Marine Electronics Market Size, Share, Comprehensive Research Study, Business Growth, Competitive Landscape, Future Plans and Trends by Forecast to 2023

Global Marine Electronics Market: Information by Component type (hardware, software), Vessel Type (Merchant Vessels, Fishing Vessels, Naval Vessels, Recreational Boats, Others), Application (Navigation, Communication, Automation, Others), Region—Forecast till 2023

Pune, India - August 14, 2019 /MarketersMedia/ —

The global marine electronics market is expected to exhibit a strong CAGR of more than 5% over the forecast period between 2018 and 2023, according to the latest research report from Market Research Future (MRFR). The major drivers for the global marine electronics market include the increasing volume of marine trade and the increasing demand for secure navigation and communication systems from the military sector.

Competitive Analysis:

Leading players in the global marine electronics market include Wartsila SAM Electronics GmbH, Tokyo Keiki Inc., Raytheon Company, Northrop Grumman Corporation, Thales Group, Ultra Electronics, Garmin International, Furuno Electric Co. Ltd., FLIR Systems Inc., and Atlas Elektronik GmbH.

Request for Free Sample Pages:
https://www.marketresearchfuture.com/sample_request/6881

In June 2019, the Independent Boat Builders Inc. (IBBI) announced that Garmin’s Fusion brand of marine entertainment products has been selected as IBBI’s official supplier through 2024.

Segmentation:

The global marine electronics market has been segmented by component type, vessel type, application, and region.

On the basis of component type, the market has been divided into hardware and software. The hardware segment is the leading revenue generator in the global marine electronics market, mainly due to the widespread demand for GPS units in boats.

By vessel type, the market has been segmented into merchant vessels, fishing vessels, naval vessels, recreational boats, and others. Naval vessels are likely to remain the most important customer segment for the marine electronics market over the forecast period.

On the basis of application, the market has been segmented into navigation, communication, automation, and others. Navigation is the leading revenue generation channel for the global marine electronics market.

Regional Analysis:

The global marine electronics market is expected to be led by Asia Pacific over the forecast period, as the growing shipbuilding industry in Asia Pacific has led to a growing demand from the marine electronics industry in recent years. The increasing shipbuilding activities in China, India, Japan, and several Southeast Asian countries are likely to drive the marine electronics market in the region over the forecast period. China’s increasing ambitions to establish naval superiority in the Pacific as well as the Indian Ocean are likely to drive shipbuilding activities in the region, as well as increasing efforts to install the latest technologies to make the ships more capable and more in line with modern needs. This is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period.

The strong presence of electronics industry giants in China, Japan, and South Korea is also likely to be a major driver for the marine electronics market in the region over the forecast period. Increasing state sponsorship to the development of capable marine electronic systems is likely to be a major driver for the marine electronics market in Asia Pacific over the forecast period. The increasing demand for private yachts and other chartered boats in the region is also likely to be a major driver for the marine electronics market. The increasing number of high net worth and ultra-high net worth individuals in Asia Pacific is likely to drive the demand for luxury cruise boats and other forms of premium seaborne entertainment, driving the demand from the marine electronics market in the region.

North America is likely to exhibit the highest growth rate over the forecast period due to the growing demand for unmanned underwater vehicles and anti-submarine technology in the region. The increasing emphasis on automation in the U.S. armed forces has led to an increased dependence on marine electronics, which is likely to drive the market in North America at a robust growth rate over the forecast period.

Europe is also likely to remain a key player in the global marine electronics market over the forecast period due to the increasing marine trade, especially through the Mediterranean and Sea of Marmara. The strong presence of marine technology developers in Europe is also likely to help the marine electronics market in Europe extend its reach over the forecast period.

Access Full Summary of Report:
https://www.marketresearchfuture.com/reports/marine-electronics-market-6881

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.

The MRFR team has the supreme objective to provide optimum quality market research and intelligence services to our clients.

Contact Info:
Name: Market Research Future
Email: Send Email
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India
Phone: +1 628 258 0071
Website: https://www.marketresearchfuture.com/reports/marine-electronics-market-6881

Source URL: https://marketersmedia.com/marine-electronics-market-size-share-comprehensive-research-study-business-growth-competitive-landscape-future-plans-and-trends-by-forecast-to-2023/88908183

Source: MarketersMedia

Release ID: 88908183

More News From Enter Hollywood

Pell's appeal pitted word of former choirboy against priest

Aug 23, 2019

CANBERRA, Australia — Cardinal George Pell's appeal against his convictions for child molestation was largely a question of who the jury should have believed, his accuser or a senior priest whose church role was likened to Pell's bodyguard. Pell's accuser was a 13-year-old choirboy when he alleged that he was abused by then-Melbourne Archbishop Pell at the city's St. Patrick's Cathedral in December 1996 and February 1997. Monsignor Charles Portelli was a master of ceremonies at the 11 a.m. Sunday Masses where the choir sang. A chorister in the 1990s, David Dearing, told police that Portelli, Pell's right-hand man, was...

Chinese pop stars publicly back Beijing on Hong Kong

Aug 23, 2019

HONG KONG — At least eight pop stars from mainland China and one each from Taiwan and Hong Kong are publicly stating their support for Beijing's one-China policy, eliciting a mixture of disappointment and understanding from fans. Many of the statements came after protesters opposed to Beijing's growing influence over semi-autonomous Hong Kong removed a Chinese flag and tossed it into Victoria Harbour earlier this month. Lay Zhang, Jackson Wang, Lai Kuan-lin and Victoria Song were among the K-pop singers who recently uploaded a Chinese flag and declared themselves as "one of 1.4 billion guardians of the Chinese flag" on...

The Latest: Concerts canceled over Hong Kong airport protest

Aug 23, 2019

HONG KONG — The Latest on Hong Kong protests (all times local): 7 p.m. At least three concerts by overseas performers have been canceled in Hong Kong as protesters forced the city's airport to suspend operations for a second day. K-pop star Kang Daniel and Scottish band CHVRCHES both announced Tuesday that they are calling off upcoming events. American singer-songwriter Alec Benjamin canceled an upcoming concert late Monday. Kang's management office said the cancellation of a fan meeting scheduled for Sunday was because of safety concerns related to the protests, while CHVRCHES blamed "unforeseen circumstances." The airport protests are the...

China bans movies, actors from prominent Taiwan film awards

Aug 23, 2019

BEIJING — China said Wednesday it was banning Chinese movies and actors from participating in Taiwan's Golden Horse Awards, one of the Asian film industry's most prestigious honors, as Beijing ramps up economic and political pressure on the island it claims as its own territory. The one-sentence announcement on the microblog of China Film News, a newspaper affiliated with government film regulator, gave no reason for the suspension, but it comes amid rising tensions over Taiwan's refusal to recognize being part of Chinese territory to eventually be brought under Beijing's rule. Even without the ban, Chinese artists might have found...

Li Peng, Chinese premier during Tiananmen crackdown, dies

Aug 23, 2019

BEIJING — Li Peng, a former hard-line Chinese premier best known for announcing martial law during the 1989 Tiananmen Square pro-democracy protests that ended with a bloody crackdown by troops, has died. He was 90. China's official Xinhua News Agency said Li died Monday of an unspecified illness. His death was not announced until Tuesday evening. Li, a keen political infighter, spent two decades at the pinnacle of power before retiring in 2002. He left behind a legacy of prolonged and broad-based economic growth coupled with authoritarian political controls. While broadly disliked by the public, he oversaw China's reemergence from...

Sign up now!