Latest News- Marine Electronics Market: Hardware is expected to lead the Component segment during 2025-2029

The Marine Electronics Market is being driven by Increase in adoption of GPS systems

The Marine Electronics Market is expected to grow at a CAGR of 5.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1817.9 million. In the realm of marine electronics, Unmanned Underwater Vehicles (UUVs) have emerged as a significant solution for various applications. Equipped with advanced sonar systems and oceanographic sensors, these underwater drones are utilized for naval mine detection, seabed mapping, seabed mining, underwater mine searches, and search and recovery missions. With heightened security concerns, the demand for underwater surveillance systems is escalating for both military and non-military applications, particularly in safeguarding naval bases, sensitive installations linked to offshore oil-and-gas production and transport, and nuclear power plants. Moreover, there is a growing emphasis on monitoring subsea environments due to increasing concerns regarding pollution. Water quality monitoring and pollutant detection are essential requirements in sensitive areas and larger basins. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
• Product
  • Sonar systems
  • Radars
  • GPS tracking devices
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in adoption of GPS systems
• Growing focus on improving marine transportation safety
• Rise in seaborne trade

However, the market also witnesses some limitations, which are as follows:

• High cost associated with sonar systems
• Effects on marine life
• Delay in defense budget sanctioning

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Market Scope in Marine Electronics Market Research Report

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Research Analysis Overview

The Marine Electronics Market encompasses various technologies used in military electronics, GPS systems, and ship navigation. These include satellite transmission for ship tracking systems, radar and SONAR systems for naval vessels and boats, and electronic hardware for commercial shipping, fishing, and recreational water activities. Waterproofing and corrosion resistance are essential features for electronics used in salty or brackish water, as well as in irregular waves. Products include GPS systems for ship routes, diesel engine monitoring, and video displays for yachts. The market serves naval forces, international trade, and various maritime industries, from container ships transporting natural gas and minerals to fishing boats and recreational craft.

Market Research Overview

The Marine Electronics Market, a segment of the broader Global Electronics Market, encompasses manufacturers of specialized electronic equipment and instruments for military applications, GPS systems, ship tracking systems, satellite transmission, and SONAR systems. This market's growth is driven by the increasing demand for advanced electronic hardware in naval forces for effective rescue operations, ship routing, and communication between naval vessels. Technavio projects the Global Electronic Equipment and Instruments Market to expand due to the rising need for electronic test and measurement equipment in industries such as semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices. This trend is fueled by technological advancements and digital transformation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/