GITNUX MARKETDATA REPORT 2024

Marine Electronics Industry Statistics

The Marine Electronics Industry is expected to experience steady growth in the coming years driven by advancements in technology, increasing demand for efficient navigation and communication systems, and the growing trend of digitalization in the maritime sector.

With sources from: mordorintelligence.com, marketresearchfuture.com, coherentmarketinsights.com, bccresearch.com and many more

Statistic 1

Global marine electronics market is anticipated to reach around $7.77 billion by 2026.

Statistic 2

The North American market for marine electronics is expected to grow at a CAGR of 4.8% from 2018 to 2023.

Statistic 3

Asia-Pacific is expected to witness the fastest growth in the Marine Electronics market during the forecasted period.

Statistic 4

Marine Electronics market for fishing vessels was valued at USD 1.56 billion in 2019.

Statistic 5

The market size for military naval systems was worth USD 3.40 billion in 2019.

Statistic 6

Vessel Traffic Management Systems (VTMS) is expected to grow at a rate of 12.4% by 2023.

Statistic 7

The fish finder device segment is expected to grow at a CAGR of 4.5% during the forecast period 2018-2023.

Statistic 8

Large Vessel type dominated the Marine electronics market with a share of 61.4%.

Statistic 9

The revenue of the Marine Radar segment in the Marine Electronics market is expected to be near $950 million by 2023.

Statistic 10

Merchant marine vessels held the largest market share in the marine electronics industry in 2019.

Statistic 11

Marine electronics market for recreational boats is projected to grow at the highest CAGR during the forecast period.

Statistic 12

The commercial segment is expected to contribute to around 71.5% share of the global marine electronics market revenue by 2026.

Statistic 13

The demand for marine Electronics in Passenger vessels will grow at a CAGR of 4% during the forecast period.

Statistic 14

The marine electronics market in the Middle East is projected to grow at a CAGR of 3.15% during the period 2020-2025.

Statistic 15

Marine Electronics Market in South America is expected to achieve the highest growth of 5.5% during the forecast period 2019-2024.

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In this post, we will explore key statistics and trends in the marine electronics industry, shedding light on the market’s anticipated growth and key players. From the projected market value to the expected developments in specific segments, these statistics offer valuable insights into the future trajectory of the marine electronics sector.

Statistic 1

"Global marine electronics market is anticipated to reach around $7.77 billion by 2026."

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Statistic 2

"The North American market for marine electronics is expected to grow at a CAGR of 4.8% from 2018 to 2023."

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Statistic 3

"Asia-Pacific is expected to witness the fastest growth in the Marine Electronics market during the forecasted period."

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Statistic 4

"Marine Electronics market for fishing vessels was valued at USD 1.56 billion in 2019."

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Statistic 5

"The market size for military naval systems was worth USD 3.40 billion in 2019."

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Statistic 6

"Vessel Traffic Management Systems (VTMS) is expected to grow at a rate of 12.4% by 2023."

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Statistic 7

"The fish finder device segment is expected to grow at a CAGR of 4.5% during the forecast period 2018-2023."

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Statistic 8

"Large Vessel type dominated the Marine electronics market with a share of 61.4%."

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Statistic 9

"The revenue of the Marine Radar segment in the Marine Electronics market is expected to be near $950 million by 2023."

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Statistic 10

"Merchant marine vessels held the largest market share in the marine electronics industry in 2019."

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Statistic 11

"Marine electronics market for recreational boats is projected to grow at the highest CAGR during the forecast period."

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Statistic 12

"The commercial segment is expected to contribute to around 71.5% share of the global marine electronics market revenue by 2026."

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Statistic 13

"The demand for marine Electronics in Passenger vessels will grow at a CAGR of 4% during the forecast period."

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Statistic 14

"The marine electronics market in the Middle East is projected to grow at a CAGR of 3.15% during the period 2020-2025."

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Statistic 15

"Marine Electronics Market in South America is expected to achieve the highest growth of 5.5% during the forecast period 2019-2024."

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Interpretation

The statistics reveal a positive outlook for the marine electronics industry, with significant growth forecasted in various regions and market segments. The global market is projected to reach $7.77 billion by 2026, driven by strong growth in Asia-Pacific and North America. Different segments such as fishing vessels, military naval systems, and vessel traffic management systems are expected to see considerable growth in the coming years. The dominance of large vessel types and merchant marine vessels further underscores the industry's potential. With increasing demand in areas such as recreational boats and passenger vessels, the commercial segment is expected to contribute significantly to the market's revenue. The projections for growth in regions like the Middle East and South America also indicate promising opportunities for the marine electronics industry in the coming years.

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