Marine Electronics Market Report: Trends, Forecast and Competitive Analysis

The marine electronics market is expected to grow by USD 927.70 million, progressing at a CAGR of over 3% during the forecast period.

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Technavio has announced its latest market research report titled Global Marine Electronics Market 2020-2024 (Graphic: Business Wire)

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The rise in seaborne trade is one of the major factors propelling market growth. However, factors such as delay in defense budget sanctioning will hamper the market growth.

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Marine Electronics Market: Product Landscape

The common applications of the sonar systems in the maritime is in bathymetric studies, offshore oil and gas exploration, and defense: Furthermore, they are used in military vessels as well as in unmanned underwater vehicles to track enemy vessels and torpedo. The significant applications of sonar systems in the maritime are driving the marine electronics market growth. The marine electronics market share growth by the sonar systems segment will be slower than the growth of the market in the other segments.

Marine Electronics Market: Geographic Landscape

The presence of established marine electronics manufacturers and increased defense spending by respective governments will significantly drive marine electronics market growth in this region over the forecast period. 42% of the market’s growth will originate from North America during the forecast period. The US is the critical market for marine electronics in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.

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Companies Covered:

• FLIR Systems Inc.
• Furuno Electric Co. Ltd.
• Garmin Ltd.
• Kongsberg Gruppen ASA
• Navico
• Northrop Grumman Corp.
• Raytheon Co.
• Thales Group
• thyssenkrupp AG
• Ultra Electronics Holdings Plc

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019-2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Sonar systems - Market size and forecast 2019-2024
• Radars - Market size and forecast 2019-2024
• GPS tracking devices - Market size and forecast 2019-2024
• Market opportunity by Product

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Volume drivers – Demand led growth
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• FLIR Systems Inc.
• Furuno Electric Co. Ltd.
• Garmin Ltd.
• Kongsberg Gruppen ASA
• Navico
• Northrop Grumman Corp.
• Raytheon Co.
• Thales Group
• thyssenkrupp AG
• Ultra Electronics Holdings Plc

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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