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

Other Press Releases

US tells UN it is pulling out of Paris climate deal

Dec 7, 2019

WASHINGTON — The United States has told the United Nations it has begun the process of pulling out of the landmark 2015 Paris climate agreement. Secretary of State Mike Pompeo said Monday that he submitted a formal notice to the United Nations. That starts a withdrawal process that does not become official for a year. His statement touted America's carbon pollution cuts and called the Paris deal an "unfair economic burden" to the U.S. economy. Nearly 200 nations signed the climate deal in which each country provides its own goals to curb emissions of heat-trapping gases that lead to climate...

Google employees call for corporate climate change action

Dec 7, 2019

SAN FRANCISCO — Google employees are demanding the company issue a climate plan that commits it to zero emissions by 2030. An online petition posted Monday bears signatures from more than a thousand Google employees. It also calls on Google to decline contracts that would support the extraction of fossil fuels and to avoid collaborating with organizations involved with the oppression of refugees. Amazon employees have similarly called on their employer to take steps for climate change action. Workers from both companies joined climate marches in September. Google employees have been especially vocal in issuing demands and calling for change...

No arrests after California Halloween shooting kills 5

Dec 7, 2019

ORINDA, Calif. — A woman who rented a San Francisco Bay Area home where five people were killed in a Halloween party shooting lied to the owner, saying she only wanted to keep family members away from the smoke of a wildfire, according to police and a person with knowledge of the transaction. Witnesses described hearing gunfire and seeing chaos erupt as some 100 terrified partygoers fled the home Thursday night in Orinda, a quiet and wealthy suburb about 15 miles (24 kilometers) from San Francisco that has seen only two previous killings this century, the San Francisco Chronicle reported....

3-2-1-Cookoff! Astronauts to bake cookies with new test oven

Dec 7, 2019

CAPE CANAVERAL, Fla. — Forget reheated, freeze-dried space grub. Astronauts are about to get a new test oven for baking chocolate chip cookies from scratch. The next delivery to the International Space Station — scheduled for liftoff this weekend — includes the Zero G Oven. Chocolate chip cookie dough is already up there, waiting to pop into this small electric oven designed for zero gravity. Sample cookies baked just this week are also launching from Virginia on Northrop Grumman's Cygnus capsule, for the six station astronauts. The experiment explores the possibility of making freshly baked items for space travelers. With...

Threat to US elections not limited to Russia in 2020

Dec 7, 2019

WASHINGTON — Russia interfered in the 2016 election and may try to sway next year's vote as well. But it's not the only nation with an eye on U.S. politics. American officials sounding the alarm about foreign efforts to disrupt the 2020 election include multiple countries in that warning. Concerns abound not only about possible hacking of campaigns, but also about the spread of disinformation on social media and potential efforts to breach voting databases and even alter votes. The anxiety goes beyond the possibility that U.S. adversaries could directly affect election results: The mere hint of foreign meddling could...

About Us

Stillsurge is a home for individuals to find the latest day-to-day Science and Technology news which electrify and empower their knowledge.