- Seafarers are increasingly adopting new and advanced electronics.
- A lack of standardization for networking technology, cabling and connectors, is expected to obstruct the future growth.
- The overall marine electronics market is quite competitive in nature.
According to a new market report published by Credence Research, Inc., the global marine electronics market is expected to touch $7.01 Bn in 2027, witnessing a growth of 5.12% CAGR across the forecast period of 2019 to 2027.
The marine electronics industry is experiencing the growth of CAGR 5.12% on account of new technological developments such as unmanned underwater vehicle (UUV), smart boat and augmented reality (AR). Raymarine’s ClearCruise multi-function display (MFD) is one such technology that provides enhanced video display that assists in efficient navigation capability. Secondly, seafarers are increasingly adopting new and advanced electronics products such as SONAR and GPS to aid in navigation & communication and for improving vessel performance. Despite this promising growth, lack of standardization for networking technology, cabling and connectors, is expected to obstruct the future growth of the global marine electronics market.
Based on component, the global marine electronics market is segmented into hardware and software. Hardware segment captured the largest market share of nearly 65% in 2018, pertaining to increasing demand for RADAR in defense sector for security and surveillance purpose. Emerging applications of marine hardware such as RADAR, SONAR, fish-finder, thermal light, compass and multifunctional display (MFD) is expected to keep the hardware segment dominant throughout the forecast period.
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On the basis of geography, Asia Pacific is growing at the fastest pace on account of increasing trade activities of the region. Major countries contributing to the growth are China, India, Australia and Japan having high demand for container ships, oil tankers and cargo ships. Increase in trade activities and number of ships increases demand for marine electronics products such as SONAR, GPS and AIS among others. In addition, RADARs are in high demand for coastal surveillance & security. Geopolitical tension of China with countries surrounding the South China Sea and its trade tension with the U.S. have further influenced market growth in the Asia Pacific region. Altogether, the region accounts for closely 25% of the global marine electronics market in 2018.
The overall marine electronics market is quite competitive in nature with market players focused on technological upgrades and new product launches. For instance, in October 2019, FURUNO ELECTRIC CO. LTD. introduced its new navigation system based on augmented reality (AR). Named as, FURUNO ENVISION AR Navigation System (Model AR-100M), is one technological step towards autonomous navigation that provides enhanced situational awareness and better coordination among crew members. It also enhances safety and security while maneuvering and navigating. With this new system, the company expects to improve its market share in global marine electronics market.
Some of the major companies profiled in the report include Thales Group, Raytheon Company, Northrop Grumman Corporation, ATLAS ELEKTRONIK GmbH, FURUNO ELECTRIC CO. LTD., Kraken Robotics, Garmin Ltd., FLIR® Systems, Inc., Neptune Sonar Limited, Kongsberg, Navico and R2SONIC, Inc. etc. among others.