DUBLIN, Jun 22, 2021--(BUSINESS WIRE)--The "Marine Electronics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global sea trade is expected to grow with 3.8% CAGR from 2021 to 2029.
Northrop Grumman Corporation
ATLAS ELEKTRONIK GmbH
FURUNO ELECTRIC CO. LTD.
FLIR Systems Inc.
Neptune Sonar Limited
Surge in marine trade among countries of the world and increasing investment in marine electronics technology by major players of the market is driving the global marine electronics market. Similar to the U.S. and Indonesia, many countries of world have made installation of automatic identification system (AIS) chips on vessels mandatory. Beyond this, there is increase in number of tourists preferring coastal areas and cruise ships & ferries. This tourism trend has forced the ship-owners to keep their vessels technologically upgraded. Such market scenario has further helped the marine electronics market to expand in 2020.
Digitalization and e-commerce has ensured high growth in sea-trade activities. Similarly, there is significant growth in the demand for boats and ships for fishing, logistics, and recreational water activities across the world since the last few years. Greece, Japan, China, Singapore and the U.S. are the top ship owning nations. According to United Nations Conference on Trade and Development (UNCTAD). In addition to above, security and surveillance is another factor influencing the market growth. Increase in number of RADARs, submarines, underwater robots has further buoyed the market growth reaching US$ 4.98 Bn in 2020 and further expected to grow with a CAGR of 5.12% during the forecast period.
Navigation Segment remain the Major Contributor to Market
Growing adoption of new technologies such as augmented reality (AR) for navigation has ensured large market share for the navigation segment in 2020. Navigation system displays high quality satellite images and navigation charts for better navigation. This has not only helps the ship-owners for standardize reporting but also enhances safety & security while navigating. Further, new trend observed in the market is the use of an integrated navigation system having greater accuracy and which cost less than conventional system. Altogether, the navigation segment captured over 35% share of global marine electronics market in 2020. On the other hand, communication segment is expected to register the highest CAGR during the forecast period on account of advancement in SatCom-based communication technology and growing trend of its use.
North America to remain the Largest Market
In 2020, North America was the largest regional market, in terms of revenue of the global marine electronics market. Major defense companies such as Thales Group, Raytheon Company, Northrop Grumman Corporation and FLIR Systems, Inc. are well established in the U.S. These companies are investing heavily in developing new marine technologies such as new marine camera introduced by FLIR Systems, Inc. This new M300 Series thermal camera is installed with advanced awareness-enhancing technologies, safer navigation, and seamless integration with onboard boat systems. Secondly, the U.S. navy is highly interested in buying unmanned undersea vehicle and submarines. Overall, North America gathered with over 35% share in global marine electronics market in 2018. The U.S. navy is upgrading its fleet in the wake of rising geopolitical tension and trade tension with China.
Key questions answered in this report
What was the market size of marine electronics market in 2020 and forecast up to 2029?
What are the key factors driving the global marine electronics market?
What are the key market trends and high-growth opportunities observed in the marine electronics market?
Which is the largest regional market for marine electronics market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the marine electronics market?
What are the key strategies adopted by the leading players operating in the market?
Key Topics Covered:
2. Executive Summary
3. Market Dynamics
3.2. Market Dynamics
3.3. Attractive Investment Proposition, by Geography, 2020
3.4. Market Positioning of Key Players, 2020
4. Global Marine Electronics (ME) Market, by Component , 2019 - 2029 (US$ Bn)
5. Global Marine Electronics (ME) Market, by Product, 2019 - 2029 (US$ Bn)
6. Global Marine Electronics (ME) Market, by Vessel, 2019 - 2029 (US$ Bn)
7. Global Marine Electronics (ME) Market, by Application, 2019 - 2029 (US$ Bn)
8. North America Marine Electronics (ME) Market Analysis, 2019 - 2029 (US$ Bn)
9. Europe Marine Electronics (ME) Market Analysis, 2019 - 2029 (US$ Bn)
10. Asia Pacific Marine Electronics (ME) Market Analysis, 2019 - 2029 (US$ Bn)
11. Rest of the World Marine Electronics (ME) Market Analysis, 2019 - 2029 (US$ Bn)
12. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/agaqq8
View source version on businesswire.com: https://www.businesswire.com/news/home/20210622005655/en/
Laura Wood, Senior Press Manager
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