About Marine Electronics
Marine electronics is defined as the waterproof devices which are basically designed for the marine environment on ship. It is used for numerous application such as navigations, communications, among others. It includes various devices namely marine radar, GPS, fiber optic gyrocompass, satellite, self-steering gear, fishfinder, among others. Increasing usage of marine electronics in numerous application such as navigation, communication, automation, and others are some of the major factors which affect the growth of the market in the future.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.2% |
The market is highly fragmented with the presence of various player such as Atlas Elektronik GmbH (Germany), FLIR Systems Inc. (United States), Furuno Electric Co. Ltd (Japan), among others Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Marine Electronics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Atlas Elektronik GmbH (Germany), FLIR Systems Inc. (United States), Furuno Electric Co. Ltd (Japan), Garmin International (United States), Ultra Electronics (United Kingdom), Thales Group (France), Northrop Grumman Corporation (United States), Raytheon Company (United States), Tokyo Keiki Inc. (Japan) and Wartsila SAM Electronics GmbH (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Marine Electronics market by and Region.
On the basis of geography, the market of Marine Electronics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Marine Electronics Device , the sub-segment i.e. Chartplotter will boost the Marine Electronics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vessel Type, the sub-segment i.e. Merchant Vessels will boost the Marine Electronics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Marine Electronics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand from the Defense Sector as well as Rise in Marine Trade Activities Worldwide
Market Growth Drivers:
Increase Investment in Unmanned Underwater Vehicle and Anti-Submarine Warfare Systems Globally, Growing adoption of sonar systems for search and rescue operations and Rising Need for Securing the Marine Routes and Improving Safety of Coastal Areas
Challenges:
Problem regarding the Leakage of Data in Electronic Devices
Restraints:
Issue related to Lack of Proper Standards may hamper the Market Growth
Opportunities:
Rising Demand from Emerging Economics such as China, India, Brazil, Philippines, among others
Market Leaders and their expansionary development strategies
On July 12, 2023, Furuno and MaxSea announced a strategic partnership. This partnership focused on integrating Furuno's navigation technology with MaxSea's charting and planning software, aiming to offer more comprehensive solutions to users.
On August 15, 2023, Garmin launched Quatix 7 smartwatch for marine applications. This smartwatch offered a range of features tailored for boaters and anglers, including GPS navigation, tide charts, and compatibility with Garmin marine electronics.
Key Target Audience
Submarine Operators, Marine Organization, Naval Organizations, Maritime force and Merchant Navy
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.