Marine Electronics Market Size 2024-2028 

The marine electronics market size is estimated to grow by USD 1.55 billion at a CAGR of 4.82% between 2023 and 2028. Market growth is contingent on various factors, notably the rising adoption of GPS trackers, which play a pivotal role in enhancing marine transportation safety. As the maritime industry places increasing emphasis on safety measures, the demand for GPS trackers continues to escalate. Additionally, the surge in seaborne trade amplifies the need for efficient tracking and monitoring systems to ensure timely and secure transportation of goods. This growing focus on safety and efficiency underscores the importance of technological advancements in the maritime sector. As maritime operations become more complex and global trade expands, the market for GPS trackers is poised for sustained growth, driven by the imperative to optimize safety standards and streamline logistics processes. 

What will be the size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The market is driven by technological advancements in military electronics, ship tracking systems, and electronic hardware used by naval forces worldwide. Diesel engines power container ships transporting natural gas and minerals vital for international trade. Boats, commercial shipping, and recreational water activities, including yachts, rely on marine electronics with waterproofing and water corrosion resistance in salty and brackish waters amidst irregular waves. Positioning system devices (GPS) and Radio Detection and Ranging (RADAR) enable precise navigation and safety, while video displays enhance operational efficiency and situational awareness onboard. As maritime industries continue to innovate, marine electronics play a crucial role in enhancing vessel safety, operational effectiveness, and environmental sustainability across global waters, meeting the demands of diverse marine applications and ensuring safe and efficient navigation in challenging marine environments.

Key Market Driver

The increase in the adoption of GPS systems is notably driving the market. There is an increase in the adoption of GPS trackers as they determine the position of ships and facilitate immediate rescue operations in emergency situations. GPS trackers connect multiple devices and provide accurate details and information.

GPS trackers based on satellite transmission are very authentic and efficient. They help determine the position and location of ships. With the help of GPS trackers, marine vessels know which route to take and which directions to avoid. Marine vessels also use other ship tracking with GPS functionality. A ship tracking system consists of a collection of devices that help naval and naval vessels identify, track, and trace the position, location, and other details of ships. This information is useful for guiding and stabilizing ship routes and courses.

Significant Market Trend

The growing use of passive radars is an emerging trend in the market. Passive radar should become a complement to conventional active radar in the coming years. Passive radar cannot be jammed because they do not emit waves. They are deployed at remote locations to track low-flying objects and are essential in military operations.

Focusing more on the development of covert military platforms, countries around the world have demanded the development of surveys. As a result, there have been some initiatives and investments in the market to develop passive radar systems in the marine industry. In addition to defense and maritime operations, they are used in commercial applications. Such factors will drive market growth during the forecast period. 

Major Market Challenge

The high cost associated with sonar systems is a major challenge impeding the market. Sonar systems are divided into two segments, commercial and defense. Commercial sonar is mainly used by private individuals for fishing, treasure hunting, and seabed exploration. These sonar systems cost between USD100 and USD1,000 and do not require large investments in R&D

On the other hand, sonar systems used in defense applications have much higher average selling prices and require large investments in R&D, which hinders the development of sonar modules. This is because manufacturers of sonar systems must adapt these devices to the needs of their customers. Furthermore, vendors must also constantly update sonar equipment with the latest technology to ensure acoustic superiority at a reasonable price. Therefore, factors like these will hinder the market. 

Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Icom America Inc. - The company offers Marine Electronics devices such as communications equipment and radars. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• Adrie Marine Electronics Solutions Pvt. Ltd.
• Elcome International LLC
• Furuno Electric Co. Ltd.
• Garmin Ltd
• Japan Radio Co. Ltd.
• Johnson Outdoors Inc.
• Kongsberg Gruppen ASA
• Kraken Robotics Inc.
• Marine Electronics
• Navico
• Neptune Sonar Ltd.
• Northrop Grumman Corp.
• R2SONIC Inc.
• Raytheon Technologies Corp.
• Sound Metrics Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Market?

The market share growth by the hardware segment will be significant during the forecast period. Hardware such as Marine electrical screeners, fish finders/SONAR modules, thermal and visible cameras, marine very high frequency (VHF) communication devices, audio/video equipment, marine autopilots, autonomous identification, analog and digital communication displays, and satellite TVs consider the hardware of the marine electronic ecosystem. 

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The hardware segment was valued at USD 2.78 billion in 2018 and continued to grow until 2022.  The market segment is growing as a result of the armed forces' increasing naval footprint, which is brought on by the purchase of new ships and submarines as well as upgrading programs for existing naval vessels. Furthermore, the market's growth is attributed to an increase in marine trade as well as oil and gas development, dredging, and fishing activities. The countries that rely on conventional fish finders are expected to significantly increase their demand for improved sonar devices during the projected period. In the near future, it is anticipated that technological advancements will encourage nations to purchase cutting-edge sonar devices for their naval fleets. These factors are expected to drive the growth of the hardware component segment of the market during the forecasted period.

Which are the Key Regions for the Market?

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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America has the presence of established manufacturers and increased defense spending by respective governments. The US is the highest spender in submarines and associated components globally. The US Navy has spent significantly on sonar devices to counter unseen threats in the ocean. Thus, the increasing demand from the US for research and defense-related purposes aids the growth of the market in North America. Canada is also a crucial adopter of ships and their components, such as electronic products, as it has one of the longest coastal lines in the world. The increasing number of illegal maritime activities in the ocean surrounding Canada has resulted in the Royal Canadian Navy engaging in monitoring and surveillance activities. Hence, such factors are driving the market in North America during the forecast period.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments

• Component Outlook 
  • Hardware
  • Software

• Product Outlook 
  • Sonar systems
  • Radars
  • GPS tracking devices

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

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Market Analyst Overview

The market is defined by a spectrum of advanced technologies and systems essential for various marine applications. Cold storage systems and sensors ensure the safe transport of perishable goods on luxury yachts and recreational boats, complemented by sophisticated audio and video systems and fancy lighting for enhanced onboard experiences. Merchant vessels and fishing boats integrate automation and unmanned underwater vehicles (UUVs) for efficiency and safety. Anti-submarine warfare (ASW) systems and VHF radios enhance security and communication, while navigation software and vessel management systems optimize operations. Real-time data via satellite communication and Automatic Identification System (AIS) devices support leisure boating and tourism activities. Energy-efficient marine electronics manage power consumption and emissions, with systems like ballast water treatment and exhaust gas cleaning ensuring environmental compliance. From GPS devices and chart plotters to radar displays and navigation applications, marine electronics are pivotal in navigating extreme weather and environmental conditions, ensuring safety and operational efficiency in marine environments.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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