Marine Electronics Market Analysis (2018 – 2026)

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2. MARINE ELECTRONICS MARKET ANALYSIS (2018 – 2026) • Marine Electronics Market, by End User (Commercial Shipping, Work Boats, Naval, Fishing Vessels, and Recreational Boats), by Display Type (Multi-functional and Instrumental), by System (Control System, Monitoring System, Navigational System, and Communication System), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

3. 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.

4. Ability of marine electronics to withstand extreme weather conditions is one of the major factors driving growth of the market • The marine environment is subjected to extreme weather conditions such as change in temperature, exposure to direct sunlight, salty water, vibrations, and environmental condensation. The marine vessels that are constantly exposed to such conditions require electronic devices, which can withstand such harsh conditions. This is expected to drive growth of the marine electronics market. • 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. 

5. 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.

6. High pricing and raw material costs are the major factors restraining growth of the market • The fluctuations in price of raw materials that are used for the manufacturing of marine electronic devices is one of the major factors restraining growth of marine electronics market. The cost of installation and maintenance of marine electronic devices is high. Moreover, most of the marine electronic devices come with a minimal warranty or without manufacturer warranty. This factor is a major drawback hindering the adoption of marine electronics, which in turn negatively impacts the market growth. Most of the manufacturers in the market do not provide after sales service, which is another major factor contributing towards minimal adoption of marine electronics. This in turn negatively impacts the market growth.

7. Global Marine Electronics Market: Regional Analysis • North America and Europe are the largest markets for marine electronic devices. North America and Europe largely invests in manufacturing of boats and also implements advanced technologies such as marine electronics in boats. This drives growth of the marine electronics market. According to a 2017 report of the International Trade Administration (ITA), the total U.S. exports of marine electronics is expected to grow by 5 percent annually and reach an estimated US$ 2.4 billion in 2018.

8. Global Marine Electronics Market: Taxonomy • The global marine electronics market is segmented on the basis of end user, display type, system, and region as mentioned below: • On the basis of end user, the global marine electronics market is segmented into: • Commercial shipping • Work Boats • Naval • Fishing Vessels • Recreational Boats

9. On the basis of display type, the global marine electronics market is segmented into: • Multi-functional • Instrumental • On the basis of system, the global marine electronics market is segmented into: • Control System • Monitoring System • Navigational System • Communication System

10. On the basis of region, the global marine electronics market is segmented into: • North America • Europe • Asia Pacific • Latin America • Middle East • Africa

11. Global Marine Electronics Market: Competitive Landscape • 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.

12. Global Marine Electronics Market: Key Developments • In February 2017, Transas, the innovative, digital solutions company partnered with Japan Radio Company (JRC), a leading global marine electronics company to work together in research and development, product distribution and project collaboration. • In March 2018, Wartsila, a global technology group, acquired Transas, an innovative, digital solutions provider. This acquisition is a recognition of Transas’ strong position in the maritime technologies market. • In July 2019, KPM-Marine partnered with marine electronics and safety equipment distributor Pinpoint Electronics to increase the global audience for its product line using Pinpoint’s diverse customer base and expertise in delivering products into shipyards, boat builders, the military and commercial fleets. • In March 2018, Speedcast International Limited, provider of remote communication and IT solutions, partnered with SRH Marine to provide Maritime vessels with Navigation as a Service (NaaS), a simplified electronic distribution of electronic navigational charts and updates. SpeedcastNaaS is powered by Speedcast’s SIGMA Gateway platform and SRH Marine’s Pilot.

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