Marine electronics market on growth path

Sarah Carter
Sarah Carter

17 February 2017

Global Marine electronics market is witnessing an exponential growth, opens new business opportunities for manufactures, dealers and suppliers across the world.

Increasing maritime operations in emerging markets and introduction of new technological solutions for longer-term challenges are identified as the significant growth factors will drive the growth of marine electronics across the world, says a report by Future Market Insights.

Increasing globalization of world trade, development of blue economy in emerging markets, exploitation of electronics across various marine applications and the moving trend towards marine communication is accelerating the growth of marine electronics market across the world.

Increasing awareness among vessel owners to utilize the benefit of modern technologies in various applications such as automation and control system to implement real-time fleet tracking, electronic navigation system for route optimization and fuel efficiency, multi-function displays to integrate various function into single big screen device are some of the major growth factors driving the growth of global marine electronics market.

Furthermore, global investment in marine fisheries and technology advancement in commercial fishing fleets operations influences the growth of global marine electronics market.

However, lack of various after-sales support such as maintenance & service, warranty claim and upgrade services across regions is identified as the restraints for the growth of global marine electronics market.

Marine electronics is refers to electronic system used in the marine environment. Electronic devices used in marine services largely consist of global positioning system (GPS) devices, navigation instruments, chart plotters, display units, satellite communications equipment, sonar and radar.

Marine electronic devices are designed to withstand to extreme marine environments such as salt water, direct sunlight and rough waves. The National Marine Electronics Association (NMEA) , a U.S based organization – committed to enhancing the safety and technology, NMEA sets various protocols and standards for marine electronics benefitting recreational and regulated vessels.