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The marine electronics market is estimated to grow by USD 1,765.93 million at a CAGR of 5.64% between 2022 and 2027. The growth of the market depends on several factors, including the increase in the adoption of GPS trackers, the growing focus on improving marine transportation safety, and the rise in seaborne trade.
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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The increase in the adoption of GPS trackers is notably driving the market growth, although factors such as the high cost associated with sonar 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 Market Driver
The increase in the adoption of GPS systems is notably driving the market. There is an increase in the adoption of GPS trackers as they determine the position of ships and facilitate immediate rescue operations in emergency situations. GPS trackers connect multiple devices and provide accurate details and information.
GPS trackers based on satellite transmission are very authentic and efficient. They help determine the position and location of ships. With the help of GPS trackers, marine vessels know which route to take and which directions to avoid. Marine vessels also use other ship tracking with GPS functionality. A ship tracking system consists of a collection of devices that help naval and naval vessels 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 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 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 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 USD100 and USD1,000 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 the market.
Key Market Customer Landscape
The market 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 Market Customer Landscape
Companies 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 offers communications equipment and radars.
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, 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 devices during the projected period. In the near future, it is anticipated that technological advancements will encourage nations to purchase cutting-edge sonar devices for their naval fleets. These factors are expected to drive the growth of the hardware component segment of the 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 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 devices 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 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 market research 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).
The Market is experiencing significant growth driven by advancements in technology such as Automatic Identification System (AIS), Marine GPS trackers, and Chartplotters. These technologies enhance navigation accuracy and safety, leading to increased adoption in merchant marine applications and anti-submarine warfare devices.
The market is witnessing a surge in demand for Marine VHF Radios, Marine Infrared, and Marine Engine Management systems, further fueled by the integration of IoT and Augmented Reality. The use of Unmanned Underwater Vehicles is also on the rise, requiring sophisticated control and navigation.
Top suppliers in this market focus on providing high-quality hardware components for digital navigation and multi-function navigation trackers. Market projections indicate continued growth, driven by ongoing technological developments and the increasing importance of digital navigation in the maritime industry.
Marine Electronics Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.64% |
Market growth 2023-2027 |
USD 1,765.93 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.38 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, Market Forecasting, 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. |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
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