According to the latest market study released by Technavio, the global marine electronics market is expected to grow at a CAGR of close to 5% during the forecast period.
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Technavio has published a new report on the global marine electronics market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Marine Electronics Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global marine electronics market into the following types of product. They are:
- Sonar systems
- GPS tracking devices
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Global marine electronics market by sonar systems
The global marine electronics market by sonar systems is expected to grow at a CAGR of over 3% during the forecast period. Sonar is a technique that uses sound propagation to detect objects. There are two types of sonar systems: active and passive sonar systems.
According to Sunil Kumar Singh, a lead embedded systems research analyst at Technavio, "Vendors in the market are adopting M&A strategies to stay competitive in the market. Acquisitions have helped companies expand their geographical presence and leverage the technical expertise of acquired companies to develop innovative products. In the recent years, vendors have expanded their geographical presence and strengthened their relationships with industry players worldwide."
Global marine electronics market by radars
The global marine electronics market by radars is expected to grow at a CAGR of around 7% during the forecast period. The components of a radar include transmitters, receivers, radar antennae, duplexers, and indicators. Radars are used to detect ships, aircraft, spacecraft, weather formations, guided missiles, and terrain. They emit radio waves to track and determine the range, velocity, and angle of objects. Radars also transmit microwaves simultaneously in all directions to determine the properties of flying objects within their range.
"Technological advances have led to significant improvements in radar technology. In the navy, radars are used to detect ships, landmarks, missiles, and threats from unmanned weapon systems. They are also used in ocean surveillance and meteorological precipitation monitoring," adds Sunil.
Global marine electronics market by GPS tracking devices
The global marine electronics market by GPS tracking devices is expected to grow at a CAGR of around 15% during the forecast period. GPS tracking devices are used for navigation (in open sea or in specific situations, such as harbor entrances and approaches) and positioning, including vessel monitoring, managing traffic, and employing locator beacons for distress situations. GPS tracking devices are also utilized to improve marine development activities, such as pipeline laying.
The top vendors in the global marine electronics market are:
- FLIR Systems
- FURUNO ELECTRIC
- Johnson Outdoors
- Kongsberg Maritime
- ATLAS ELEKTRONIK
- Thales Group
- Northrop Grumman
- Sound Metrics
- Neptune Sonar
- Ultra Electronics
- Kraken Sonar
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