Global Marine Electronics Market Is Estimated To Witness High Growth Owing To Growing Use of Contemporary Digital Navigation and Rising Demand for Marine Electronic Equipment

 

Marine Electronics
Marine Electronics Market

Overview:

Marine electronics are the systems that control, monitor and display information about the boat. These electronic devices are a necessity, especially on large vessels, to help ensure safety and allow for a more enjoyable, successful voyage. Electronic devices include chart plotters, radar, communication systems, navigation equipment, sensors, control/display products, fish finders and fuel management/monitoring instruments. They can be prone to failure, however, due to the many factors that can affect them, such as heavy jarring of rough seas, changing wind direction, fog, falling barometers, squalls, storm warnings and underwater obstructions. Master Bond’s epoxy adhesives, sealants and potting compounds are used extensively in the assembly of the most important marine electronics systems to provide enhanced functionality, efficiency, security and safety.

Market Dynamics:

Growing acquisitions is estimated to augment growth of the global marine electronics market during the forecast period. For instance, Furuno acquires Denmark-based vessel system provider EMRI in July 2020. This acquisition will strengthen their presence in the market and also enhance safety and efficiency at sea. Moreover, rising costs associated with marine electronics products is anticipated to restrain growth of the global marine electronics market during the forecast period.

According to Coherent Market Insights the Marine Electronics Market Size, Share, Outlook, and Opportunity Analysis, 2022-2028.

 

Impact of COVID-19:

COVID-19 has hampered the growth of the marine electronics market. Factories globally were struggling to assemble and manufacture new devices. This was mainly due to disruptions in supply chains and shortage of raw materials. Strict measures imposed due to COVID-19 caused these disruptions. These restrictions caused manufacturing activities globally. The demand and production of various products was also impacted in a negative manner. This had a negative impact on the global electronics market. However, the rules have now been relaxed and the market is estimated to witness significant growth.

Key Takeaways:

 

The global marine electronics market is expected to witness robust growth, exhibiting CAGR of 4.3 % over the forecast period, due to rising adoption of inorganic growth strategies by key players. For instance, Wärtsilä SAM has been contacted for providing electrical system integration (eSI) solutions to the German Navy in November 2021. The company will be supplying all electrical systems, power distribution system and lighting system.

North America is anticipated to witness robust growth in the global electronics market during the forecast period, due to rising adoption of HMIs and rising investment in multi feature HMI devices.

Key players active in the global electronics market are Ultra Electronics, Garmin, LG DISPLAY CO., LTD, Sound Metrics, Raytheon, R2Sonic, Johnson Outdoors, Kongsberg Maritime, Thales Group, Navico, FLIR Systems, Kraken Sonar, E Ink Holdings Inc., Northrop Grumman, ATLAS ELEKTRONIK, AUO Corporation, Leyard Europe, and FURUNO ELECTRIC.

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