The global marine electronics market size is anticipated to be worth US$ 9,941.19 million by 2034. According to the estimates, the market is projected to clock a 5.2% CAGR until 2034. In 2024, the marine electronics market size is valued at US$ 5,988.60 million.
Attribute | Details |
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Marine Electronics Market Size, 2023 | US$ 5,731.90 million |
Marine Electronics Market Size, 2024 | US$ 5,988.60 million |
Marine Electronics Market Size, 2034 | US$ 9,941.19 million |
Value CAGR (2024 to 2034) | 5.2% |
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Shift toward Autonomous and Unmanned Vessels Unlocks Opportunities for Market Players
Technology advancements in marine electronics and the quest for operational perfection have led to the development of autonomous and unmanned vessels, representing an enormous leap in the marine sector. These vessels offer increased productivity, cost-effectiveness, and safety through sophisticated automation, artificial intelligence, and navigation systems.
Companies can reduce operational costs by removing the need for onboard workers while improving navigational precision and lowering environmental effects. Autonomous vessels also enable product differentiation and research collaboration, establishing early adopters as industry leaders and aiding global supply chain optimization.
Leveraging this trend, Dalian Maritime Institution launched a completely autonomous research and training vessel in December 2023 that can also be operated remotely, making it one of the world's firsts.
Demand for Electric and Hybrid Propulsion Systems Rises in the Market
The transition to hybrid and electric propulsion systems is a calculated shift in line with changing market conditions. Investing in cleaner propulsion technology helps organizations become leaders in sustainable marine operations and assures compliance with strict environmental requirements.
Companies in the marine electronics industry that adopt these propulsion trends stand to earn a competitive edge, as they appeal to stakeholders who care about the environment and get a tactical advantage in the changing maritime industry.
For instance, in January 2023, Team Resolute selected GE Vernova's Power Conversion division in the United Kingdom to provide cutting-edge hybrid propulsion technology for three Fleet Solid Support (FSS) vessels owned by the United Kingdom Ministry of Defence (MOD). This partnership demonstrated the United Kingdom's dedication to improving its naval operations' effectiveness and sustainability.
Green and Sustainable Technologies Emerge as a Cornerstone of Corporate Strategies
The marine sector is making green and sustainable technology a pillar of its corporate objectives. Businesses can deal with market demands and environmental requirements by using energy-efficient electronic systems, pollution monitoring technologies, and breakthroughs in electric propulsion.
Marine electronics manufacturers that proactively use these sustainable solutions fulfill the increasing need for environmentally responsible marine operations by lowering their environmental impact and improving their brand reputation.
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Segment | Hardware (Component) |
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Value Share (2024) | 42.8% |
Based on component, the hardware segment holds 42.8% of marine electronics market shares in 2024.
Segment | Marine Merchant (Application) |
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Value Share (2024) | 25.7% |
Based on application, the marine merchant segment captured 25.7% of marine electronics market shares in 2024.
Countries | Value CAGR (2024 to 2034) |
---|---|
United States | 2.1% |
Germany | 4.7% |
China | 5.7% |
Japan | 6.4% |
Australia & New Zealand | 8.7% |
The demand for marine electronics in the United States is anticipated to rise at a 2.1% CAGR through 2034.
The sales of marine electronics in Germany are projected to amplify at a 4.7% CAGR through 2034.
The growth of the marine electronics market in China is estimated at a 5.7% CAGR through 2034.
The demand for marine electronics in Japan is predicted to surge at a 6.4% CAGR through 2034.
The sales of marine electronics in Australia and New Zealand are projected to escalate at an 8.7% CAGR through 2034.
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The marine electronics industry is highly competitive, with prominent companies such as Garmin, Raymarine, Furuno, and Kongsberg Maritime contending for market supremacy. Focusing on technical innovation, broad product portfolios, and strategic partnerships fosters intense competition.
Companies are aggressively investing in R&D, pursuing mergers and acquisitions, and forming alliances to deliver comprehensive solutions. Winning contracts from large shipbuilders and government agencies is critical, demonstrating the value of building a strong market presence.
Recent Developments
The marine electronics market is valued at US$ 5,988.60 million in 2024.
The marine electronics market size is estimated to increase at a 5.2% CAGR through 2034.
The marine electronics market is anticipated to be worth US$ 9,941.19 million by 2034.
Hardware witnesses high demand in the industry.
The marine electronics market in Australia & New Zealand is predicted to rise at an 8.7% CAGR through 2034.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Component Type, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component Type, 2024 to 2034 5.3.1. Hardware 5.3.2. Software 5.4. Y-o-Y Growth Trend Analysis By Component Type, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Component Type, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2024 to 2034 6.3.1. Merchant Marine Electronics 6.3.2. Fishing Vessel Electronics 6.3.3. Yacht/Recreation Boat Electronics 6.3.4. Military Naval Electronics 6.3.5. Autonomous Shipping Electronics 6.3.6. Smart Boat Electronics 6.3.7. Underwater Drone Electronics 6.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Component Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Component Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Component Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Component Type 9.3.3. By Application 9.4. Key Takeaways 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Component Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Component Type 10.3.3. By Application 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Component Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Component Type 11.3.3. By Application 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Component Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Component Type 12.3.3. By Application 12.4. Key Takeaways 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Component Type 13.2.3. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Component Type 13.3.3. By Application 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Component Type 14.2.3. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Component Type 14.3.3. By Application 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Component Type 15.1.2.2. By Application 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Component Type 15.2.2.2. By Application 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Component Type 15.3.2.2. By Application 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Component Type 15.4.2.2. By Application 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Component Type 15.5.2.2. By Application 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Component Type 15.6.2.2. By Application 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Component Type 15.7.2.2. By Application 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Component Type 15.8.2.2. By Application 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Component Type 15.9.2.2. By Application 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Component Type 15.10.2.2. By Application 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Component Type 15.11.2.2. By Application 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Component Type 15.12.2.2. By Application 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Component Type 15.13.2.2. By Application 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Component Type 15.14.2.2. By Application 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Component Type 15.15.2.2. By Application 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Component Type 15.16.2.2. By Application 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Component Type 15.17.2.2. By Application 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Component Type 15.18.2.2. By Application 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Component Type 15.19.2.2. By Application 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Component Type 15.20.2.2. By Application 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Component Type 15.21.2.2. By Application 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Component Type 15.22.2.2. By Application 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2023 15.23.2.1. By Component Type 15.23.2.2. By Application 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Component Type 16.3.3. By Application 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. FLIR Systems Inc. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. Garmin Ltd. 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. Transas 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Icom Inc. 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Furuno Electric Co.Ltd. 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. Kongsberg Maritime 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. SRT Marine Systems plc 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Navico 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. Northrop Grumman Sperry Marine B.V. 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Japan Radio Co.Ltd. 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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