Marine Electronics Industry growth analysis and key business strategies 2026

Posted November 5, 2020 by rohit890

Marine electronics are specially designed electronic devices used in ships, yachts or boats, which have water proofing or water corrosion resistance properties that protect ships
Market Overview

Marine electronics are specially designed electronic devices used in ships, yachts or boats, which have water proofing or water corrosion resistance properties that protect ships, boats or yachts from salty water, brackish water, and irregular waves. These devices come in sizes ranging from 7 inches to 19 inches. Each marine device has its own specific function. Electronic devices that are used in marine environment comprise global positioning system devices (GPS), radio detection and ranging (RADAR) and video displays, chart plotters, sound navigation and ranging (SONAR) systems, radar displays used to give radar data to operator, and chart plotters used in navigation application.

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Market Dynamics

Electronic devices such as VHF radio systems and Digital Selective Calling (DSC) systems are used to facilitate ship to ship or ship to shore communication. This type of communication is useful, as alert signals can be given to the concerned officials in case of a technical snag or a problem, which is very important for safety and security of seafarers. Therefore, growing use of electronic devices in marine communication helps in increasing the market revenue of companies manufacturing marine electronic devices. The National Marine Electronics Association (NMEA), in 2000, presented a new standard for data communication among shipboard electronic devices, which are used in power generation, navigation, fire alarm, and vessel control applications. This standard mandates the deployment of a faster network in comparison to other conventional networks, as it is devoid of any setup and it also eliminates the requirement of a master controller for operating it. As a result, the implementation of the new effective standard in data communication leads to the use of advanced electronic devices in the marine environment, which results in growth of the marine electronics market.

Unmanned Underwater Vehicle (UUV) is an underwater drone, which is capable of traveling under water without human intervention. This equipment is used to search for underwater mines and in the investigation of nuclear reactor waste and removal. Sound Navigation and Ranging (SONAR) device is also known as a fish finder device, which is mainly used in the fishing industry. The usage of SONAR device has increased over the last few decades, as it is primarily used for searching fish, and other marine and aquatic life. Radio Detection and Ranging (RADAR) is an essential device, which is used for various applications such as ocean surveillance, to trace landmarks, and track other ships. Moreover, it is also used in ice navigation and ice management. The adoption of UUV, RADAR, and SONAR in the marine electronics market is expected to drive growth of the market. According to Coherent Market Insights, it is expected that the global UUV market will be sized at around US$ 4 billion by 2021. The market was valued at around US$2.2 billion in 2015.

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Key players operating in the global marine electronics market include Transas, Kongsberg Gruppen, Intellian, Honeywell Process Solutions, Johnson Outdoors Marine Electronics Inc. (Hummingbird), Atlas Electronics, FLIR Systems, Furuno electric, Garmin, Navico, Neptune Sonar, and Northrop Grumman.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Issued By coherent market insights
Country India
Categories Advertising , Blogging , Industry
Last Updated November 5, 2020