electronic devices, which can withstand such harsh conditions. This is expected to drive growth
of the marine electronics market.
Electronic devices such as VHF radio systems and Digital Selective Calling (DSC) systems are used
to facilitate ship to ship or ship to shore communication. This type of communication is useful,
as alert signals can be given to the concerned officials in case of a technical snag or a problem,
which is very important for safety and security of seafarers. Therefore, growing use of electronic
devices in marine communication helps in increasing the market revenue of companies
manufacturing marine electronic devices. The National Marine Electronics Association (NMEA),
in 2000, presented a new standard for data communication among shipboard electronic devices,
which are used in power generation, navigation, fire alarm, and vessel control applications. This
standard mandates the deployment of a faster network in comparison to other conventional
networks, as it is devoid of any setup and it also eliminates the requirement of a master
controller for operating it. As a result, the implementation of the new effective standard in data
communication leads to the use of advanced electronic devices in the marine environment,
which results in growth of the marine electronics market.
Unmanned Underwater Vehicle (UUV) is an underwater drone, which is capable of traveling
under water without human intervention. This equipment is used to search for underwater
mines and in the investigation of nuclear reactor waste and removal. Sound Navigation and
Ranging (SONAR) device is also known as a fish finder device, which is mainly used in the fishing
industry. The usage of SONAR device has increased over the last few decades, as it is primarily
used for searching fish, and other marine and aquatic life. Radio Detection and Ranging (RADAR)
is an essential device, which is used for various applications such as ocean surveillance, to trace
landmarks, and track other ships. Moreover, it is also used in ice navigation and ice
management. The adoption of UUV, RADAR, and SONAR in the marine electronics market is
expected to drive growth of the market. According to Coherent Market Insights, it is expected
that the global UUV market will be sized at around US$ 4 billion by 2021. The market was valued
at around US$2.2 billion in 2015.
High pricing and raw material costs are the major factors restraining growth of the market
The fluctuations in price of raw materials that are used for the manufacturing of marine
electronic devices is one of the major factors restraining growth of marine electronics market.
The cost of installation and maintenance of marine electronic devices is high. Moreover, most
of the marine electronic devices come with a minimal warranty or without manufacturer