New York, According to a new market research report published by Global Insight Services “Marine Electronics Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Marine electronics are electronic devices that are used on or near water. This can include items such as GPS units, fish finders, and radios. Marine electronics are designed to withstand the harsh conditions that are found on or near the water, such as high humidity and salt spray.
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Key Trends
The key trends in Marine Electronics technology are:
1. Increased use of electronic charting systems: Electronic charting systems are becoming increasingly popular among marine electronic users, as they provide detailed mapping information that can be easily updated.
2. Increased use of GPS: GPS is becoming increasingly popular for use in marine electronic systems, as it provides accurate positioning information that can be used for navigation.
3. Increased use of radar: Radar is becoming increasingly popular for use in marine electronic systems, as it provides the ability to detect and track other vessels and objects in the water.
Key Drivers
The Marine Electronics market is driven by various factors such as the increasing demand for recreational boating, the need for better safety and security, the growth of the fishing industry, and the increasing popularity of marine electronics among professional fishermen.
The recreational boating industry is the largest driver of the Marine Electronics market. According to the National Marine Manufacturers Association, there are over 12 million recreational boats in the United States.
The need for better safety and security is another driver of the Marine Electronics market.
The growth of the fishing industry is also driving the Marine Electronics market.
Market Segments
The marine electronics market is segmented by component, application, and region. By component, the market is classified into hardware, and software. Based on application, it is bifurcated into merchant marine electronics, fishing vessel electronics, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global marine electronics market includes players such as Navico Furuno Electric, Flir Systems, Raytheon Company, Wärtsilä Sam Electronics, SRT Marine Systems, Icom Inc., Ultra Electronics, Thales Group, Northrop Grumman Corporation, and others.
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Reasons to buy Marine Electronics Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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