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Marine Electronics Market Anticipated to Grow at a Significant Pace of 6.5% CAGR by 2028
Marine electronics comprises electronic devices designed for the marine environment. Marine electronic devices are water-resistant so that salt water cannot affect or destroy them. Marine electronic devices include marine VHF radios, chart plotters, autopilots, fish finders/sonars, radars, gyrocompasses, GPS, satellite TVs, and various audio and video devices. The marine electronics market is highly dependent on the performance of the ship industry. The marine electronics market is divided into four segments on the basis of ship/boat categories. The ships/boats taken into consideration are merchant vessels (general cargo ships, bulk carriers, containerships, and oil tankers), fishing vessels (big vessels that are allowed into the deep sea and used for commercial fishing), yachts/recreational boats (all sailing boats and vessels used for recreational activities), and military naval (all military surface vessels and boats such as surface combatants, patrol combatants, and amphibious warfare ships, and those involved in military logistics and coastal defense).
The global marine electronics market is expected to grow from US$ 4,143.5 Mn in 2018 to US$ 7,745.3 Mn by 2028, expanding at a CAGR of 6.5% in terms of revenue during the forecast period (2018-2028). In this report, the global marine electronics market is tracked in terms of value, and is calibrated to obtain the market revenue estimates of marine electronic devices.
Global Marine Electronics Market: Dynamics
The factors driving the global marine electronics market are mandatory government regulations, increasing demand from the defense sector, growing concern for safety and security, and increasing globalization and ocean trade activities.
However, insecure mode of data transmission, incompetency of software, and lack of investments and infrastructure are some of the major challenges that hamper the growth of the marine electronics market.
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Global Marine Electronics Market: Segmentation & Forecast
To understand and assess the demand and opportunities in this market, the marine electronics market report is categorically split into three major sections, namely, marine electronics market analysis – by component type, by application type, and by region. On the basis of component type, the marine electronics market is segmented into hardware and software. The marine electronics hardware segment is expected to dominate the market throughout the forecast period, and enjoy a market share of 78.4% and 77.0% in 2018 and 2028, respectively. The marine electronics hardware segment is further segmented as GPS and radar systems, multifunction navigation, fish finders/ sonar modules, thermal and visible cameras, marine VHF communication devices, audio and video equipment, marine autopilots, analogue & digital instruments, and satellite TVs.
On the basis of application type, the marine electronics market is segmented into merchant vessels, fishing vessels, military naval, and yachts/recreational boats. The marine electronics merchant vessels segment is expected to dominate the market in the majority duration of the forecast period, owing to the high CAGR associated with it. The marine electronics fishing vessel segment is expected to grow from US$ 958.6 Mn in 2018 to US$ 1,900.5 in 2028.
The section – marine electronics market analysis by region, includes an in-depth country-level analysis of all global regions, namely, North America, Latin America, Western Europe, Eastern Europe, SEA and Others in Asia Pacific, Japan, China, and MEA, by component type, by application type, and by country; and provides market data in terms of value for 2018-2028. In 2017, the market in South East Asia dominated the overall global marine electronics market (given Asia Pacific is considered separately as three regions, i.e. China, Japan, and SEA and Others of APAC), while the fastest growing region in the marine electronics market is Latin America. South East Asia is further expected to hold a majority of the market share of the marine electronics market in 2028 as well.
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