The global marine electronics market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2024–2031). The market growth is attributed to an increase in marine logistics and transport, creating a market for the manufacturing and development of novel and advanced marine vessels. For instance, as per the Indian Ministry of Ports, Shipping, and Waterways, cargo handling in national waterways has grown by more than 1700.0% to 126.1 Million Metric Tons (MMT) in 2022–23 from 6.83 MMT in 2013–14. wherein, as reported by the United Nations Conference on Trade and Development (UNCTAD), in 2020, due to the fallout of the COVID-19, international maritime trade contracted by nearly 4.0%, which saw a rebound in 2022 with the global economy starting to recover and continued consumer spending, along with an easing in pandemic-related restrictions, causing maritime trade to grow by 3.2% reaching to a total of 11 billion tons, close to pre-pandemic levels.
Browse the full report description of “Marine Electronics Market Size, Share & Trends Analysis Report by Component Type (Hardware, and Software), and by Application (Merchant Marine Electronics, Fishing Vessel Electronics, Yacht/Recreation Boat Electronics, Military Naval Electronics, Autonomous Shipping Electronics, Smart Boat Electronics, and Underwater Drone Electronics). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/marine-electronics-market
Governments are also focusing on increasing marine logistics and transport by creating and investing in ports and other related infrastructure. For instance, in March 2024, the US Department of Transportation’s Maritime Administration (MARAD) published a Notice of Funding Opportunity (NOFO) for $450.0 million in federal FY2024 through MARAD's Port Infrastructure Development Program (PIDP). Projects funded in FY2023 include dock replacement in Alaska, on-dock rail improvements in California, pier infrastructure renovations in New Jersey, safety and capacity improvements at a tribal harbor in Oregon, a new barge terminal in Minnesota, safety improvements and electric vehicle charging infrastructure in North Carolina, container yard expansion in Washington State, wharf expansion at a port on the St. Lawrence seaway in New York, a new facility for mooring barges in Arkansas, and 32 other projects around the nation.
Market Coverage
• The market number available for 2024-2031
• Base year: 2023
• Forecast period: 2024-2031
• Segment Covered-
o By Component type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape Include Navico Group., Furuno Electric Co., Ltd., Garmin Ltd., Teledyne Technologies Inc., and Japan Radio Co., Ltd.
Key questions addressed by the report
Global Marine Electronics Market Report Segment
By Component Type
By Application
Global Marine Electronics Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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