Marine Electronics Market 2023 Growing Demands, Report Size and Precise Outlook 2030

Marine Electronics Market Insights

According to MRFR analysis, the Global Marine Electronics Market is expected to register a CAGR of 5% from 2022 to 2030 and hold a value of over USD 7.73 billion by 2030.

The Global Marine Electronics Market refers to the market for electronic devices and systems used in marine environments, such as on boats, ships, and another watercraft. This includes equipment used for navigation, communication, entertainment, safety, and other purposes. The market encompasses a wide range of products, including GPS systems, fish finders, radars, sonar, radios, satellite communication systems, and more. The market is driven by factors such as the increasing demand for efficient and reliable navigation and communication systems, rising safety concerns, and the growing popularity of recreational boating and fishing activities.

In the short term, the pandemic has caused a decline in the overall market size, as many boat shows and other industry events have been canceled or postponed, leading to a decrease in sales and revenue for manufacturers and retailers. However, as the pandemic has forced people to rethink their leisure activities and seek out new ways to enjoy outdoor spaces.

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Regional Analysis

The largest region in the global marine electronics market is North America. This is due to several factors, including the high levels of disposable income in the region, which makes it an attractive market for luxury boats and yachts equipped with high-tech marine electronics.

The North American market is also driven by the growing popularity of recreational boating and fishing activities, as well as the increasing demand for safety and navigation equipment in commercial vessels.

Market Segmentation

The Global Marine Electronics Market has been segmented into vessel type and application.

Based on the vessel type, the market has been segmented into Merchant Vessels, Fishing Vessels and Recreational Boats

Based on the application, the market has been segmented into navigation, communication and automation.

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Key Players

Some of the key market players are:

• FLIR Systems Inc.
• Garmin Ltd.
• Transas
• Icom Inc.
• Furuno Electric Co.Ltd.
• Kongsberg Maritime
• SRT Marine Systems plc
• Navico
• Northrop Grumman Sperry Marine B.V.
• Japan Radio Co.Ltd.

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