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Growth of Marine Electronics Industry to a Market Value of US$ 3.2 billion

Industry of Marine Electronics has experienced an exponential growth, according to the data revealed by Navico. Navico is currently leading the manufacturing of Marine Equipments and they have observed the Industry Market value in total has reached to 3.2 billion US Dollar. This market value not only incorporates the annual sales of electronics delivered to the marine industry for the bridges, but also fishing vessels, commercial shipping, working boats of different kinds and boats for recreational purpose.

Autopilots, echo sounders, radar, voyage data recorders and safety communications are the equipment for vessel, bridge that comes in our top ten supplied lists. These suppliers, generates between 2 billion US Dollars to 2.5 billion US Dollars from the sales of marine electronics. Jose Herrero, who is Navico’s managing director in the division of commercial marine spoke to Marine Electronics and Communications and told them that the sales in one year on vessel bridges in the sector of electronics for marine for both recreational and commercial vessels have generated around 3.2 billion US dollars worth of revenue.

He further added that this figure included all the navigation equipment including echo sounder, autopilot and Global Maritime Distress Systems (GMDSS). However, the increase in annual sales figure does not incorporate equipment servicing and satellite communication equipment. The market value globally can be increased significantly if these two equipments are also included in the annual sales of marine electronics. Jose Herrero also added in his interview that Furuno is considered as the biggest supplier of electronics to the marine industry and his firm Navico comes second. However, Navico supplies more than JRC and its revenue in the year 2015 were 308 million US dollars. He further added that this revenue is expected to increase to the value of 325 million US Dollars in this year showing a positive growth of Marine Electronics Industry. Navico is the world’s largest manufacturer, developer and distributor of marine electronics and it is currently leading in supplying autopilots, echo sounders, radar, compasses, ecidis and GPS equipment through Simrad brand. After the integration and acquisition in 2015 with Maris, Navico has become the biggest leaders in Electronics Navigational chart distribution. On the positive note, Mr Herrero told the Marine Electronics and Communications that they have been successful in selling electronic products worth one million in 2015. This includes 30,000 radars, autopilots around 40,000 and ecidis units that were sold more than 4000. Navico was also successful in selling many more compasses, chart plotters and radios to both commercial and recreational shipping sectors.

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