Technavio recognizes the following companies as the key players in the global marine electronics market: ATLAS ELEKTRONIK, FLIR Systems, FURUNO ELECTRIC, Garmin, Johnson Outdoors, Kongsberg Maritime, Kraken Sonar, Navico, Neptune Sonar, Northrop Grumman, Raytheon, R2Sonic, Sound Metrics, Thales Group, and Ultra Electronics.
Commenting on the report, an analyst from Technavios team said: One trend in the market is growing adoption of UUVs. UUVs are underwater drones that are used for various applications, including naval mine detection, seabed mapping, seabed mining, searching for underwater mines, and search and recovery missions.
The global UUV market was valued at $2.47 billion in 2015, and it is expected to grow at a CAGR of more than 20% during the forecast period.
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According to the report, one driver in the market is increase in adoption of GPS systems. There is an increase in the adoption of GPS systems to determine the location of ships and facilitate immediate rescue efforts during an emergency.
GPS systems combine multiple devices and provide accurate details and information. GPS systems, which work on a satellite transmission basis, are highly authentic and effective.
They help in pinpointing the position and location of vessels. With the use of GPS systems, seaborne vessels will know which route to take and what courses to avoid.Further, the report states that one challenge in the market is requirement of high R&D investments for sonar modules.
Sonar systems are categorized into two segments: commercial and defense. Sonars for commercial applications are mainly used by individuals for fishing, treasure hunting, and seabed surveys.
These sonars cost $100-$1,000 and do not require high R&D investments. However, sonars that are used for defense applications have much higher average selling prices and require huge R&D investments, which are factors that are impeding new developments in sonar modules.
This is because sonar system manufacturers have to customize these devices according to their customers' requirements.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.About Marine ElectronicsMarine electronics are electronic devices that are specifically designed for the marine environment.
Each device has its own specific function. The report considers the following marine electronic products: Sonar (sound navigation and ranging) systems, Radars, and GPS tracking devices.
The global marine electronics market is segmented based on product and geography. Sonar systems dominated the global marine electronics market in 2016, accounting for a share of 61.19%.
It is expected to account for 57.29% of the market by 2021.Technavios analysts forecast the global marine electronics market to grow at a CAGR of 4.77% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global marine electronics market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of marine electronics.The market is divided into the following segments based on geography:
EMEATechnavio's report, Global Marine Electronics Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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Ultra ElectronicsMarket driver
Increase in adoption of GPS systems
For a full, detailed list, view our report Market challenge
Requirement of high R&D investments for sonar modules
For a full, detailed list, view our report Market trend
Growing adoption of UUVs
For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
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