PUBLISHER: SkyQuest | PRODUCT CODE: 1554286
PUBLISHER: SkyQuest | PRODUCT CODE: 1554286
Marine Electronics Market Size, Share, Growth Analysis, By Type (Hardware, Software), By Application (Navigation, Communication), By Platform (Commercial Vessels, Defense Vessels), By Region - Industry Forecast 2024-2031
Global Marine Electronics Market size was valued at USD 6.00 Billion in 2022 and is poised to grow from USD 6.52 Billion in 2023 to USD 9.78 Billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).
The marine sector is experiencing steady growth due to its critical role in transporting essential goods, such as natural resources and consumer products. Ships rely on robust engines to manage their heavy loads and achieve efficient travel. Diesel engines are commonly used for this purpose due to their reliability and lower maintenance needs compared to other engine types. With the rise in globalization, industrialization, and international trade, there is an increasing demand for container ships to transport various commodities, including oil, natural gas, and minerals. This surge in demand is also reflected in the marine electronics market, which saw a 10-unit increase in BPS values for the first half of 2022 compared to initial expectations. Digitization is a key driver behind this growth, as it enhances the functionality and efficiency of marine electronics. Additionally, there is a noticeable rise in demand for boats and ships used in commercial shipping, recreational water activities, and fishing, further contributing to the expansion of the marine sector.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Marine Electronics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Marine Electronics Market Segmental Analysis
Global Marine Electronics Market is segmented based on type, application platform, and region. Based on type, the market is segmented into hardware and software. Based on application, market is segmented into Navigation, Communication, Instrumentation, Command & Control, Search & Rescue, Surveillance, Port Security, and Electronic Warfare. Based on platform, the market is segmented into Commercial Vessels, Defense Vessels, and Unmanned Vehicles. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Marine Electronics Market
The leisure boating industry has experienced significant expansion, driven by increasing disposable incomes, tourism, and a heightened interest in outdoor recreational pursuits. Marine electronics, including GPS devices, chart plotters, and fish finders, play a crucial role in enhancing the safety and navigation of recreational boats. These technologies offer features such as route planning, real-time weather updates, and fish detection, which greatly benefit boaters. As a result, there has been a notable rise in the adoption of marine electronics within the recreational boating sector.
Restraints in the Global Marine Electronics Market
Installing and maintaining marine electronics can be intricate and demand specialized expertise. The process often involves complex integration of systems, wiring, and calibration, which can be especially challenging for larger vessels or in complicated marine environments. Moreover, the harsh conditions at sea, such as exposure to saltwater, humidity, and vibration, can lead to higher maintenance needs and associated costs. These complexities and maintenance challenges can discourage some potential buyers from investing in marine electronics.
Market Trends of the Global Marine Electronics Market
The maritime industry is placing greater emphasis on sustainability and reducing its environmental footprint, which is shaping the marine electronics market. This shift is driving the development of environmentally friendly solutions, such as energy-efficient marine electronics that reduce power consumption. Additionally, the integration of emission control systems-like ballast water treatment and exhaust gas cleaning systems-into marine electronics is becoming more prevalent. These systems require advanced electronics for effective monitoring and control, aligning with the industry's broader sustainability goals.
Table of Contents
Introduction
- Objectives of the Study
- Definitions
- Market Scope
Research Methodology
- Information Procurement
- Secondary & Primary Data Sources
- Market Size Estimation
- Market Assumptions & Limitations
Executive Summary
- Market Overview Outlook
- Supply Demand Trend Analysis
- Segmental Opportunity Analysis
Market Dynamics & Outlook
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Key Market Insights
- Key Success Factors of The Market
- Degree Of Competition
- Top Investment Pockets
- Market Attractive Index
- Ecosystem Mapping
- Patent Analysis
- Pricing Analysis
- Trade Analysis
- Consumer And Buying Criteria
- Regulatory Analysis
- Technology Analysis
- Case Study Analysis
Global Marine Electronics Market by Type
- Market Overview
- Hardware
- GPS & Radar
- Multi-function Navigation
- Sonal Modules
- Thermal & Visible cameras
- Marine VHF Communication devices
- Audio Video equipment
- Marine autopilots
- Autonomous Identification System
- Analog & Digital Communication display
- Satellite TV
- Software
Global Marine Electronics Market by Application
- Market Overview
- Command & Control
- Search & Rescue
- Navigation
- Communication
- Surveillance
- Port Security
- Electronic Warfare
Global Marine Electronics Market by Platform
- Market Overview
- Commercial Vessel
- Bulk Carrier
- Tanker
- Passenger cruise
- Dry Cargo
- Container
- General Cargo
- Dredgers
- Other vessels
- Fishing Vessels
- Submarines
- Research Vessels
- Defense Vessels
- Aircraft Carriers
- Amphibious
- Destroyers
- Frigates
- Submarines
- Corvettes
- Offshore petrol Vehicle
- Unmanned vehicle
- Unmanned underwater vehicle
- ROV
- AUV
- Unmanned Surface Vehicle
- Port
Global Marine Electronics Market Size by Region
- Market Overview
- North America
- USA
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
Competitive Landscape
- Top 5 Player Comparison
- Market Positioning of Key Players, 2023
- Strategies Adopted by Key Market Players
- Recent Activities in the Market
- Key Companies Market Share (%), 2023
Key Company Profiles
- Archer Daniels Midland (ADM) (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Chevron Lummus Global (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Avril Group (France)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Emerald Electronics (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Neste Corporation (Finland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- UPM (Finland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Sunpine (Sweden)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Nvergent Tech (a Honeywell Company) (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Steeper Energy (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Licella (Australia)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Altaca Energi Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Renmatix (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Velocys (formerly Oxford Catalysts) (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- BetaRenewables (Italy)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Poet-DSM Advanced Electronics (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Enerkem (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Stena Line (Sweden)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Progression Industry (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Amyris (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Galp (Portugal)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Sunshine Electronics (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Gevo (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Maersk (Denmark)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Eni (Italy)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Evoleum (Spain)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- GoodFuels Marine (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Renewable Energy Group (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
