Global Marine Electronics Market: Information by Component type (hardware, software), Vessel Type (Merchant Vessels, Fishing Vessels, Naval Vessels, Recreational Boats, Others), Application (Navigation, Communication, Automation, Others), Region—Forecast till 2023
The Marine Electronics Market is Expected to Exhibit an over 5% CAGR from 2019 to 2023
Marine Electronics Market Key Players:
The key players in the global marine electronics market are Atlas Elektronik GmbH (Germany), FLIR Systems Inc. (US), Furuno Electric Co. Ltd (Japan), Garmin International (US), Ultra Electronics (UK), Thales Group (France), Northrop Grumman Corporation (US), Raytheon Company (US), Tokyo Keiki Inc. (Japan), and Wartsila SAM Electronics GmbH (Germany).
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The global marine electronics market is estimated to exhibit an over 5% CAGR from 2018 to 2023. Marine electronics are electronic components designed for the marine environment on ships for various applications such as navigation and communication. The demand for marine electronicss is growing rapidly owing to increasing demand from the defense sector, and rise in marine trade activities.
In 2017, North America accounted for the largest market share owing to the rising adoption of maritime electronics by maritime force to secure the marine routes and coastal areas.
In Europe, market growth is driven by the leading shipbuilding countries such as Germany, France, Russia, and Italy. The European region is one of the main consumers of marine electronic equipment.
Asia-Pacific is projected to be fastest-growing marine electronics market during the review period. China, Japan, India, and Australia are expected to contribute significantly to market growth. With marine trading is growing year-on-year, there has been an increase in the adoption of marine electronics. This is expected to drive investments in marine electronics by marine industry.
The marine industry in Latin America has been growing steadily over the past few years. This is expected to positively drive the demand for marine electronics during the forecast period.
By component, the global marine electronics market has been segmented into hardware and software. The hardware segment is expected to account for the largest market share during the forecast period owing to the increasing adoption of GPS and sonar technology by maritime force and merchant navy.
Based on vessel type, the global marine electronics market has been segmented into merchant vessels, fishing vessels, naval vessels, recreational boats, and others. The naval vessels segment is expected to account for the largest market share during the forecast period owing to the increase demand of marine electronics by marine industry.
Based on application, the global marine electronics market has been segmented into navigation, communication, automation, and others. The navigation segment is expected to account for the largest market share during the forecast period. The communication segment of the market is expected to register the higher CAGR during the review period.
Table of Content:
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.2 Research Objectives
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/Supply Chain Analysis
Continued. . .
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