Marine Electronics Market to grow by USD 1549 million between 2024-2028
According to a research report “ Marine Electronics Market” by Component (Hardware, Software) Product (Sonar systems, Radars, GPS tracking devices) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1549 million at a CAGR of over 4.82% during the forecast period. In the marine electronics market, the integration of GPS systems is witnessing significant growth. These systems, utilizing satellite transmission, offer precise location data and essential information for seaborne vessels. By facilitating real-time vessel tracking and enabling efficient route planning, GPS technology enhances safety and productivity within the industry. Additionally, GPS-enabled vessel tracking systems function as vital transmission and receiving points via VHF radio channels..
Browse market data tables, figures, and in-depth TOC on “Marine Electronics Market” by Component (Hardware, Software) Product (Sonar systems, Radars, GPS tracking devices) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028.
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By Component, the Hardware segment is projected to dominate the market size in 2024.
In the marine electronics industry, sonar technology plays a pivotal role in communication, navigation, and object detection underwater. Two primary sonar systems exist: active and passive. Active sonar systems employ a sonar projector, comprised of an electro-acoustic transducer/array, power amplifier, and signal generator, to emit a sound pulse. The echo generated upon target contact is measured, providing crucial data for determining object location.
By Product, Sonar systems segment is expected to hold the largest market size for the year 2024.
The marine electronics market is driven by the adoption of advanced GPS systems and innovative hardware applications, making it the largest component segment. This growth is fueled by the expansion of the naval fleet by armed forces through new acquisitions and upgrades to existing vessels. Key hardware components include marine electrical screeners, fish finders/SONAR modules, thermal and visible cameras, VHF communication devices, audio/video equipment, marine autopilots, autonomous identification systems, communication displays, and satellite TVs.
North America is forecasted to hold the largest market size by region in 2024.
The Marine Electronics Market is experiencing significant growth, driven by advancements in technology and increasing demand for enhanced safety and efficiency at sea. Key players are focusing on developing innovative solutions, such as Automatic Identification Systems (AIS) and Electronic Chart Display and Information Systems (ECDIS), to cater to this demand. Additionally, the integration of IoT and AI technologies is revolutionizing marine electronics, offering real-time data analysis and predictive maintenance capabilities. Overall, the market is poised for continued expansion, with a focus on sustainability and regulatory compliance.
The Marine Electronics Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Marine Electronics Market encompasses a range of advanced technologies designed for navigation, fishing, and safety on watercraft. Key components of this market include Chartplotters, which display the vessel's location and surrounding waters using digital charts. Fish Finders, utilizing Sonar Technology, help anglers locate fish beneath the surface. Radar Systems provide real-time information on weather conditions and the presence of other vessels. GPS Systems enable accurate positioning and navigation. All these technologies contribute significantly to enhancing the functionality and safety of marine vessels. The Marine Electronics Market continues to grow, driven by advancements in technology and increasing demand for improved navigation and fishing capabilities.
Market Research Overview
The Marine Electronics Market encompasses a wide range of advanced technologies and components essential for effective marine operations. Key products in this market include Marine Cable Testers, Labels, Seals, Transits, Protectors, Clamps, Ties, Glands, and Insulation Materials. Additionally, Marine Electrical Panels, Distribution Boards, Terminals, Junction Boxes, Cable Assemblies, Connectors, Switches, Circuit Breakers, Fuse Blocks, Voltage Stabilizers, Power Inverters, Converters, and Supplies, as well as Voltage Regulators, Speed Sensors, Motion Sensors, Humidity Sensors, Pressure Sensors, Temperature Sensors, Wind Instruments, Satellite Phones, Chart Recorders, AIS Systems, Weather Instruments, Echosounders, Depth Sounders, Control Panels, Alarms, Lighting, Radios, Autopilots, Amplifiers, Transducers, Batteries, Antennas, Cameras, and Audio Systems, are all integral parts of the marine electronics landscape. These technologies facilitate efficient navigation, communication, power management, and environmental monitoring on marine vessels.
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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
