar systems is a major challenge impeding the market. Sonar systems are divided into two segments, commercial and defense. Commercial sonar is mainly used by private individuals for fishing, treasure hunting, and seabed exploration. These sonar systems cost between $100 and $1,000 and do not require large investments in R&D
On the other hand, sonar systems used in defense applications have much higher average selling prices and require large investments in R&D, which hinders the development of sonar modules. This is because manufacturers of sonar systems must adapt these devices to the needs of their customers. Furthermore, vendors must also constantly update sonar equipment with the latest technology to ensure acoustic superiority at a reasonable price. Therefore, factors like these will hinder market growth.
Key Marine Electronics Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Marine Electronics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Icom America Inc. - The company operates under one segment. The company under this segment offers marine electronics such as communications equipment and radars. The key offerings of the company include marine electronics.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hardware segment will be significant during the forecast period. Hardware such as Marine electrical screeners, fish finders/SONAR modules, thermal and visible cameras, marine very high frequency (VHF) communication devices, audio/video equipment, marine autopilots, autonomous identification systems, analog and digital communication displays, and satellite TVs consider the hardware of the marine electronic ecosystem.
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The hardware segment was valued at USD 2,691.85 million in 2017 and continued to grow until 2021. The market segment is growing as a result of the armed forces' increasing naval footprint, which is brought on by the purchase of new ships and submarines as well as upgrading programs for existing naval vessels. Furthermore, the market's growth is attributed to an increase in marine trade as well as oil and gas development, dredging, and fishing activities. The countries that rely on conventional fish finders are expected to significantly increase their demand for improved sonar systems during the projected period. In the near future, it is anticipated that technological advancements will encourage nations to purchase cutting-edge sonar systems for their naval fleets. These factors are expected to drive the growth of the hardware component segment of the marine electronics market during the forecasted period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America has the presence of established marine electronics manufacturers and increased defense spending by respective governments. The US is the highest spender in submarines and associated components globally. The US Navy has spent significantly on sonar systems to counter unseen threats in the ocean. Thus, the increasing demand from the US for research and defense-related purposes aids the growth of the marine electronics market in North America.
Canada is also a crucial adopter of ships and their components, such as electronic products, as it has one of the longest coastal lines in the world. The increasing number of illegal maritime activities in the ocean surrounding Canada has resulted in the Royal Canadian Navy engaging in monitoring and surveillance activities.
The outbreak of COVID-19 affected all countries in North America and negatively affected the growth of the market in the region in 2020. However, operations in various industries restarted gradually by the end of 2020 with a limited capacity while maintaining social distancing norms. Additionally, owing to the efficient vaccination drives the operations resumed. Additionally, the growth of the market in the region is also influenced by the increasing number of investments in the marine sector. Therefore, such factors can increase the demand for these products in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Component (Hardware and Software), Product (Sonar systems, Radars, and GPS tracking devices), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
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Marine Electronics Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.64% |
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Market growth 2023-2027 |
USD 1,765.93 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.38 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adrie Marine Electronics Solutions Pvt. Ltd., Elcome International LLC, Furuno Electric Co. Ltd., Garmin Ltd, Icom America Inc., Japan Radio Co. Ltd., Johnson Outdoors Inc., Kongsberg Gruppen ASA, Kraken Robotics Inc., Marine Electronics, Navico, Neptune Sonar Ltd., Northrop Grumman Corp., R2SONIC Inc., Raytheon Technologies Corp., Sound Metrics Corp., SRT Marine Systems Plc, Teledyne Technologies Inc., thyssenkrupp AG, and Ultra Electronics Holdings Plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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