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LONDON--(BUSINESS WIRE)--The marine electronics market is expected to grow by USD 927.70 million, progressing at a CAGR of over 3% during the forecast period. Click & Get Free Sample Report in Minutes The rise in seaborne trade is one of the major factors propelling market growth. However, factors such as delay in defense budget sanctioning will hamper the market growth. More details: https://www.technavio.com/report/marine-electronics-market-industry-analysis Marine Electronics Market: Product Landscape The common applications of the sonar systems in the maritime is in bathymetric studies, offshore oil and gas exploration, and defense: Furthermore, they are used in military vessels as well as in unmanned underwater vehicles to track enemy vessels and torpedo. The significant applications of sonar systems in the maritime are driving the marine electronics market growth. The marine electronics market share growth by the sonar systems segment will be slower than the growth of the market in the other segments. Marine Electronics Market: Geographic Landscape The presence of established marine electronics manufacturers and increased defense spending by respective governments will significantly drive marine electronics market growth in this region over the forecast period. 42% of the markets growth will originate from North America during the forecast period. The US is the critical market for marine electronics in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America. Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. View market snapshot before purchasing Related Reports on Information Technology Include: Global Marine Engines Market: The marine engines market size has the potential to grow by USD 974.45 million during 2020-2024, and the markets growth momentum will accelerate during the forecast period because of the steady increase in the year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes! Global Marine Propulsion Engine Market: The marine propulsion engine market size has the potential to grow by USD 472.47 million during 2020-2024, and the markets growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth. To get extensive research in sights: Click and Get FREE Sample Report in Minutes! Companies Covered: What our reports offer: Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavios in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Key Topics Covered: Executive Summary Market Landscape Market Sizing Five Forces Analysis Market Segmentation by Product Customer landscape Geographic Landscape Vendor Landscape Vendor Analysis Appendix About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Answer: Marine Electronics Market Report: Trends, Forecast and Competitive Analysis