Kings Research today announced the release of its latest market intelligence study, “Global Marine Electronics Market: Size, Share, Trends & Forecast 2024–2031.” The report provides an in-depth analysis of market size, growth drivers, technological trends, regional outlook, and competitive dynamics.
According to Kings Research, the global marine electronics market was valued at USD 4.98 billion in 2023 and is projected to reach USD 7.88 billion by 2031, expanding at a CAGR of 6.02% over the forecast period. Market growth is being propelled by the rising demand for advanced marine electronics for navigation, cargo management, and real-time communication on commercial and recreational vessels, driven by the expansion of global maritime trade, offshore activities, and luxury boating.
Marine electronics, including GPS systems, radar, sonar, VHF radios, autopilot systems, fish finders, and integrated bridge systems, are critical for ensuring safe, efficient, and compliant maritime operations across various vessel types.
Kings Research identifies the following drivers for the marine electronics market
- Expansion of Global Maritime Trade: Increasing container shipping, offshore oil and gas activities, and new trade routes are fueling demand for sophisticated navigation and communication systems. For instance, global maritime trade grew by 2.4% to 12.3 billion tons in 2023 (Source: unctad.org).
- Regulatory Compliance and Safety Standards: Governments and international maritime organizations are enforcing stricter safety regulations, compelling vessel operators to adopt advanced electronic systems.
- Recreational and Luxury Boating Growth: Rising popularity of water sports and luxury vessels is driving demand for entertainment, navigation, and monitoring devices among private boat owners.
B2B leaders in shipping, defense, offshore energy, and recreational boating can benefit from marine electronics through
- Operational Efficiency and Safety: Electronic systems provide accurate navigation, collision avoidance and seamless communication, reducing operational risk.
- Automation and Real-Time Monitoring: AI and IoT enabled systems enable automated vessel management and situational awareness.
- Regulatory Compliance: Ensure compliance with international safety standards and maritime regulations, reducing legal and operational risk.
Regional Outlook
- Asia-Pacific: Captured 40.50% of the market in 2023 (USD 2,020.2 million), driven by major shipping hubs in China, Japan, South Korea, and Singapore, high port traffic, and modernization of maritime infrastructure.
- North America: Poised for robust growth at a CAGR of 5.94%, supported by naval modernization, defense investments, and offshore oil and gas activities, with the U.S. Navy receiving 30% of the FY 2024 defense budget for fleet modernization.
- Europe: Growth fueled by commercial shipping expansion, regulatory compliance, and integration of cutting-edge navigation and communication technologies.
Competitive Landscape
The global marine electronics market is moderately fragmented, with companies focusing on strategic partnerships, mergers and acquisitions, R&D, and product innovations to expand their offerings and market share. Key players include Garmin Ltd., Kongsberg Maritime, Furuno Electric Co. Ltd., Teledyne FLIR LLC, Thales Group, and Northrop Grumman.
The full Kings Research report provides detailed segmentation by component, vessel type, application, and region, along with competitive benchmarking and industry forecasts. To request a sample report or access the complete study, visit https://www.kingsresearch.com/marine-electronics-market-1030.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, enabling organizations to navigate emerging markets, assess opportunities, and make informed strategic decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible sources and industry publications. Key references include the Institute of the Americas, International Chamber of Shipping, UNCTAD, World Bank Container Port Performance Index, and U.S. Department of Defense.