Marine Electronics Market - Global Industry Analysis

Marine Electronics Market By Component (Hardware and Software), By Application (Merchant Marine Electronics, Fishing Vessel Electronics, Yacht/Recreation Boat Electronics, Military Naval Electronics, Autonomous Shipping Electronics, Smart Boat Electronics, and Underwater Drone Electronics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Published Date: 01-Aug-2022 Category: Semiconductor & Electronics Report Format : PDF Pages: 230 Report Code: ZMR-7011 Status : Published

The global marine electronics market size was worth around USD 4,824.1 million in 2021 and is estimated to grow to about USD 6,501.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.1% over the forecast period.

Description

Industry Perspective:

The global marine electronics market size was worth around USD 4,824.1 million in 2021 and is estimated to grow to about USD 6,501.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.1% over the forecast period. The report analyzes the marine electronics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the marine electronics market.

Marine Electronics Market: Overview

Marine electronics refers to the electronics gear created or intended for use on yachts and ships that is used in a marine environment. These electronic items are typically water-resistant or waterproof. The market is expanding as a result of the global marine and industrial electronics products market, which is expanding quickly. A rise in the market for marine transportation, a surge in the adoption of sonar & radar systems for search and rescue operations, and rapid uptake of marine safety protocols are expected to boost global marine electronics market growth during the forecast period. The marine electronics industry is also expected to see increasing applications of navigation, safety, marine communication, and fishing electronics. The market is also expanding due to the increasing adoption of different vessel management systems like vessel traffic management. The high cost of marine electronics devices and occasionally occurring technical issues with hardware or software are significant restraints on the market's growth.

Global Marine Electronics Market

COVID-19 Impact:

The global coronavirus epidemic has altered how organizations categorize and conduct their production and supply services. With the uncertainty that is dominating in those situations, the majority of the target and contributory sectors of the economy are taking a backseat. With the daily increase in instances and the severity level taking a toll, there is a need to give healthcare infrastructure development and satisfying similar human needs priority. Investors in the marine electronics sector recognize the critical need for the market to resume normal operations, and as a result, international governments are increasing their investment and easing the restrictions that have been put in place. Another significant development is that market competitors are also spending money on research and development to improve these devices and add features as needed.

Key Insights

  • Marine Electronics Market value is projected to grow at a CAGR of 5.1% over the forecast period.
  • The global marine electronics market size was worth around USD 4,824.1 million in 2021 and is estimated to grow to about USD 6,501.7 million by 2028.
  • The globalization of maritime trade and transportation, as well as the rising use of sophisticated marine electronics for military purposes, is expected to fuel the growth of the marine electronics market during the forecast period.
  • In terms of revenue generated by the worldwide marine electronics market in 2021, North America was the largest regional market.
  • The merchant marine is projected to have a 41.2 percent market share worldwide in 2022.
  • During the projection period, the market's hardware category is anticipated to hold the highest market share.

Marine Electronics Market: Growth Drivers

Rising use of sophisticated marine electronics for military purposes to drive market growth

The growing desire for electronics on marine tours and other sea life by a sizable portion of the public are the main factors that are fueling significant and widespread demand for the industry. The rising use of sophisticated marine electronics for military purposes along with globalization of maritime trade and transportation, is expected to fuel the growth of the marine electronics market during the forecast period. Additionally, the large increase in earnings that individuals have seen as a result of the establishment of higher work positions has improved their situation, which is fueling demand for the military electronics. The need for maritime electronic equipment is influenced by the growing use of contemporary digital navigation, sonars, and radars for proximity sensing and other applications.

Marine Electronics Market: Restraints

Lack of investment is likely to restrain the market expansion to a certain extent

A significant investment gap has been one of the market's biggest obstacles, and this is further complicating matters if the manufacturers want to increase the size of the worldwide market and the range of goods they can offer the intended customer base. Additionally, the target audience's lack of awareness about the subject is likely to prevent the worldwide marine electronics industry from reaching its ideal sales level.

Marine Electronics Market: Segmentation

The global marine electronics market is segregated on the basis of components, applications, and region.

By component, the market is divided into hardware and software. With the growing use of GPS and sonar technologies by merchant navy and marine forces, the hardware sector of the market is anticipated to hold the biggest market share during the forecast period, which ends in 2028. The market segment is expanding as a result of the growing naval footprint of the armed forces brought on by the acquisition of new ships and submarines as well as upgrading initiatives for current naval vessels. Additionally, increased marine trade, oil & gas development, dredging, and fishing operations are also credited with the market's expansion. During the projected period, there is anticipated to be a significant increase in demand for improved sonar systems from the nations that depend on basic fish finders. Technology developments may prompt nations to buy cutting-edge sonar systems for their naval fleets, which is anticipated to fuel the market's expansion shortly.

By application, the global marine electronics market is divided into merchant marine electronics, fishing vessel electronics, yacht/recreation boat electronics, military naval electronics, autonomous shipping electronics, smart boat electronics, and underwater drone electronics. In 2021, the merchant marine held a 41.2 percent share of the global market. The maritime sector has seen a tremendous increase in digital momentum, with increased autonomy being the ultimate goal. Modern maritime communication and navigation systems' technological advancements continue to drive developments in marine electronics. The risk of accidents is rising due to increased usage of the sea or the air for transportation of people or goods, which is driving the market for marine electronics, particularly marine electrical screeners. The global marine electronics market is anticipated to grow as a result of the increasing use of unmanned underwater vehicles (UUVs) and anti-submarine warfare (ASW) systems, as well as increased emphasis on enhancing marine transportation safety.

Recent Developments

  • In July 2020, Furuno, a Japanese electronics manufacturer, purchased EMRI A/S, a Danish company that specializes in autopilots, steering control, joystick dynamic positioning, and maneuvering systems. More than 1000 cruise and ship owner’s vessels have steering control systems from EMRI, an original equipment manufacturer.
  • In November 2021, Wärtsilä SAM Electronics GmbH's marine electrical systems division, situated in Hamburg, has been contracted to supply electrical system integration (eSI) solutions for the German Navy's F126 project. The business finalized the agreement with Dutch shipbuilder Damen, which was given the job of building the F126 frigates last month after a protracted tendering and coordination process.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Marine Electronics Market: Regional Landscape

North America is projected to dominate global marine electronics market during projection period

In North America, the rising use of marine GPS systems and marine chart plotters is propelling market expansion. The market growth in North America is being driven by a significant presence of numerous marine electronics device manufacturing businesses and rising sales of GPS systems. Growing investment in GPS and autonomous underwater vehicle systems, together with advancements in the marine industry, are factors boosting the market's overall growth. Large logistical operations in the United States require ongoing monitoring and communication. Consequently, it is anticipated that in the years to come, demand for water transportation would rise. Over the projected period, the marine electronics market is anticipated to increase in line with the growth in demand for maritime transportation as a result of the expansion of ocean logistics activities.

Marine Electronics Market: Competitive Landscape

Some of the main competitors dominating the global marine electronics market include - Navico, FLIR Systems, Furuno Electric, Wärtsilä SAM Electronics, Raytheon Company, Icom Inc., SRT Marine Systems, Thales Group, Ultra Electronics, Kongsberg Gruppen ASA, and Northrop Grumman Corporation.

Global Marine Electronics Market is segmented as follows:

By Component

  • Hardware
  • Software

By Application

  • Merchant Marine Electronics
  • Fishing Vessel Electronics
  • Yacht/Recreation Boat Electronics
  • Military Naval Electronics
  • Autonomous Shipping Electronics
  • Smart Boat Electronics
  • Underwater Drone Electronics

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Marine Electronics Market, (2022 - 2028) (USD Million)
    • 2.2 Global Marine Electronics Market : snapshot
  • Chapter 3. Global Marine Electronics Market - Industry Analysis
    • 3.1 Marine Electronics Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Rising use of sophisticated marine electronics for military purposes to drive market growth
    • 3.3 Market Restraints
      • 3.3.1. Lack of investment is likely to restrain the market expansion to a certain extent
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Component
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Marine Electronics Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Marine Electronics Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Marine Electronics Market - Component Analysis
    • 5.1 Global Marine Electronics Market overview: By Component
      • 5.1.1 Global Marine Electronics Market share, By Component, 2021 and 2028
    • 5.2 Hardware
      • 5.2.1 Global Marine Electronics Market by Hardware, 2022 - 2028 (USD Million)
    • 5.3 Software
      • 5.3.1 Global Marine Electronics Market by Software, 2022 - 2028 (USD Million)
  • Chapter 6. Global Marine Electronics Market - Application Analysis
    • 6.1 Global Marine Electronics Market overview: By Application
      • 6.1.1 Global Marine Electronics Market share, By Application, 2021 and 2028
    • 6.2 Merchant Marine Electronics
      • 6.2.1 Global Marine Electronics Market by Merchant Marine Electronics, 2022 - 2028 (USD Million)
    • 6.3 Fishing Vessel Electronics
      • 6.3.1 Global Marine Electronics Market by Fishing Vessel Electronics, 2022 - 2028 (USD Million)
    • 6.4 Yacht/Recreation Boat Electronics
      • 6.4.1 Global Marine Electronics Market by Yacht/Recreation Boat Electronics, 2022 - 2028 (USD Million)
    • 6.5 Military Naval Electronics
      • 6.5.1 Global Marine Electronics Market by Military Naval Electronics, 2022 - 2028 (USD Million)
    • 6.6 Autonomous Shipping Electronics
      • 6.6.1 Global Marine Electronics Market by Autonomous Shipping Electronics, 2022 - 2028 (USD Million)
    • 6.7 Smart Boat Electronics
      • 6.7.1 Global Marine Electronics Market by Smart Boat Electronics, 2022 - 2028 (USD Million)
    • 6.8 Underwater Drone Electronics
      • 6.8.1 Global Marine Electronics Market by Underwater Drone Electronics, 2022 - 2028 (USD Million)
  • Chapter 7. Marine Electronics Market - Regional Analysis
    • 7.1 Global Marine Electronics Market Regional Overview
    • 7.2 Global Marine Electronics Market Share, by Region, 2021 & 2028 (USD Million)
    • 7.3. North America
      • 7.3.1 North America Marine Electronics Market, 2022 - 2028 (USD Million)
        • 7.3.1.1 North America Marine Electronics Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 North America Marine Electronics Market, by Component, 2022 - 2028
      • 7.4.1 North America Marine Electronics Market, by Component, 2022 - 2028 (USD Million)
    • 7.5 North America Marine Electronics Market, by Application, 2022 - 2028
      • 7.5.1 North America Marine Electronics Market, by Application, 2022 - 2028 (USD Million)
    • 7.4. Europe
      • 7.4.2 Europe Marine Electronics Market, 2022 - 2028 (USD Million)
        • 7.4.2.1 Europe Marine Electronics Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Europe Marine Electronics Market, by Component, 2022 - 2028
      • 7.4.1 Europe Marine Electronics Market, by Component, 2022 - 2028 (USD Million)
    • 7.5 Europe Marine Electronics Market, by Application, 2022 - 2028
      • 7.5.1 Europe Marine Electronics Market, by Application, 2022 - 2028 (USD Million)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Marine Electronics Market, 2022 - 2028 (USD Million)
        • 7.5.3.1 Asia Pacific Marine Electronics Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Asia Pacific Marine Electronics Market, by Component, 2022 - 2028
      • 7.4.1 Asia Pacific Marine Electronics Market, by Component, 2022 - 2028 (USD Million)
    • 7.5 Asia Pacific Marine Electronics Market, by Application, 2022 - 2028
      • 7.5.1 Asia Pacific Marine Electronics Market, by Application, 2022 - 2028 (USD Million)
    • 7.6. Latin America
      • 7.6.4 Latin America Marine Electronics Market, 2022 - 2028 (USD Million)
        • 7.6.4.1 Latin America Marine Electronics Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Latin America Marine Electronics Market, by Component, 2022 - 2028
      • 7.4.1 Latin America Marine Electronics Market, by Component, 2022 - 2028 (USD Million)
    • 7.5 Latin America Marine Electronics Market, by Application, 2022 - 2028
      • 7.5.1 Latin America Marine Electronics Market, by Application, 2022 - 2028 (USD Million)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Marine Electronics Market, 2022 - 2028 (USD Million)
        • 7.7.5.1 The Middle-East and Africa Marine Electronics Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 The Middle-East and Africa Marine Electronics Market, by Component, 2022 - 2028
      • 7.4.1 The Middle-East and Africa Marine Electronics Market, by Component, 2022 - 2028 (USD Million)
    • 7.5 The Middle-East and Africa Marine Electronics Market, by Application, 2022 - 2028
      • 7.5.1 The Middle-East and Africa Marine Electronics Market, by Application, 2022 - 2028 (USD Million)
  • Chapter 8. Company Profiles
    • 8.1 Navico
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 FLIR Systems
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Furuno Electric
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Wärtsilä SAM Electronics
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Raytheon Company
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Icom Inc.
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 SRT Marine Systems
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Thales Group
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Ultra Electronics
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Kongsberg Gruppen ASA
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Northrop Grumman Corporation.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Marine Electronics Market, 2022 - 2028 (USD Million)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Marine Electronics Market attractiveness, By Component
  • 6. Global Marine Electronics Market attractiveness, By Application
  • 7. Global Marine Electronics Market share by Component, 2022 and 2028 (USD Million)
  • 8. Global Marine Electronics Market by Hardware, 2022 - 2028 (USD Million)
  • 9. Global Marine Electronics Market by Software, 2022 - 2028 (USD Million)
  • 10. Global Marine Electronics Market share by Application, 2022 and 2028 (USD Million)
  • 11. Global Marine Electronics Market by Merchant Marine Electronics, 2022 - 2028 (USD Million)
  • 12. Global Marine Electronics Market by Fishing Vessel Electronics, 2022 - 2028 (USD Million)
  • 13. Global Marine Electronics Market by Yacht/Recreation Boat Electronics, 2022 - 2028 (USD Million)
  • 14. Global Marine Electronics Market by Military Naval Electronics, 2022 - 2028 (USD Million)
  • 15. Global Marine Electronics Market by Autonomous Shipping Electronics, 2022 - 2028 (USD Million)
  • 16. Global Marine Electronics Market by Smart Boat Electronics, 2022 - 2028 (USD Million)
  • 17. Global Marine Electronics Market by Underwater Drone Electronics, 2022 - 2028 (USD Million)
  • 18. Global Marine Electronics Market share, by Region, 2022 and 2028
  • 19. North America Marine Electronics Market, 2022 - 2028 (USD Million)
  • 20. Europe Marine Electronics Market, 2022 - 2028 (USD Million)
  • 21. Asia Pacific Marine Electronics Market, 2022 - 2028 (USD Million)
  • 22. Latin America Marine Electronics Market, 2022 - 2028 (USD Million)
  • 23. The Middle-East and Africa Marine Electronics Market, 2022 - 2028 (USD Million)

Table Of Tables

  • 1. Global Marine Electronics Market: Snapshot
  • 2. Drivers of the Marine Electronics Market: impact analysis
  • 3. North America Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 4. North America Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 5. U.S. Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 6. U.S. Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 7. Canada Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 8. Canada Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 9. Europe Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 10. Europe Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 11. Germany Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 12. Germany Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 13. France Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 14. France Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 15. U.K. Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 16. U.K. Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 17. Italy Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 18. Italy Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 19. Spain Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 20. Spain Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 21. Rest of Europe Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 22. Rest of Europe Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 23. Asia Pacific Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 24. Asia Pacific Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 25. China Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 26. China Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 27. Japan Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 28. Japan Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 29. India Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 30. India Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 31. South Korea Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 32. South Korea Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 33. South-East Asia Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 34. South-East Asia Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 35. Rest of Asia Pacific Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 36. Rest of Asia Pacific Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 37. Latin America Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 38. Latin America Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 39. Brazil Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 40. Brazil Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 41. Mexico Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 42. Mexico Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 43. Rest of Latin America Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 44. Rest of Latin America Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 45. The Middle-East and Africa Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 46. The Middle-East and Africa Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 47. GCC Countries Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 48. GCC Countries Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 49. South Africa Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 50. South Africa Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)
  • 51. Rest of Middle-East Africa Marine Electronics Market revenue, By Component, 2022 - 2028 (USD Million)
  • 52. Rest of Middle-East Africa Marine Electronics Market revenue, By Application, 2022 - 2028 (USD Million)

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FrequentlyAsked Questions

The global market for marine electronics is primarily driven by the expansion of maritime trade and rising demand from the defense industry. In both developing and developed nations, including the U.S., Russia, China, and India, naval forces are continuing to grow. The market is expanding due to an increase in seafood demand as well.

According to the report, the global marine electronics market was worth about 4,824.1 (USD million) in 2021 and is predicted to grow to around 6,501.7 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 5.1%.

In North America, the rising use of marine GPS systems and marine chart plotters is propelling market expansion. The market growth in North America is being driven by a significant presence of numerous marine electronics device manufacturing businesses and rising sales of GPS systems.

Some of the main competitors dominating the global marine electronics market include - Navico, FLIR Systems, Furuno Electric, Wärtsilä SAM Electronics, Raytheon Company, Icom Inc., SRT Marine Systems, Thales Group, Ultra Electronics, Kongsberg Gruppen ASA, and Northrop Grumman Corporation.

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