Marine Electronics Market Report

Nearly every aspect of human life involves technology. It is also evident in the maritime industry, particularly with increased autonomy. Autonomous technology and smart ships are two examples of innovations employed in the contemporary marine industry. The growing use of digital navigation, sophisticated SONAR systems, and radars for proximity sensing and other purposes all have an impact on the need for maritime electronic equipment. Additionally, the adoption of GPS systems is growing since they help with emergency rescue efforts by locating ships and determining their location. Multiple devices are connected by GPS systems, which also deliver precise information. Authentic and effective GPS systems rely on satellite communication. They assist in locating and positioning ships. Marine vessels can navigate by using GPS devices to determine the best course of action.

In addition, digital innovations aimed at enhancing the safety and effectiveness of shipping operations are collectively referred to as smart shipping. Companies and ship engineers are emphasizing smart technologies to make the marine sector safer. For instance, in May 2018, Wärtsilä, a technology business completed the acquisition of Transas, an international organization with its headquarters in the UK. With the acquisition of Transas, Wärtsilä advanced its goal of using smart technology to enable sustainable societies. Additionally, this acquisition was anticipated to accelerate the fulfillment of the business's ambition to disrupt the sector by creating a Smart Marine environment. Wärtsilä is working to create apps that make use of artificial intelligence and machine learning in order to create a secure, intelligent, and cloud-based future.

The need for marine electronic systems is rising as a result of the increased use of marine electronic devices for safety and security, search and rescue, navigational aid, and monitoring of marine transportation.  Increased demand for ships and boats as a result of industrialization and globalization is ultimately fuelling demand for maritime electronic equipment. The necessary installation of AIS in ships and boats is also subject to a variety of regulatory restrictions, which is generating an increase in global demand for marine electronics. In addition, one of the elements anticipated to boost the growth of the global marine electronics market over the forecast period is the continual introduction of cutting-edge marine electronics products, like marine autopilots and multi-function navigation systems. As modern digital navigation, sonar, and radar are increasingly used for proximity sensing and other purposes, there is a corresponding increase in the demand for maritime electronic equipment. Additionally, as a result of digitization and e-commerce, marine trade operations have rapidly increased. Similar to this, there has been a significant rise in demand for boats and ships in recent years due to an increase in fishing, shipping, and leisure water activities globally.

• Integration of IoT and smart technology into marine electronics for real-time monitoring and data analysis.
• Marine electronics with advanced navigation systems for more accurate and reliable navigation.
• Development and utilization of Augmented Reality (AR) and Virtual Reality (VR) for training and simulation purposes.
• Advancements in radar and imaging technologies to improve visibility and target detection in various weather conditions.

In addition to the numerous market drivers, some market-related restrictions are predicted to restrain market expansion. One of the main reasons impeding the growth of the marine electronics industry is the fluctuation in the price of raw materials used in the production of marine electrical devices. Installing and maintaining marine electronic equipment is expensive. Additionally, the majority of marine electronics come with either a no-manufacturer guarantee or a very limited warranty. This issue is a significant barrier to marine electronics adoption, which has an adverse effect on the market expansion. Another significant problem in the low adoption of marine electronics is the lack of after-sales support offered by the majority of manufacturers in the market. This in turn has a negative impact on the growth of the market.

Major market competitors are constantly pursuing competitive marketing strategies, such as alliances, technological developments, investments, acquisitions, and R&D activities, in an effort to grow their market share globally. In April 2023, as part of the Detection 22 program, which is part of phase 5 of the DGA project SCCOA, Thales announced to supply next-generation primary and secondary approach radars, STAR NG and RSM NG, that will replace the fleet of approach radars for French air and naval stations starting in 2025. Again, in April 2023, Raymarine, a leader in high-performance marine electronics for law enforcement markets, first responders at sea, and recreational boaters, announced an exclusive deal with NorthCoast Boats to outfit all future boats, beginning with the company's recently unveiled flagship NorthCoast 415HT. The NorthCoast 415HT was claimed to be the tallest NorthCoast model to date at 41 feet. Furthermore, in order to expand the global market for its product range, KPM-Marine teamed with marine electronics and safety equipment distributor Pinpoint Electronics in July 2019. Pinpoint has a diverse customer base and has experience supplying items to shipyards, boat builders, the military, and commercial fleets.

The market expansion in North America is being driven by the rising adoption of marine GPS systems and marine chart plotters. In North America, the market is expanding due to the significant presence of numerous marine electronics device manufacturers and rising sales of GPS systems. A number of variables, including advancements in the marine industry and rising GPS and autonomous underwater vehicle system costs, are causing the market to grow overall. Over the forecast 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.

Additionally, it is anticipated that rising globalization and national defense expenditure would increase sales of marine electronics. These elements create profitable prospects for U.S. suppliers of maritime electrical goods and systems. Furthermore, Asia Pacific is anticipated to experience significant growth owing to the significant expansion in marine commercial activities as well as strong demand for coastal security equipment. The market is increasing as a result of increased ship exports, marine trade operations on waterways, the massive presence of ports, and ongoing private and public sector investments in the maritime industry in countries like China. The expansion of the marine electronics sector in China is also being aided by imposed governmental rules and expanding maritime trade operations. All these factors are impacting the marine electronics market expansion.

The report provides a detailed overview of the marine electronics market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the marine electronics market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the marine electronics market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the marine electronics market. Some key countries and regions included in the marine electronics market report are as follows:

• Marine electronics market detailed segments and segment-wise market breakdown
• Marine electronics market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in marine electronics industry)
• Current, historical, and forthcoming 10 years market valuation in terms of marine electronics market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Marine electronics market demand analysis
• Marine electronics market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the marine electronics market
• Regulatory landscape by key regions and key countries
• Marine electronics market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on marine electronics market forecast by countries
• Mergers and acquisitions in the marine electronics market
• Essential information to enhance market position
• Robust research methodology