The global marine electronics market is expected to touch US$ 7.01 Bn in 2027, witnessing a growth of 5.12% CAGR across the forecast period of 2019 to 2027.
The marine electronics industry is experiencing an increase of 5.12 per cent in CAGR due to new technological developments such as unmanned underwater vehicles (UUV), smart boats and augmented reality (AR). Raymarine’s ClearCruise Multi-Function Display (MFD) is one such technology that provides enhanced video display that helps with efficient navigation. Second, seafarers are increasingly adopting new and advanced electronics products, such as SONAR and GPS, to aid navigation and communication and to improve the performance of vessels. Despite this promising growth, the lack of standardization of networking, cable and connector technology is expected to hinder the future growth of the global marine electronics market.
According to the World Tourism Organization, tourism accounts for 38% of the world’s foreign exchange earnings. Next to it, the coastal tourism industry is witnessing an influx of businesses, as the number of tourists prefers coastal areas. As a result of this mega-trend in the tourism sector, ferries and cruise ships are constantly upgraded to attract traffic, from navigation to entertainment amenities on board. Ferries and cruise ships are therefore the fastest-growing vertical end-user on the marine electronics market, with the CAGR application growing by 9.36% by 2027. Chartplotter, autopilot, VHF radio, sonar and gyrocompass are some of the most commonly used marine electronics devices in this segment.
Credence Research is Providing Premium Sample of This Report: https://www.credenceresearch.com/sample-request/60092
The global market for marine electronics is segmented into hardware and software based on a component. The Hardware segment had the largest market share of nearly 65 per cent in 2018, due to the increasing demand for RADAR in the defense sector for security and surveillance purposes. Emerging marine hardware applications such as RADAR, SONAR, fish-finder, thermal light, compass and multifunctional display (MFD) are supposed to keep the hardware segment dominant across the forecast period.
According to the International Chamber of Shipping, 90% of world trade is done by the international shipping industry. In addition, as per NASA, 40% of the world’s population resides within 60 miles of the ocean coast. Water bodies are an essential component of globalization and play a predominant role in the national trade and security of the regions, and these concerns enhance the role of the marine fleet as a water body. In addition, marine technology is widely used in the coastal tourism industry. As a result, the global market size of marine electronics with marine navigation as an integral part is rapidly increasing the volume of trade opportunities.
North America is the world’s leading marine navigation market demand region with a share of 36.4% in 2018. The U.S. is reassessing its naval fleet as a response to the strengthening of its naval forces by China. Both parties involved in the trade war are tightening their shipping routes in terms of security deployment, as their economic interests are similar. This has led to a massive influx of federal investment into the navy, increasing the marine navigation market in North America. Budget for the United States of America for the year 2019 The Navy and Marine Corps team is $195 billion, an increase of 7.2% ($13 billion) from the 2018 budget. Moreover, marine navigation equipment is being hired by the North American shipping industry, dispersing production worldwide with its bulk carriers and container ships.
- KEY BENEFITS FOR STAKEHOLDERS
- This study includes an analytical representation of the marine electronics market with current trends and future estimates of the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information on key drivers, restrictions and opportunities with detailed impact analysis.
- From 2019 to 2027, the current market is quantitatively analyzed as a benchmark for financial competence.
- The analysis of Porter’s five strengths illustrates the strength of the industry’s buyers and suppliers.
Directly Access the full report here: https://www.credenceresearch.com/report/marine-electronics-market