Marine Electronics Market Size, Share, Comprehensive Research Study, Business Growth, Competitive Landscape, Future Plans and Trends by Forecast to 2023

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

Pune, India - August 14, 2019 /MarketersMedia/ —

The global marine electronics market is expected to exhibit a strong CAGR of more than 5% over the forecast period between 2018 and 2023, according to the latest research report from Market Research Future (MRFR). The major drivers for the global marine electronics market include the increasing volume of marine trade and the increasing demand for secure navigation and communication systems from the military sector.

Competitive Analysis:

Leading players in the global marine electronics market include Wartsila SAM Electronics GmbH, Tokyo Keiki Inc., Raytheon Company, Northrop Grumman Corporation, Thales Group, Ultra Electronics, Garmin International, Furuno Electric Co. Ltd., FLIR Systems Inc., and Atlas Elektronik GmbH.

Request for Free Sample Pages:
https://www.marketresearchfuture.com/sample_request/6881

In June 2019, the Independent Boat Builders Inc. (IBBI) announced that Garmin’s Fusion brand of marine entertainment products has been selected as IBBI’s official supplier through 2024.

Segmentation:

The global marine electronics market has been segmented by component type, vessel type, application, and region.

On the basis of component type, the market has been divided into hardware and software. The hardware segment is the leading revenue generator in the global marine electronics market, mainly due to the widespread demand for GPS units in boats.

By vessel type, the market has been segmented into merchant vessels, fishing vessels, naval vessels, recreational boats, and others. Naval vessels are likely to remain the most important customer segment for the marine electronics market over the forecast period.

On the basis of application, the market has been segmented into navigation, communication, automation, and others. Navigation is the leading revenue generation channel for the global marine electronics market.

Regional Analysis:

The global marine electronics market is expected to be led by Asia Pacific over the forecast period, as the growing shipbuilding industry in Asia Pacific has led to a growing demand from the marine electronics industry in recent years. The increasing shipbuilding activities in China, India, Japan, and several Southeast Asian countries are likely to drive the marine electronics market in the region over the forecast period. China’s increasing ambitions to establish naval superiority in the Pacific as well as the Indian Ocean are likely to drive shipbuilding activities in the region, as well as increasing efforts to install the latest technologies to make the ships more capable and more in line with modern needs. This is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period.

The strong presence of electronics industry giants in China, Japan, and South Korea is also likely to be a major driver for the marine electronics market in the region over the forecast period. Increasing state sponsorship to the development of capable marine electronic systems is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period. The increasing demand for private yachts and other chartered boats in the region is also likely to be a major driver for the marine electronics market. The increasing number of high net worth and ultra-high net worth individuals in Asia Pacific is likely to drive the demand for luxury cruise boats and other forms of premium seaborne entertainment, driving the demand from the marine electronics market in the region.

North America is likely to exhibit the highest growth rate over the forecast period due to the growing demand for unmanned underwater vehicles and anti-submarine technology in the region. The increasing emphasis on automation in the U.S. armed forces has led to an increased dependence on marine electronics, which is likely to drive the market in North America at a robust growth rate over the forecast period.

Europe is also likely to remain a key player in the global marine electronics market over the forecast period due to the increasing marine trade, especially through the Mediterranean and Sea of Marmara. The strong presence of marine technology developers in Europe is also likely to help the marine electronics market in Europe extend its reach over the forecast period.

Access Full Summary of Report:
https://www.marketresearchfuture.com/reports/marine-electronics-market-6881

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.

The MRFR team has the supreme objective to provide optimum quality market research and intelligence services to our clients.

Contact Info:
Name: Market Research Future
Email: Send Email
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India
Phone: +1 628 258 0071
Website: https://www.marketresearchfuture.com/reports/marine-electronics-market-6881

Source URL: https://marketersmedia.com/marine-electronics-market-size-share-comprehensive-research-study-business-growth-competitive-landscape-future-plans-and-trends-by-forecast-to-2023/88908183

Source: MarketersMedia

Release ID: 88908183

More News From Daily Tech Geek

Bitcoin craze hits Iran as US sanctions squeeze weak economy

Aug 19, 2019

TEHRAN, Iran — Iranians feeling the squeeze from U.S. sanctions targeting the Islamic Republic's ailing economy are increasingly turning to such digital currencies as Bitcoin to make money. This has prompted alarm in and out of the country. In Iran, some government officials worry that the energy-hungry process of "mining" Bitcoin is abusing Iran's system of subsidized electricity. In the United States, some observers have warned that cryptocurrencies could be used to bypass the Trump administration's sanctions targeting Iran over its unraveling nuclear deal with world powers. The Bitcoin craze has made the front pages of Iranian newspapers and has...

India assesses technical snag that aborted moon mission

Aug 19, 2019

NEW DELHI — India's space organization is examining the technical snag that led to the aborting of the launch Monday of a spacecraft intended to land on the far side of the moon, an official said. The Chandrayaan-2 mission was called off shortly before liftoff early Monday by the Indian Space Research Organization when a "technical snag" was observed in the 640-ton, 14-story rocket launcher. Vivek Singh, the ISRO's media director, said the organization should be able to choose a new launch date within days. He declined to go into details. Chandrayaan, the Sanskrit word for "moon craft," is designed...

AP Photos: Indian mother prays to 'bleeding goddess' for son

Aug 19, 2019

GAUHATI, India — Monika Deb Nath begins her morning with a prayer and a dip in a holy pond, all the while praying for her son, Gopal. Her days are spent caring for him — feeding him, taking him to the toilet, bathing him, keeping him hydrated. When she's not praying, Nath hovers around the 17-year-old with a small fan, trying to give him some relief from the heat and humidity. Nath, 45, and her husband have visited the Kamakhya temple for the fourth year for the annual Ambubachi festival, praying for a miracle to heal their son from cerebral...

Parts of southern India facing acute water shortage

Aug 19, 2019

NEW DELHI — With the government able to meet only 40% of the water requirement, millions of people in the southern Indian state of Tamil Nadu are depending on water tank trucks because of an acute shortage caused by drying lakes and depleted groundwater. Sekhar Raghvan, a water expert, said Monday that taps were running dry, but that meteorologists expect rain in the state this week and people are pinning their hopes on that. It rained for a while in the state two weeks ago, but not enough to replenish water bodies. Gauri Shankar, a hotel general manager, said he...

39 killed as bus falls into deep gorge in northern India

Aug 19, 2019

NEW DELHI — A bus fell into a deep gorge along a sharp curve on a mountainous road in northern India, killing 39 people, police said Friday. Twenty-one people with injuries were hospitalized in Kullu, a town in Himachal Pradesh state, police officer Amar Singh said. Singh said 25 people died at the scene of the crash Thursday and another 14 people succumbed to injuries overnight in the hospital. The cause of the accident was being investigated, Shalini Agnihotri, another state police officer, said. The bus plunged down a 500-meter (1,600-foot) gorge, she said. Around 150,000 people die every year...

About Us

Daily Tech Geek delivers Technology news only covering the multiple fields in the industry.

Contact us: sales[at]dailytechgeek.com

Subscribe Now!