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Marine Sensors Market

Marine Sensors Market

Marine Sensors Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2022 to 2032

Marine Sensors Market
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Global Marine Sensors Market Snapshot

The global marine sensors market is estimated at USD 21.9 Billion in 2022 and is forecast to surpass USD 46.2 Billion by 2032, growing at a CAGR of 7.7% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 20.4 Billion

Estimated Year Value (2022E)

USD 21.9 Billion

Projected Year Value (2032F)

USD 46.2 Billion

Global Growth Rate (2022-2032)

 CAGR 7.7%

North America Market Share in 2021

~38%

North America Growth Rate (2022-2032)

CAGR ~8.1%

Collective Value Share (US, China, India) 2022: Top 3 Countries

~45%

Top 5 Companies Market Share in 2021

~26%

Key Companies Profiled

  • BAE Systems Plc
  • Garmin Ltd.
  • Gill Instruments
  • Honeywell International Inc.
  • Lockheed Martin Corporation
  • NRG Systems Inc.
  • Raytheon company
  • Saab AB
  • Thales Group
  • Other Market Players

The global marine sensors market is likely to create an absolute dollar opportunity of USD 24.3 Billion by the end of 2032. The global marine sensors market holds ~28% of the global sensors market.

2017-2021 Global Marine Sensors Market Outlook in Comparison to 2022-2032 Growth Forecast

Marine vessels are self-sufficient systems that are predominantly dependent on the reliable operation of all the installed machineries and components, such as marine sensors. The marine industry has witnessed a noteworthy growth in the past decade, however selecting a proper marine sensor of desired parameter can be a confusing process. Marine sensors are devices used to measure various parameters of marine vessels, such as flow rate, level sensors, temperature, vapor pressure, radar gauge etc.

Marine sensors helps to enhance the ship’s performance. The marine sensors allows to collect and examine the real-time data from various components of the ships for the betterment of the ship’s performance. Furthermore, the processed information helps for assessing the reliability and performance of the marine vessel, which, in turn, assists in addressing emergency decision whenever required. The marine vessels industry can be categorized into two parts: shipbuilding and repair and maintenance of existing ships. The optimistic scenario of shipbuilding and repair industry is anticipated to bolster the demand for marine sensors in the global market.

Fact.MR projects the marine sensors market is expected to witness exhibiting growth at 7.7% CAGR during 2022 and 2032 in comparison to a CAGR of 5.5% with which it grew from 2017 and 2021.

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Factors Propelling Marine Sensors Market Growth

Cruising is a significantly growing part of the global tourism industry, enticing a wider range of clienteles than in the early days, when it was mainly for the wealthy and higher class. The cruise industry is a relatively new and, undeniably, a significantly growing segment of tourism. Additionally, North American travelers still hold a dominant share in cruise market segment, although markets in Asia, Europe and the rest of the world are showing resilient growth scenarios, which, in turn, is foreseen to bolster the demand for marine sensors in the global market.

The trade through marine ports accounts for around 80% of the international trade volume and over 70% of total trade value. The increasing seaborne trade along with the expanding marine fleet also seems to influence the marine sensor market considerably across the forecast period. The foremost marine sensor producers are investing heavily for the better quality operation by effective amalgamation of technology, design and workflow. As a result of the above mentioned facts, the global marine sensor market is foreseen to auger well by the end of forecast period.

Global Marine Sensors Market – Regional Analysis

The global marine sensors market can be segmented into seven geographies: Europe, North America, Middle East & Africa, Latin America, East Asia and South Asia & Oceania. As the shipbuilding industry is highly concentrated in China, Japan and South Korea owing to which East Asia to hold noteworthy market share in the global marine sensors market. However, the South Asia & Oceania is also foreseen to grow in global marine sensors market over the forecast period. Due to the effective technological integration, the maritime industry is growing well, which is foreseen to enforce the demand of marine sensors in the emerging countries by the end of forecast duration.

South Asia, especially India and Indonesia, can be seen as significantly growing and foreseen to witness noteworthy opportunity in marine sensor market by the end of the forecast period. The global marine sensor market can be classified on the basis of marine sensor type and vessel type. The marine sensor manufacturer are implementing various approaches to include various features for better output durability. Owing to the continuous changes and innovation by manufacturers, the marine sensor market is expected to witness ample of opportunity in the foreseeable future.

An Adaptive Approach to Modern-day Research Needs

Key Initiatives by Manufacturers to Fuel Market Demand

Marine sensors market seems to be a bit fragmented and comprises both global and regional level marine sensor manufacturers. Due to the inevitable requirement of optimization of marine vessels, the marine sensors manufacturers are trying methods to integrate better technologies for adequate performance monitoring and output. Marine sensors manufacturers are taking initiatives to make more cost-effective sensors.

The research report presents a comprehensive assessment of the Marine Sensors market and contains thoughtful insights, facts and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Marine Sensors market report provides analysis and information, according to market segments such as geographies, application and industry.

Competitive Landscape: Top Companies in Marine Sensors Market

The global marine sensors market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the growth of marine sensors.

Fact.MR has provided detailed information about price points of key manufacturers in marine sensors market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • Honeywell International Inc. in 2021 announced the acquisition of US Digital Designs Inc. This acquisition will help in the expansion of product portfolio of the company coupled with meeting the environmental, social and governance goals
  • Raytheon Company merged with United Technologies in 2020. This merger is likely to likely to lead to the introduction of technologies across defense and commercial aerospace

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Global Marine Sensors Market by Category

  • By Product Type, Global Marine Sensors Market is segmented as:

    • Acoustic Sensors
    • Magnetic Sensors
    • Sonars
    • Seismic Sensors
    • Magnetometer
    • Pressure Sensors
    • Temperature Sensors
    • Flow and Levels Sensors
    • Other Product Types
  • By Platform, Global Marine Sensors Market is segmented as:

    • Surface Warship
    • Submarine
    • Unmanned System
    • Munition
    • Others
  • By Application, Global Marine Sensors Market is segmented as:

    • Intelligence & Reconnaissance
    • Communication & Navigation
    • Combat Operations
    • Electronic Warfare
    • Target Recognition
    • Surveillance & Monitoring
    • Command & Control
    • Others
  • By Region, Global Marine Sensors Market is segmented as:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global value of marine sensors market is estimated to be worth over USD 21.9 Billion in 2022.
The demand is anticipated to surpass USD 46.2 Billion by 2032 end.
During 2017-2021, global marine sensors market grew at 5.5% CAGR.
Some of the prominent players in marine sensors market are BAE Systems Plc, Garmin Ltd., Gill Instruments, Honeywell International Inc., Lockheed Martin Corporation, NRG Systems Inc., etc.
North America tops the global marine sensors market accounting for 37.7% of global market share in 2022.
Magnetic sensors segment under the product type segment contributes 23.2% of market share in global sales of marine sensors.

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