Marine Electronics and Marine Navigation Market - Forecast(2024 - 2030)

Marine Electronics and Marine Navigation Market Overview:

90% of the world trade is carried out by the international shipping industry, according to the International Chamber of Shipping. Additionally, as per NASA, 40% of the global population reside within 60 miles of an oceanic coast. Water bodies are an essential constituent of globalization and plays predominant role in national trade and security of regions, such concerns boost the role of marine fleet as water bodies. Additionally, marine technology has wide applications in coastal tourism industry. Consequently, global marine electronics market size with marine navigation as an integral component is rampantly scoring voluminous trade opportunities. With marine navigation market as a profit inducing sub-sector, both arcade were evaluated worth $3,980m in 2018, and the market is estimated to grow at a CAGR of 8.10% during the forecast period 2019-2025.

Marine Electronics Market Outlook:

According to the World Tourism Organization, 38% of global foreign exchange earnings are sourced by tourism. Adjacent to it, the coastal tourism industry is witnessing an influx of business as quantum amount of tourists prefer coastal areas. Owing to this mega-trend in the tourism sector, ferries and cruise ships to attract traffic is constantly upgrading its technological fronts from navigation to entertainment amenities boarded on the vessel. Hence, ferries and cruise ships are the fastest growing end-user vertical in marine electronics market, developing with an application CAGR of 9.50% by 2025. Some of the commonly employed marine electronics devices by this segment are chartplotter, autopilot, VHF radio, sonar and gyrocompass.

Marine Navigation Market - North America Raging Opportunities with its Humongous Naval Fleet:

North America is the leading region in terms of global marine navigation market demand with a share of 36% in 2018. The U.S. is reevaluating its naval fleet as a response to China solidifying its naval forces. Both the parties involved in trade war are tightening their shipment routes in terms of security deployment as their economic interests are similar. This has led to an enormous influx of federal investment in to the navy, augmenting the marine navigation market in North America. The FY 2019 budget for the U.S. Navy and Marine Corps team is $194.1 billion, an increase of 7% ($12.6 billion) from the FY 2018 budget. Moreover, marine navigation equipment are hired by North American shipping sector dispersing production globally with its bulk carriers and container ships.

Marine Electronics Market Growth Drivers:

· Buttressed by socio-political friction amongst countries, global submarines market is estimated to exhibit a global CAGR of 3.24% during the forecast period 2019-2025 and has already reached market value of worth $27.2 billion in 2018. Submarines being an integral part of marine fleet, is disrupting the marine electronics market growth.

· Extensions of vessel types in naval fleets is a major growth driver. Investment in R&D by global marine taskforces to capitalize on developments of novel vessels are creating additional opportunities for marine navigation market growth. For instance, Unmanned Underwater Vehicles (UUV) Market is gaining substantial traction with a global CAGR of 16.91% going through 2025.

Marine Navigation Market Trends:

· Infusion of IoT in marine navigation - IoT mechanism includes connection of onboard systems to shore for data analytics to condense fuel consumption, improve navigational safety and advance regulation compliance. This trending front is delivering abundant economic efficacy to the shipping sector.

· Nuclear powered vessels are being profusely adopted by navies globally. It has determined the transition of submarines from sluggish submerged vessels to warships. As nuclear power vessels can be in the sea without refueling for long periods of time, the marine navigation market is gaining traction with developed nations opting for nuclear-powered submarines.

· Based on artificial intelligence, predictive positioning systems are progressing from dynamic positioning (DP) technology by associating with advanced algorithms and machine learning tools. Such AI developments will empower computers to trace and estimate the course of vessels and provide information to navigators.

Marine Electronics and Marine Navigation Market Players:

Some of the key players in the market are Advanced Marine Systems, Navico, Raytheon, Thales, Aqua Marine Electronics, Aquatronics Intl, Bay Marine Technology, Bayou Marine Electronics, Raymarine Marine Electronics, and KVH Industries.

Marine Electronics Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the marine navigation market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in marine electronics market, and their specific advantages to the marine navigation market.

The marine electronics and marine navigation Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

•           North America: The U.S., Canada, Mexico

•           South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•           Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

•           APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•           Middle East and Africa: Israel, South Africa, Saudi Arabia