Furthermore, the report also emphasized the issues that influence the global Marine Radio Market including cost, market share, import, capacity utilization, gross margin, and supply. Moreover, the report also highlights the future scope of the global market for the upcoming period.
Marine Radio Market Overview
The global Marine Radio Market size is projected to reach a CAGR of 5.1% from 2023-2030.
A marine radio is a global communication system of two-way radio transceivers used on watercraft and ships for ship-to-shore, ship-to-ship, and ship-to-aircraft communication applications. The Marine radio uses FM channels in VHF (very high frequency) radio band with a frequency range between 156 and 174 MHz the International Telecommunication Union terms the band VHF maritime mobile band. Some countries also use additional channels such as F and L. The radio comes in to form fixed and handheld and the range of this radio is about 100 KM.
The market growth is attributed to the increased international commerce operations throughout the globe. Furthermore, the increasing deployment of ships for leisure activities, such as cruise ships, is driving the market's growth. Meanwhile, rising demand for sea food and private boats is expected to drive up demand for marine radios during the forecast period.
Due to COVID-19 almost every industry in the world has suffered a setback. This is due to major interruptions in their separate production and supply-chain activities as a result of numerous precautionary lockdowns and other limitations imposed by governing bodies throughout the world. Furthermore, consumer demand has subsequently decreased as people are now more focused on decreasing non-essential costs from their separate budgets since the overall economic condition of most people has been badly impacted by this outbreak. These factors are projected to weigh on the revenue curve of the worldwide Fixed-Mount Marine Radio Industry market throughout the forecast period.
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Delvens Industry Expert's Standpoint
The demand for marine radio is rapidly increasing due to the rising tourism in the marine industry in the form of cruise ships, ferries, and recreational boats. This has led to an increase in demand for reliable communication equipment that can support large numbers of passengers and crew members. Further, maritime trade continues to grow, with more goods being transported by ships around the world. This created a necessity for marine radios that could support efficient communication between ships and ports. Finally, the advancement in communication technology in terms of digital radio systems & satellite communication is driving the development of new and improved marine radio equipment which continues to grow in the upcoming years.
Key Findings
• Marine radio is a global communication system of two-way radio transceivers used on watercraft and ships for ship-to-shore, ship-to-ship, and ship-to-aircraft communication applications. Marine radio uses FM channels in a VHF (very high frequency) radio band of a frequency range between 156 and 174 MHz the International Telecommunication Union terms the band VHF maritime mobile band. Some countries also use additional channels such as F and L. The radio comes in to form fixed and handheld and the range of this radio is about 100 KM.
• The market growth is attributed to the increased international commerce operations throughout the globe. Furthermore, the increasing deployment of ships for leisure activities, such as cruise ships, is driving the market's growth. Meanwhile, rising demand for seafood and private boats is expected to drive up demand for marine radios during the forecast period.
• The frequency band segment is further divided into Low-band VHF, High-band VHF, Low-band UHF, and High-band UHF. The very high-frequency segment is expected to reach the highest revenue share over the forecast period. Since they are a standard communication tool for marine vessels, providing reliable and effective communication within a range of up to 50 miles, depending on the terrain and weather conditions that drive this segment.
• The design segment is further subdivided into Compact, ultra-compact, Dual Station, and Multi Station. The multi-station segment is expected to dominate all other segments in terms of revenue generation over the forecast period. A radio system that allows communication between multiple stations or units, such as ship-to-ship or ship-to-shore communication. These designs allow clear and effective communication between multiple units, improving communication efficiency and reducing misunderstandings that drive demand for this segment.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Europe region is expected to dominate the marine radio market during the forecast period.
• Due to COVID-19 almost every industry in the world has suffered a setback. This is due to major interruptions in their separate production and supply-chain activities as a result of numerous precautionary lockdowns and other limitations imposed by governing bodies throughout the world. Furthermore, consumer demand has subsequently decreased as people are now more focused on decreasing non-essential costs from their separate budgets since the overall economic condition of most people has been badly impacted by this outbreak. These factors are projected to weigh on the revenue curve of the worldwide Fixed-Mount Marine Radio Industry market throughout the forecast period.
Marine Radio Market Regional Analysis
Europe to Dominate the Market
• The Europe region is expected to dominate the marine radio market during the forecast period.
• Factors helping in the growth of the market in this region are increasing demand for enriched content from seafarers, crew, and passengers. Besides this, the demand from oil and gas vessels, merchant shipping, mining ships, and passenger shipping sectors have propelled the region which in return will boost the market.
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Marine Radio Market Competitive Landscape
• Icom Inc.
• Uniden
• Furuno
• Standard Horizon (Yaesu)
• Cobra
• Raymarine (FLIR Systems)
• SAILOR (Satcom Global)
• Entel Group
• Navico
• Jotron
• Fujian Feitong Communication Technology
Marine Radio Market Recent Developments
• September 2021-Icom will be launching the IC-M510, a stylish, advanced VHF/DSC marine radio that offers smartphone control of your radio using the RS-M500 app (iOS™/Android™). Up to three smartphones can act as remote controllers via the radio's WLAN. It is even possible to have an intercom function between your smartphone and the radio itself.
• January 2022- Furuno has launched a new website dedicated to the digital transformation of marine electronics, presenting an ambitious vision for the future. They outline the latest technological innovations already on the market or poised for commercialization.
Reasons to Acquire in the Marine Radio Market
• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for Marine Radio Market so as to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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