According to a new market report published by Lucintel, the future of the global marine electronics market looks promising with opportunities in the defense, merchant navy, fishing and sports and cruise segments. The global marine electronics market is expected to grow with a CAGR of xx%-xx% from 2021 to 2026. The major drivers for this market are rapidly growing market for marine and industrial electronic products, increasing applications of navigation, and rising adoption of vessel management system.
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In this market, hardware and software are the major components to manufacture marine electronics. On the basis of comprehensive research, Lucintel forecasts that hardware will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing adoption GPS systems by marine vessels and advanced applications of electronic hardware that had increased the demand for marine electronic systems.
Within the global marine electronics market, the multifunctional navigation segment is expected to witness the highest growth over the forecast period due to the increasing adoption of marine navigation and communication electronics equipment to improve marine communication, and to control and monitor the movement of marine ships.
APAC is expected to remain the largest market and witness the highest growth rate over the forecast period due to the rising ship exports and shipment activities via waterways, the massive presence of ports and ongoing investment by the private and government sector in marine industry.
Emerging trends, which have a direct impact on the dynamics of the industry, include growth of marine international trade, expansion of naval forces in developing economies and rise in usage of water or airways for travelling or good transport. Atlas Elektronik GmbH, FLIR Systems Inc., Furuno Electric Co. Ltd, Garmin International, Ultra Electronics, Thales Group, Northrop Grumman Corporation, Raytheon Company, Tokyo Keiki Inc., and Wartsila SAM Electronics GmbH are among the major suppliers of the marine electronics market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global marine electronics market by component, application, industry and region, and has compiled a comprehensive research report titled “Growth Opportunities in the Global Marine electronics Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global marine electronics market by component, application, industry and region, as follows:
By Component [Value ($ Million) from 2015 to 2026]:
By Application [Value ($ Million) from 2015 to 2026]:
Hardware
Multifunctional Navigations
GPS and Radar Systems
Very High Frequency communication systems
SONAR systems
Marine Autopilot
Thermal & Security Cameras
Lighting appliances
By Industry [Value ($ Million) from 2015 to 2026]:
Defense
Merchant Navy
Fishing
Sports and Cruise
By Region [Value ($ Million) from 2015 to 2026]:
North America
United States
Canada
Mexico
Europe
APAC
ROW
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.