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. Unmanned Underwater Vehicles (UUVs) are essential tools for various applications in the marine electronics market, including naval mine detection, seabed mapping, seabed mining, and search and recovery missions. Equipped with advanced sonar systems and oceanographic sensors, UUVs play a pivotal role in underwater surveillance systems for both military and non-military applications. With increasing concerns over terrorist activities and the need to protect sensitive installations such as naval bases, offshore oil-and-gas production and transport facilities, and nuclear power plants, the demand for UUVs is on the rise. Furthermore, there is a growing emphasis on monitoring water quality and detecting pollutants in sensitive areas and larger basins due to environmental concerns. UUVs are indispensable for ensuring the security and sustainability of our marine environments. 

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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 such as GPS systems, Satellite transmission, and Ship tracking systems, essential for military electronics in naval vessels. These systems facilitate rescue operations, enable real-time ship tracking, and ensure efficient navigation. Electronic hardware, including SONAR systems, are crucial for naval forces to detect underwater objects. Commercial shipping relies on these technologies for ship routes, container ships, and natural gas transportation in international trade. Recreational water activities also benefit from waterproofing and water corrosion resistance features, ensuring durability against salty or brackish water and irregular waves. Video displays are an integral part of marine electronics, enhancing user experience and situational awareness.

Market Research Overview

The Marine Electronics Market, a segment of the broader Global Electronics Market, encompasses manufacturers of advanced technologies for military applications, GPS systems, rescue operations, satellite transmission, ship tracking systems, and electronic hardware for naval vessels and luxury yachts. According to Technavio's market analysis, the Global Electronic Equipment and Instruments Market size is determined by the revenue generated from sales of associated ICT and electronics products, equipment, and components. Market expansion will be driven by the escalating demand for electronic test and measurement equipment, influenced by technological advancements and digital transformation in industries such as semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices. Additionally, this growth is expected to impact the Marine Electronics Market, as naval forces and luxury yacht owners seek cutting-edge technology for cold storage systems, enhanced ship tracking systems, and improved communication and navigation systems.. 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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Email: media@technavio.com
Website: www.technavio.com/