The most frequent measurements made by these devices include sound velocity, conductivity, temperature, turbidity (water clarity), dissolved oxygen, pH, hydroacoustic currents, and sound waves. A rising variety of practical uses for these tools include mapping the ocean floor and waterways, aquaculture, subsea construction, and determining how climate change is affecting the world’s oceans, lakes, and rivers.
The marine vessels industry can be categorized into two parts: shipbuilding and repair and maintenance of existing ships. The optimistic scenario of the shipbuilding and repair industry is anticipated to bolster the demand in the global market.The global Marine sensors market is valued at USD 23.66 Billion in 2023. The market is expected to surpass a valuation of USD 43.68 Billion by 2033. The industry is expected to grow with a CAGR of 7.7% in the forecast period 2023- 2033.
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Market Players: –
- 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
Key partners in Market including industry players, policymakers, and financial backers in different nations have been persistently realigning their systems and ways to deal with carry out them to take advantage of new open doors. Numerous lately have updated their procedures to stay coordinated in the setting of overall disturbances brought about by the COVID-19 pandemic.
Competitive Landscape
The companies operating in this market are opting for a strategic approach to upscaling their market presence among consumers. The 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.
Recent Developments
- 2021- Honeywell International Inc. announced the acquisition of US Digital Designs Inc. This acquisition will help in the expansion of the product portfolio of the company coupled with meeting the environmental, social, and governance goals
- 2020- Raytheon Company merged with United Technologies. This merger is likely to lead to the introduction of technologies across defense and commercial aerospace.
- Oct 2020- Garmin became the first significant consumer marine product manufacturer to provide multi-band GPS with both L1 and L5 frequencies. The GPS 24xd marine antenna has new capabilities that increase heading and location accuracy to within 1 metre.
Segmentation
- By Product Type :
- Acoustic
- Magnetic
- Sonars
- Seismic
- Magnetometer
- Pressure
- Temperature
- Flow and Levels
- Other Product Types
- By Platform :
- Surface Warship
- Submarine
- Unmanned System
- Munition
- Others
- By Application :
- Intelligence & Reconnaissance
- Communication & Navigation
- Combat Operations
- Electronic Warfare
- Target Recognition
- Surveillance & Monitoring
- Command & ControlOthers
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
How Fact.MR Assists in Making Strategic Moves?
The data provided in the Marine Sensors Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.