Global marine electronics revenues are forecast to nearly double over the next decade, driven by ship newbuildings, growing naval requirements and international marine regulations.
This market has reached more than US$4.14Bn in 2018, but is predicted to jump to US$7.75Bn by 2028. Future Market Insights expects marine electronics market revenues to grow at a rate of 6.5% per annum over the next decade.
It said this was “driven by mandatory government regulations, increasing demand from the defence sector, growing concern for safety and security, and increasing globalisation and ocean trade.”
Market analysts expect southeast Asia to be the highest growth market in the next 10 years for marine electronics because of “increasing adoption of security and safety devices, and huge investments in the marine industry”.
Hardware included in marine electronics include:
- Positioning sensors/GPS.
- Multifunctional navigation.
- Fish finders and sonar.
- Thermal and visible cameras.
- Marine VHF communications.
- Audio and video equipment.
- Marine autopilots.
- Analogue and digital instruments.
- Satellite TV.
Analysts also identified key challenges to the…(Read More) Source: http://www.marinemec.com/news/view,global-electronics-market-set-to-almost-double-in-10-years_53493.htm