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
Surge in Marine Trade to boost Marine Electronics Market Worldwide
Surge in marine trade among countries of the world and increasing investment in marine electronics technology by major players of the market is driving the global marine electronics market. Similar to the U.S. and Indonesia, many countries of world have made installation of automatic identification system (AIS) chips on vessels mandatory. Beyond this, there is increase in number of tourists preferring coastal areas and cruise ships & ferries. This tourism trend has forced the ship-owners to keep their vessels technologically upgraded. Such market scenario has further helped the marine electronics market to expand in 2018.
Digitalization and e-commerce has ensured high growth in sea-trade activities. Similarly, there is significant growth in the demand for boats and ships for fishing, logistics, and recreational water activities across the world since the last few years. Greece, Japan, China, Singapore and the U.S. are the top ship owning nations. According to United Nations Conference on Trade and Development (UNCTAD), the global sea trade is expected to grow with 3.8% CAGR from 2019 to 2023. In addition to above, security and surveillance is another factor influencing the market growth. Increase in number of RADARs, submarines, underwater robots has further buoyed the market growth reaching US$ 4.52 Bn in 2018 and further expected to grow with a CAGR of 5.12% during the forecast period.
Navigation Segment remain the Major Contributor to Market
Growing adoption of new technologies such as augmented reality (AR) for navigation has ensured large market share for the navigation segment in 2018. Navigation system displays high quality satellite images and navigation charts for better navigation. This has not only helps the ship-owners for standardize reporting but also enhances safety & security while navigating. Further, new trend observed in the market is the use of an integrated navigation system having greater accuracy and which cost less than conventional system. Altogether, the navigation segment captured over 35% share of global marine electronics market in 2018. On the other hand, communication segment is expected to register the highest CAGR during the forecast period on account of advancement in SatCom-based communication technology and growing trend of its use.
North America to remain the Largest Market
In 2018, North America was the largest regional market, in terms of revenue of the global marine electronics market. Major defense companies such as Thales Group, Raytheon Company, Northrop Grumman Corporation and FLIR® Systems, Inc. are well established in the U.S. These companies are investing heavily in developing new marine technologies such as new marine camera introduced by FLIR Systems, Inc. This new M300 Series thermal camera is installed with advanced awareness-enhancing technologies, safer navigation, and seamless integration with onboard boat systems. Secondly, the U.S. navy is highly interested in buying unmanned undersea vehicle and submarines. Overall, North America gathered with over 35% share in global marine electronics market in 2018. The U.S. navy is upgrading its fleet in the wake of rising geopolitical tension and trade tension with China.
New Technological Development is keeping the Market Competitive
The overall marine electronics market is highly fragmented and market players are focusing on launching new and advanced electronic products and upgrading the current technology. Also, players are collaborating with other companies for expanding their market share. For instance, in October 2019, FLIR Systems, Inc. introduced new intelligent docking technology line, Raymarine DockSense Alert. It is capable of object recognition and motion sensing capabilities that assist captain while docking. Further, in October 2019, Navico announced its strategic partnership with Axopar Boats, the leading boat manufacturer of Europe. With this partnership, both the companies are expected to increase their market share.
Major players profiled in the marine electronics market 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.
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
Marine electronics market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global marine electronics market based on component, product, vessel, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Billion |
| Segmentation |
Component Segment (2017-2027; US$ Bn) |
|
Product Segment (2017-2027; US$ Bn) |
|
|
Vessel Segment (2017-2027; US$ Bn) |
|
|
Application (2017-2027; US$ Bn) |
|
|
Geography Segment (2017–2027; US$ Bn) |
Key questions answered in this report
- What was the market size of marine electronics market in 2018 and forecast up to 2027?
- What are the key factors driving the global marine electronics market?
- What are the key market trends and high-growth opportunities observed in the marine electronics market?
- Which is the largest regional market for marine electronics market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the marine electronics market?
- What are the key strategies adopted by the leading players operating in the market?
Unique data points of this report
- Recent trends across different regions in terms of development of marine electronics
- Attractive investment proposition for application segment as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global ME Market
2.2. Global ME Market, by Component, 2018 (US$ Bn)
2.3. Global ME Market, by Product, 2018 (US$ Bn)
2.4. Global ME Market, by Vessel, 2018 (US$ Bn)
2.5. Global ME Market, by Application, 2018 (US$ Bn)
2.6. Global ME Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global ME Market Value, 2017 – 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Marine Electronics (ME) Market, by Component , 2017 – 2027 (US$ Bn)
4.1. Overview
4.2. Hardware
4.3. Software
5. Global Marine Electronics (ME) Market, by Product, 2017 – 2027 (US$ Bn)
5.1. Overview
5.2. RADAR
5.3. SONAR
5.4. GPS
5.5. Others (Display, Camera, Sensors, etc.)
6. Global Marine Electronics (ME) Market, by Vessel, 2017 – 2027 (US$ Bn)
6.1. Overview
6.2. Naval
6.3. Merchant
6.4. Recreational
6.5. Others (Underwater Drone, Smart Boat, etc.)
7. Global Marine Electronics (ME) Market, by Application, 2017 – 2027 (US$ Bn)
7.1. Overview
7.2. Navigation
7.3. Communication
7.4. Automation
7.5. Others (Security, Entertainment, etc.)
8. North America Marine Electronics (ME) Market Analysis, 2017 – 2027 (US$ Bn)
8.1. Overview
8.1.1. North America ME Market Value and Growth, 2017 – 2027, (US$ Bn)
8.2. North America ME Market Value, By Component, 2017 – 2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America ME Market Value, By Product, 2017 – 2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America ME Market Value, By Vessel, 2017 – 2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America ME Market Value, By Application, 2017 – 2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America ME Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America
9. Europe Marine Electronics (ME) Market Analysis, 2017 – 2027 (US$ Bn)
9.1. Overview
9.1.1. Europe ME Market Value and Growth, 2017 – 2027, (US$ Bn)
9.2. Europe ME Market Value, By Component, 2017 – 2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe ME Market Value, By Product, 2017 – 2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe ME Market Value, By Vessel, 2017 – 2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe ME Market Value, By Application, 2017 – 2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe ME Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe
10. Asia Pacific Marine Electronics (ME) Market Analysis, 2017 – 2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific ME Market Value and Growth, 2017 – 2027, (US$ Bn)
10.2. Asia Pacific ME Market Value, By Component, 2017 – 2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific ME Market Value, By Product, 2017 – 2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific ME Market Value, By Vessel, 2017 – 2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific ME Market Value, By Application, 2017 – 2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific ME Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific
11. Rest of the World Marine Electronics (ME) Market Analysis, 2017 – 2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World ME Market Value and Growth, 2017 – 2027, (US$ Bn)
11.2. Rest of the World ME Market Value, By Component, 2017 – 2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World ME Market Value, By Product, 2017 – 2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World ME Market Value, By Vessel, 2017 – 2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of the World ME Market Value, By Application, 2017 – 2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World ME Market Value, By Region, 2017 – 2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America
12. Company Profiles
12.1. Thales Group
12.2. Raytheon Company
12.3. Northrop Grumman Corporation
12.4. ATLAS ELEKTRONIK GmbH
12.5. FURUNO ELECTRIC CO. LTD.
12.6. Kraken Robotics
12.7. Garmin Ltd.
12.8. FLIR® Systems, Inc.
12.9. Neptune Sonar Limited
12.10. Kongsberg
12.11. Navico
12.12. R2SONIC, Inc.
* Here we are using ME as a short form of Marine Electronics
TABLE 1 Market Snapshot: Global Marine Electronics (ME) Market Value
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 Global ME Market, by Component, 2017-2027, (US$ Bn)
TABLE 5 Global ME Market, by Product, 2017 – 2027, (US$ Bn)
TABLE 5 Global ME Market, by Vessel, 2017 – 2027, (US$ Bn)
TABLE 6 Global ME Market, by Application, 2017 – 2027, (US$ Bn)
TABLE 7 Global ME Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 8 North America ME Market, by Component, 2017-2027, (US$ Bn)
TABLE 9 North America ME Market, by Product, 2017 – 2027, (US$ Bn)
TABLE 9 North America ME Market, by Vessel, 2017 – 2027, (US$ Bn)
TABLE 10 North America ME Market, by Application, 2017 – 2027, (US$ Bn)
TABLE 11 North America ME Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 12 Europe ME Market, by Component, 2017-2027, (US$ Bn)
TABLE 13 Europe ME Market, by Product, 2017 – 2027, (US$ Bn)
TABLE 13 Europe ME Market, by Vessel, 2017 – 2027, (US$ Bn)
TABLE 14 Europe ME Market, by Application, 2017 – 2027, (US$ Bn)
TABLE 15 Europe ME Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 16 Asia Pacific ME Market, by Component, 2017-2027 (US$ Bn)
TABLE 17 Asia Pacific ME Market, by Product, 2017 – 2027 (US$ Bn)
TABLE 17 Asia Pacific ME Market, by Vessel, 2017 – 2027 (US$ Bn)
TABLE 18 Asia Pacific ME Market, by Application, 2017 – 2027 (US$ Bn)
TABLE 19 Asia Pacific ME Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 20 Rest of the World ME Market, by Component, 2017 - 2027, (US$ Bn)
TABLE 21 Rest of the World ME Market, by Product, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World ME Market, by Vessel, 2017 – 2027, (US$ Bn)
TABLE 22 Rest of the World ME Market, by Application, 2017 – 2027, (US$ Bn)
TABLE 23 Rest of the World ME Market Value, by Region, 2017 - 2027, (US$ Bn)
TABLE 24 Thales Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 25 Raytheon Company: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 26 Northrop Grumman Corporation: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 27 ATLAS ELEKTRONIK GmbH: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 28 FURUNO ELECTRIC CO. LTD.: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 29 Kraken Robotics: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 30 Garmin Ltd: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 31 FLIR® Systems, Inc.: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 32 Neptune Sonar Limited: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 33 Kongsberg: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 34 Navico: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 34 R2SONIC: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
FIG. 1 Global Marine Electronics (ME) Market: Research methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global ME Market Segmentation
FIG. 4 Global ME Market, by Component, 2018, (US$ Bn)
FIG. 5 Global ME Market, by Product, 2018, (US$ Bn)
FIG. 5 Global ME Market, by Vessel, 2018, (US$ Bn)
FIG. 6 Global ME Market, by Application, 2018, (US$ Bn)
FIG. 7 Global ME Market, by Geography, 2018 (US$ Bn)
FIG. 8 Global ME Market Value, 2017 - 2027, (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key Marine Electronics Manufacturers, 2018
FIG. 11 Global ME Market Value Share, by Component, 2018 & 2027 (Value %)
FIG. 12 Global Hardware ME Market Value, 2017 – 2027, (US$ Bn)
FIG. 13 Global Software ME Market Value, 2017 – 2027, (US$ Bn)
FIG. 15 Global ME Market Value Share, by Product, 2018 & 2027 (Value %)
FIG. 16 Global ME Market Value for RADAR, 2017 – 2027, (US$ Bn)
FIG. 17 Global ME Market Value for SONAR, 2017 – 2027, (US$ Bn)
FIG. 18 Global ME Market Value for GPS, 2017 – 2027, (US$ Bn)
FIG. 18 Global ME Market Value for Others, 2017 – 2027, (US$ Bn)
FIG. 15 Global ME Market Value Share, by Vessel, 2018 & 2027 (Value %)
FIG. 16 Global ME Market Value for Naval Vessel, 2017 – 2027, (US$ Bn)
FIG. 17 Global ME Market Value for Merchant Vessel, 2017 – 2027, (US$ Bn)
FIG. 18 Global ME Market Value for Recreational Vessel, 2017 – 2027, (US$ Bn)
FIG. 18 Global ME Market Value for Others, 2017 – 2027, (US$ Bn)
FIG. 19 Global ME Market Value Share, by Application, 2018 & 2027 (Value %)
FIG. 20 Global ME Market Value for Navigation, 2017 – 2027, (US$ Bn)
FIG. 21 Global ME Market Value for Communication, 2017 – 2027, (US$ Bn)
FIG. 22 Global ME Market Value for Automation, 2017 – 2027, (US$ Bn)
FIG. 23 Global ME Market Value for Others, 2017 – 2027, (US$ Bn)
FIG. 24 North America ME Market Value, 2017 – 2027, (US$ Bn)
FIG. 25 Europe ME Market Value, 2017 – 2027, (US$ Bn)
FIG. 26 Asia Pacific ME Market Value, 2017 – 2027, (US$ Bn)
FIG. 27 Rest of the World ME Market Value, 2017 – 2027, (US$ Bn)
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