Marine electronics market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2024-2031). The market growth is attributed to growing seaborne trade, development of novel marine vessels, growing demand for marine electronics in recreational boating industry, andincreasing emphasis on marine vessel safety. Further, the market trends are moving towards development of autonomous and unmanned marine vessels, growing adoption of electric and hybrid propulsion systems, and rising development of naval vessels, such as submarines, ships, and aircraft carrier.

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Simultaneously, a large chunk of the population in several countries indulged in fishing creating a derived demand for the boating industry. For instance, according to the American Sportfishing Association, 42 million Americans ages 6 and over freshwater fished in 2022, representing 7 in 10 total fishing participants. Freshwater's national participation rate rose to 14.0%, up from 13.0% in 2021. Average outings per freshwater angler held steady at 15.0%, while total outings increased 2.0% to 634 million

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Global Marine Electronics Market Report Segment

By Component Type 

Hardware
Software

By Application

Merchant marine electronics
Fishing vessel electronics
Yacht/Recreation boat electronics
Military naval electronics
Autonomous shipping electronics
Smart boat electronics
Underwater drone electronics

Global Marine Electronics Market Report Segment by Region

North America

United States
Canada

Europe

UK
Germany
Italy
Spain
France
Rest of Europe

Asia-Pacific

China
India
Japan
South Korea
Rest of Asia-Pacific

Rest of the World

Latin America
Middle East and Africa

The Report Covers

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global marine electronics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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