Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- The global marine electronics market is expected to exhibit a strong CAGR of more than 5% over the forecast period between 2018 and 2023, according to the latest research report from Market Research Future (MRFR). The major drivers for the global marine electronics market include the increasing volume of marine trade and the increasing demand for secure navigation and communication systems from the military sector.
Competitive Analysis:
Leading players in the global marine electronics market include Wartsila SAM Electronics GmbH, Tokyo Keiki Inc., Raytheon Company, Northrop Grumman Corporation, Thales Group, Ultra Electronics, Garmin International, Furuno Electric Co. Ltd., FLIR Systems Inc., and Atlas Elektronik GmbH.
In June 2019, the Independent Boat Builders Inc. (IBBI) announced that Garmin’s Fusion brand of marine entertainment products has been selected as IBBI’s official supplier through 2024.
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Segmentation:
The global marine electronics market has been segmented by component type, vessel type, application, and region.
On the basis of component type, the market has been divided into hardware and software. The hardware segment is the leading revenue generator in the global marine electronics market, mainly due to the widespread demand for GPS units in boats.
By vessel type, the market has been segmented into merchant vessels, fishing vessels, naval vessels, recreational boats, and others. Naval vessels are likely to remain the most important customer segment for the marine electronics market over the forecast period.
On the basis of application, the market has been segmented into navigation, communication, automation, and others. Navigation is the leading revenue generation channel for the global marine electronics market.
Regional Analysis:
The global Marine Electronics Market is expected to be led by Asia Pacific over the forecast period, as the growing shipbuilding industry in Asia Pacific has led to a growing demand from the marine electronics industry in recent years. The increasing shipbuilding activities in China, India, Japan, and several Southeast Asian countries are likely to drive the marine electronics market in the region over the forecast period. China’s increasing ambitions to establish naval superiority in the Pacific as well as the Indian Ocean are likely to drive shipbuilding activities in the region, as well as increasing efforts to install the latest technologies to make the ships more capable and more in line with modern needs. This is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period.
The strong presence of electronics industry giants in China, Japan, and South Korea is also likely to be a major driver for the marine electronics market in the region over the forecast period. Increasing state sponsorship to the development of capable marine electronic systems is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period. The increasing demand for private yachts and other chartered boats in the region is also likely to be a major driver for the marine electronics market. The increasing number of high net worth and ultra-high net worth individuals in Asia Pacific is likely to drive the demand for luxury cruise boats and other forms of premium seaborne entertainment, driving the demand from the marine electronics market in the region.
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North America is likely to exhibit the highest growth rate over the forecast period due to the growing demand for unmanned underwater vehicles and anti-submarine technology in the region. The increasing emphasis on automation in the U.S. armed forces has led to an increased dependence on marine electronics, which is likely to drive the market in North America at a robust growth rate over the forecast period.
Europe is also likely to remain a key player in the global marine electronics market over the forecast period due to the increasing marine trade, especially through the Mediterranean and Sea of Marmara. The strong presence of marine technology developers in Europe is also likely to help the marine electronics market in Europe extend its reach over the forecast period.
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