Marine Electronics Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Vessel Type (Merchant Vessels, Fishing Vessels, Recreational Boats), By Application, By Region, And Segment Forecasts, 2024 - 2030

Marine Electronics Market Size & Trends

The global marine electronics market size was valued at USD 6.34 billion in 2023 and is expected to register a CAGR of 6.5% from 2024 to 2030. The market is experiencing robust growth, primarily driven by technological advancements and increasing maritime activities. The integration of Internet of Things (IoT), artificial intelligence (AI), and advanced sensor technologies is revolutionizing marine electronic systems, enhancing their capabilities in navigation, communication, and vessel management. This technological evolution is coinciding with stringent maritime safety regulations, which are mandating the adoption of sophisticated electronic systems, particularly in commercial shipping and offshore operations.

The expansion of global seaborne trade is further fueling demand for efficient vessel management and navigation systems, while ongoing activities in offshore energy exploration-including oil, gas, and renewable sectors-are creating a need for specialized marine electronic equipment. Additionally, the recreational boating industry is contributing to market growth, with a rising interest in leisure marine activities boosting demand for consumer-grade marine electronics.

The market is also being shaped by the development of autonomous and semi-autonomous vessels, which is opening new avenues for advanced marine electronic systems. This trend is complemented by fleet modernization initiatives, as aging maritime fleets are being upgraded with state-of-the-art electronic systems to improve operational efficiency and meet evolving regulatory requirements. The increasing demand for real-time data transmission and communication at sea is driving substantial investments in satellite and cellular-based marine communication systems. Furthermore, growing environmental concerns are spurring demand for electronic systems capable of environmental monitoring and compliance reporting, reflecting the maritime industry's increasing focus on sustainability and regulatory adherence.

Defense sector investments are playing a significant role in market expansion, with naval modernization programs in various countries contributing to the growth of specialized marine electronics for military applications. Concurrently, advancements in sonar and imaging technologies are enhancing capabilities in commercial fishing and oceanographic research sectors, driving demand for sophisticated fish finding and ocean mapping systems. The market is also witnessing a trend towards the integration of various marine electronic systems, aimed at improving interoperability and data management across different shipboard operations.

The market landscape is characterized by continuous innovation, with firms striving to develop more efficient, reliable, and cost-effective marine electronic solutions. As the industry continues to evolve, key areas of focus include improving system integration, enhancing cybersecurity measures, and developing more energy-efficient and environmentally friendly technologies.

Component Insights

The hardware segment held the largest market share of 63.9% in 2023, due to the high demand for advanced navigation systems, communication devices, and sonar equipment essential for maritime operations. This includes radar systems, GPS, and fish finders, which are critical for safety and efficiency at sea. Additionally, the ongoing modernization of naval fleets and the increasing adoption of automated and smart technologies in commercial and recreational vessels drive significant investments in marine hardware.

The software segment registered the fastest CAGR of 7.4% from 2024 to 2030 due to the growing need for advanced maritime analytics, real-time data processing, and predictive maintenance solutions. Increased adoption of IoT and AI technologies in maritime operations enhances operational efficiency and safety, driving demand for sophisticated software. Additionally, the shift towards digitalization and automation in the marine industry, coupled with the rising implementation of integrated maritime management systems, contributes to the rapid growth of the software segment.

Vessel Type Insights

The merchant vessel segment held the largest market share of 47.3% in 2023 due to the extensive use of advanced navigation, communication, and safety systems essential for commercial shipping operations. The significant volume of global trade conducted via merchant vessels necessitates reliable and efficient electronic equipment to ensure the safe and timely delivery of goods. Additionally, stringent regulatory requirements for maritime safety and the increasing adoption of automation and digitalization in the shipping industry further drive the demand for marine electronics in this segment.

The recreational boats segment registered the fastest CAGR of 7.1% from 2024 to 2030 due to the increasing popularity of boating and water sports activities. Growing consumer interest in advanced navigation, entertainment, and safety systems for leisure vessels drives demand for sophisticated marine electronics. Additionally, technological advancements and rising disposable incomes contribute to the segment's rapid growth.

Application Insights

The navigation system segment held the largest market share of 43.3% in 2023 due to the critical importance of accurate and reliable navigation for maritime safety and efficiency. Advanced navigation systems, including GPS, radar, and electronic chart display and information systems (ECDIS), are essential for precise route planning and avoiding hazards. The growing volume of global maritime trade and the increasing number of recreational boaters drive the demand for sophisticated navigation solutions. Additionally, stringent international regulations and standards for maritime safety and navigation further support the widespread adoption of these systems.

The entertainment system segment registered the fastest CAGR of 7.1% in the marine electronics market from 2024 to 2030 due to the rising demand for enhanced onboard experiences among recreational boaters and luxury yacht owners. Increasing consumer expectations for high-quality audio, video, and connectivity solutions on vessels drive the adoption of advanced entertainment systems.

Regional Insights

North America held the largest market share of 36.7% in 2023 primarily due to its advanced maritime infrastructure, high adoption of cutting-edge technologies, and significant investments in commercial and recreational boating. The presence of major marine electronics manufacturers and a strong focus on maritime safety and regulations also contribute to the region's market dominance. Additionally, the thriving recreational boating industry in the U.S. boosts demand for sophisticated marine electronics.

U.S. Marine Electronics Market Trends

The U.S. held the largest share in the North America market in 2023, due to its extensive coastline, robust maritime industry, and significant investments in both commercial and recreational boating sectors. The presence of key marine electronics manufacturers and the high adoption rate of advanced maritime technologies further strengthen the country's market position. Additionally, stringent maritime safety regulations drive the demand for sophisticated marine electronics.

Asia Pacific Marine Electronics Market Trends

Asia Pacific is expected to register the fastest CAGR of 7.4% from 2024 to 2030, driven by rapid expansion of the maritime industry, increasing trade activities, and significant investments in port infrastructure. The region's growing shipbuilding industry and rising adoption of advanced technologies in commercial and recreational vessels further fuel this growth. Additionally, supportive government initiatives and policies aimed at enhancing maritime safety and efficiency contribute to the accelerated market expansion in Asia Pacific.

Europe Marine Electronics Market Trends

The marine electronics market in Europe is characterized by steady growth driven by the increasing focus on sustainable maritime practices and environmental regulations. European countries prioritize eco-friendly technologies and solutions in marine electronics, such as energy-efficient navigation systems and emissions-reducing technologies for vessels. This emphasis on sustainability not only drives innovation but also supports the market's resilience and long-term growth prospects in the region.

Key Marine Electronics Company Insights

Some of the key companies operating in the marine electronics market include Garmin and Thales Group.

• Garmin Ltd manufactures, designs, develops, and markets GPS-enabled products, including portable, hand-held, and fixed-mount devices. The company also offers navigation, communication, and information solutions for automotive/mobile, outdoor, fitness, marine, and general aviation markets. Its products are marketed under various brand names such as Quickdraw, ECHOMAP, InReach, EmpirBus, Navionics, Montana, Rino, Fusion, Force, Instinct, Garmin Connect, Connect IQ, and Vivofit. Garmin distributes GPS receivers and accessories through retail outlets and sells aviation products via a network of dealers, installation shops, and OEMs worldwide. Headquartered in Schaffhausen, Switzerland, Garmin operates across North America, Asia-Pacific, Europe, the Middle East, and Africa.

Teledyne FLIR LLC and L3Harris Technologies, Inc. are some of the emerging companies in the target market.

• Teledyne FLIR is a major player in marine electronics, particularly renowned for its thermal imaging technology. Their marine-specific thermal cameras offer enhanced visibility in challenging conditions like darkness, fog, and glare. These systems are invaluable for navigation, collision avoidance, search and rescue, and overall maritime safety. Beyond thermal imaging, the company also provides advanced monitoring systems for critical vessel equipment, helping to prevent breakdowns and ensuring optimal performance.

Recent Developments

• Garmin, a marine electronics manufacturer, has been selected as the exclusive supplier of marine electronics and audio solutions for Independent Boat Builders, Inc. (IBBI) starting from model year 2025 through 2029. This agreement covers Garmin's full range of products, including chart plotters, navigation systems, trolling motors, stereos, and speakers. IBBI, representing a network of 15 top boat brands in the U.S., collectively builds over 25% of the nation's boats.

Marine Electronics Market Report Scope

Global Marine Electronics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global marine electronics market report based on component, vessel type, application, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware

  • Software

  • Services

• Vessel Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Merchant Vessels

  • Fishing Vessels

  • Recreational Boats

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Navigation System

  • Communication System

  • Entertainment System

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • KSA

    • UAE

    • South Africa