Marine Electronics Market – Overview
Marine electronics are vital elements for the operation of vessels in the sea as maritime time becomes increasingly important, the market is anticipated to rise. Reports that review the aerospace and defense industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market is expected to benefit from a CAGR of 5 % in the forecast period.
The upsurge in marine trade activities is anticipated to bolster the market for marine electronics in the forecast period. Moreover, the growing adoption of sonar systems for search and rescue procedures is expected to create a favorable base for the development of the market for marine electronics in the approaching period.
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Global Marine Electronics Market Segmental Analysis
The segmental scrutiny of the marine electronics market has been conducted on the basis of vessel type, component type, application, and region.
Based on the component type, the marine electronics market has been segmented into hardware and software.
On the basis of vessel type, the marine electronics market has been segmented into merchant vessels, naval vessels, fishing vessels, recreational boats, and others.
Based on the application types, the marine electronics market has been segmented into communication, navigation, automation, and others.
Based on the regions, the marine electronics market is segmented into Europe, Asia Pacific, North America, Middle East, Africa, and Latin America.
Regional Industry Analysis
The regional assessment of the Marine Electronics Market covers regions such as Europe, North America, Asia Pacific, Middle East, Africa, and Latin America.
In the year 2017, the North American region was occupying a significant market portion. The market in North American region is anticipated to be the fastest rising during the evaluation period due to the surging investment in anti-submarine warfare (ASW) systems and unmanned underwater vehicles (UUVs). Whereas, the Asia Pacific region is estimated to be the swiftest increasing regional market through the projected period. The Asia Pacific region is projected to spearhead the global market all through the forecast period.
Competitive Analysis
A burgeoning user base is expected to play an instrumental role in the progress of the market in the approaching period. The market has established a proper tone for the development that is to be undertaken in the upcoming period. The market players are crafting strategies that deliver a high output rate from existing resources or don’t require a massive investment to obtain. Moreover, the emphasis is also being placed on the backend processes by integrating tools that can enhance the productivity of the market in the forecast period. The assets are continually being assessed to ensure that functioning is at an optimum level while keeping breakdowns at a bare minimum. The market is also improving in several efforts to brace itself while fortifying its position against the slowdown in the global economy. The geopolitical factors are expected to play a critical role in the long-term expansion of the market in the upcoming period.
Leading Players
The crucial contenders in the marine electronics market are FLIR Systems Inc. (US), Furuno Electric Co. Ltd (Japan), Garmin International (US), Atlas Elektronik GmbH (Germany), Ultra Electronics (UK), Thales Group (France), Northrop Grumman Corporation (US), Tokyo Keiki Inc. (Japan), Raytheon Company (US), and Wartsila SAM Electronics GmbH (Germany) to name a few.
Industry Updates:
Sep 2019 Garmin International, Inc., a part of Garmin Ltd. which is a leading manufacturer of marine electronics has recently announced that Sea Hunt Boat Company, one of the US’s top-selling saltwater boat products, has nominated Garmin to fit out its entire line of center console boats extending from 18 to 30 feet. As the sole provider, Sea Hunt will present Garmin electronics packages, comprising VHF radios and autopilots, chartplotters, standard on each new boat commencing from November this year.
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