Marine electronics market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2024-2031). The market growth is attributed to growing seaborne trade, development of novel marine vessels, growing demand for marine electronics in recreational boating industry, andincreasing emphasis on marine vessel safety. Further, the market trends are moving towards development of autonomous and unmanned marine vessels, growing adoption of electric and hybrid propulsion systems, and rising development of naval vessels, such as submarines, ships, and aircraft carrier.
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The recreational boating industry has seen a surge in demand, post-pandemic especially in developed countries. For instance, according to the National Marine Manufacturer Association (NMMA), retail unit sales of new powerboats in the US reached a 13-year high in 2020 with nearly 320,000 units sold, up 13.0% compared to 2019, comprising Personal Watercraft (PWC), including Jet Ski, Sea-Doo and Wave Runner, were up 8.0% to 82,500 units in 2020.Theannual sales of boats, marine products, and services totaled $49.3 billion in 2020, up 14.0% from 2019.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Marine Electronics Market by Component Type
- Hardware
- Software
Global Marine Electronics Market by Application
- Merchant Marine Electronics
- Fishing Vessel Electronics
- Yacht/Recreation Boat Electronics
- Military Naval Electronics
- Autonomous Shipping Electronics
- Smart Boat Electronics
- Underwater Drone Electronics
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East and Africa
Company Profiles
- Abengoa, S.A.
- ACR Electronics, Inc.
- AIRMAR Technology Corp
- Alcom Marine Electronics
- Atlantic Electronics Ltd.
- Digital Yacht Ltd
- Elcome International LLC
- Furuno Electric Co., Ltd.
- High Seas Technology
- Icom Inc.
- Jason Marine Group
- Johnson Outdoors Inc.
- Kongsberg Gruppen ASA
- Marinsat Marine Electronics & IT Solutions
- Maretron
- ONWA Marine Electronics Co. Ltd
- Teledyne Technologies Inc.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global marine electronics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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