Marine Electronics Market Updates

Marine Electronics Market size was valued at USD 6.52 Billion in 2023 and is poised to grow from USD 6.86 Billion in 2024 to USD 10.29 Billion by 2032, growing at a CAGR of 5.20% during the forecast period (2025-2032).

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. 'Archer Daniels Midland (ADM) (US) ', 'Chevron Lummus Global (US) ', 'Avril Group (France) ', 'Emerald Electronics (US) ', 'Neste Corporation (Finland) ', 'UPM (Finland) ', 'Sunpine (Sweden) ', 'Nvergent Tech (a Honeywell Company) (US) ', 'Steeper Energy (Canada) ', 'Licella (Australia) ', 'Altaca Energi Inc. (Canada) ', 'Renmatix (US) ', 'Velocys (formerly Oxford Catalysts) (UK) ', 'BetaRenewables (Italy) ', 'Poet-DSM Advanced Electronics (US) ', 'Enerkem (Canada) ', 'Stena Line (Sweden) ', 'Progression Industry (US) ', 'Amyris (US) ', 'Galp (Portugal) ', 'Sunshine Electronics (US) ', 'Gevo (US) ', 'Maersk (Denmark) ', 'Eni (Italy) ', 'Evoleum (Spain) ', 'GoodFuels Marine (Netherlands) ', 'Renewable Energy Group (US) '

Growth of the recreational boating industry 

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 2023. 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.