PersistenceMarketResearch states that the global marine electronics market will witness a CAGR of over 3% between 2020 and 2030.
Marine electronics devices are inclusive of marine VHF radio, satellite television, fiber optic gyrocompass, marine radar, fishfinder, self-steering gear, autopilot, chartplotter, SONAR, GPS, and marine fuel management. Of late, the IEC (International Electrotechnical Commission) has set up novel standards suite related to “Digital Interfaces for Navigational Equipment within a Ship”. The entire suite that includes LWE, NMEA 2000, and NMEA 0183 under the gambit for IEC 61162.
Plus, various suppliers pertaining to marine electronics do have communications protocol of their own. For instance – FastNet corresponds to B&G, FDX is as per Nexus, NavNet is by Furuno, ESP Ethernet over Ships Power is by A+T Instruments, CZone is by Mastervolt, SeatalkNG/Seatalk is by Raymarine, SimNet is by Simrad, and Dataline is by Stowe. Navigation equipment also includes navigation equipment. The shipping industry, on the whole, makes use of magnetic and gyro compasses as navigation equipment.
The application area of marine electronics includes underwater drones, autonomous shipping, military naval, merchant marine, and fishing vessel.
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Marine trading activities are witnessing an upsurge in the Asia-Pacific. This factor is expected to bolster the marine electronics market herein. Central America is another region to be checked through. The future of this market lies in technologies like industrial IoT, AI, block chain, autonomous surface vessels, drones, virtual reality, augmented reality, cyborg crew, and robotics. As such, the market is expected to witness a major overhaul in the near future. All the ships – inclusive of fishing ships, merchant ships, naval ships, and yacht/recreational ships. The regions mentioned above are bound to continue with their winning streak in the years to come.
The key market participants include Northrop Grumman, Ultra Electronics, Kongsberg Maritime, Garmin, FURUNO ELECTRIC, FLIR Systems, ATLAS ELEKTRONIK, Navico, Kraken Sonar, Johnson Outdoors, Thales Group, R2Sonic, and Raytheon.