According to a new market report published by Credence Research, Inc., “Global Marine Electronics Market (By Component (Hardware, Software); (By Product (RADAR, SONAR, GPS, Others); By Vessel (Naval, Merchant, Recreational, Others); By Application (Navigation, Communication, Automation, Others) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global marine electronics market is worth US$ 4.52 Bn in 2018, witnessing a growth of 5.12% CAGR across the forecast period of 2019 to 2027.
The marine electronics industry is witnessing a rise of CAGR 5.12 per cent due to new technological developments such as unmanned underwater vehicles (UUV), smart boats and augmented reality (AR). Raymarine’s ClearCruise Multi-Function Display (MFD) is one such technology that offers enhanced video display to help you navigate efficiently. Second, seafarers are rapidly adopting new and sophisticated electronics devices, such as SONAR and GPS, to assist navigation and communication and to improve the performance of vessels. Given this promising development, the lack of standardization of networking, cable and connector technology is expected to impede the future growth of the global marine electronics market.
The global market for marine electronics is segmented into hardware and software based on a component. The Hardware segment had the largest market share of nearly 65 percent in 2018, due to the increasing demand for RADAR in the defense sector for security and surveillance purposes. Emerging applications of marine hardware such as RADAR, SONAR, fish-finder, thermal light, compass and multifunctional display (MFD) are expected to keep the hardware segment dominant throughout the forecast period.
Geographically, Asia Pacific is rising at the fastest pace due to the region’s increasing trade activities. The main countries contributing to the rise are China, India, Australia and Japan, with high demand for container ships, oil tankers and cargo ships. Increased trade activities and number of ships increase the demand for marine electronics items such as SONAR, GPS and AIS, among others. In addition, RADARs are in high demand for coastal surveillance and defense. China’s geopolitical tensions with the countries surrounding the South China Sea and its trade tensions with the US have further affected market growth in the Asia-Pacific region. Overall, the region accounted for close to 25% of the global marine electronics market in 2018.
The overall market for marine electronics is quite competitive in nature, with market players focused on technological upgrades and new product launches. For example, in October 2019, FURUNO ELECTRIC CO. LTD. introduced a new navigation system based on augmented reality (AR). Named as FURUNO ENVISION AR Navigation System (ModelAR-100 M) is a technological step towards autonomous navigation that provides enhanced situational awareness and better coordination between crew members. It also increases safety and security when maneuvering and navigation. With this new system, the company expects to improve its market share in the 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.