Global Marine Electronics Market Size, Share, Growth Analysis, By Type(Hardware and Software), By Application(Navigation, Communication) - Industry Forecast 2024-2031

Report ID: SQMIG20T2011 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 62 | Figures: 77

Global Marine Electronics Market Dynamics

Marine Electronics Market Drivers

Growth of the recreational boating industry

The leisure boating sector has witnessed substantial growth, fueled by rising disposable incomes, tourism, and a growing interest in outdoor recreational activities. Marine electronics, such as GPS devices, chart plotters, and fish finders, enhance the safety and navigation capabilities of recreational boats, providing boaters with features like route planning, real-time weather updates, and fish detection. This has led to increased adoption of marine electronics in the recreational boating market.

Maritime safety regulations

Governments and regulatory bodies across the world have implemented stringent safety regulations to ensure the security of marine operations. These regulations mandate the use of certain electronic equipment on vessels to enhance safety and prevent accidents. For instance, the International Maritime Organization (IMO) requires ships to be equipped with various navigation and communication systems, including radar, AIS, and emergency position-indicating radio beacons (EPIRBs), which contribute to the demand for marine electronics.

Marine Electronics Market Restraints

Complex installation and maintenance

The installation and maintenance of marine electronics can be complex and require skilled professionals. The integration of various systems, wiring, and calibration can be time-consuming and challenging, especially in larger vessels or complex marine environments. Additionally, the harsh marine conditions, including exposure to saltwater, humidity, and vibration, can result in increased maintenance requirements and costs. The complexity and maintenance challenges can deter some potential buyers from investing in marine electronics.

Global Marine Electronics Market Report Snapshots

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Global Marine Electronics Market size was valued at USD 5.70 Billion in 2022 and is poised to grow from USD 6.00 Billion in 2023 to USD 9.00 Billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).

The global marine electronics market is highly competitive, with several prominent companies operating in the industry. These companies compete based on factors such as product innovation, technological advancements, quality, pricing, and customer service. 'Garmin Ltd. (Switzerland)', 'Raymarine (FLIR Systems) (United States)', 'Furuno Electric Co., Ltd. (Japan)', 'Navico (Norway)', 'Kongsberg Gruppen (Norway)', 'Icom Incorporated (Japan)', 'FLIR Systems, Inc. (United States)', 'Humminbird (Johnson Outdoors Inc.) (United States)', 'ABB Ltd. (Switzerland)', 'Thales Group (France)', 'JRC (Japan Radio Co., Ltd.) (Japan)', 'Wärtsilä Corporation (Finland)', 'Simrad Yachting (Navico) (Norway)', 'Lowrance (Navico) (Norway)', 'B&G (Navico) (Norway)', 'McMurdo Group (Orolia Group) (United Kingdom)', 'GME Electrophone Pty Ltd (Australia)', 'Sailor (Cobham SATCOM) (Denmark)', 'Standard Horizon (Japan Radio Co., Ltd.) (Japan)', 'Maretron (Carling Technologies) (United States)', 'Digital Yacht Ltd. (United Kingdom)', 'Hatteland Display AS (Norway)'

The leisure boating sector has witnessed substantial growth, fueled by rising disposable incomes, tourism, and a growing interest in outdoor recreational activities. Marine electronics, such as GPS devices, chart plotters, and fish finders, enhance the safety and navigation capabilities of recreational boats, providing boaters with features like route planning, real-time weather updates, and fish detection. This has led to increased adoption of marine electronics in the recreational boating market.

Emphasis on Sustainable and Eco-friendly Solutions: The maritime industry is increasingly focusing on sustainability and reducing its environmental impact. This trend is influencing the marine electronics market, leading to the development of eco-friendly solutions. For instance, there is a growing demand for energy-efficient marine electronics systems that minimize power consumption. Furthermore, the adoption of emission control systems, including ballast water treatment systems and exhaust gas cleaning systems, requires integration with marine electronics for effective monitoring and control.

North America is the largest market for marine electronics, accounting for a market share of over 35% in 2022. This is due to the presence of a large number of commercial and recreational vessels in the region. The United States and Canada are the major markets for marine electronics in North America. The region expects to require marine engine manufacturers to provide engines that comply with US EPA New Source Performance Standards (NSPS). The region's marine propulsion engine market is anticipated to grow more quickly than the average global rate due to the expansion of seaborne trade.

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Global Marine Electronics Market Size, Share, Growth Analysis, By Type(Hardware and Software), By Application(Navigation, Communication) - Industry Forecast 2024-2031

Global Marine Electronics Market Dynamics

Global Marine Electronics Market Report Snapshots

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