Market Size –
The marine radio market size has grown strongly in recent years. It will grow from $1.70 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to regulatory compliance, increasing search and rescue support, enhancing situational awareness with AIS, radar, and GPS integration, facilitating rapid response to distress calls and coordinating rescue operations, increasing use of DSC technology.
The marine radio market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increasing procurement of advanced naval vessels, increasing demand for accurate and reliable communication, increasing demand as the maritime industry, rising demand for compact and lightweight radio equipment, increasing popularity of recreational boating and water sports. Major trends in the forecast period include adoption of advanced technology in marine communication systems, development of advanced marine radios, advancements offer improved safety, efficiency, and communication reliability, integration of digital selective calling (DSC), adoption of signal processing techniques.
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Scope Of Marine Radio Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Marine Radio Market Overview
Market Drivers –
The increasing maritime transportation is expected to propel the growth of the marine radio market going forward. Maritime transportation refers to moving goods, people, or services via waterways, such as oceans, seas, rivers, or canals. This maritime transportation is increasing due to global trade expansion, urbanization, economic development, the rise of e-commerce, environmental regulations, and sustainability. Marine radios are used as indispensable tools for ensuring safety, navigation, and communication in maritime transportation, helping to prevent accidents, facilitate efficient operations, and save lives in emergencies. Maritime transportation relies significantly on marine radios for communication, navigation, safety, and operational efficiency, fueling the demand for marine radio equipment and technologies. For instance, in July 2024, according to reports shared by GOV.UK, a UK-based public sector information website, in 2022, a total of 458.9 million metric tons of cargo were handled at all UK ports, a 3% increase from 2021. Therefore, increasing maritime transportation is driving the growth of the marine radio market.
Market Trends –
Major companies operating in the jobsite radio market are developing Bluetooth-based jobsite radios, such as 18V LXT / 12V max CXT Cordless Bluetooth Job Site Charger / Radio, to enhance productivity and comfort on the jobsite. 18V LXT / 12V max CXT Cordless Bluetooth Job Site Charger / Radio Is a radio specifically designed for use in construction sites or other rugged environments that operates without being tethered to an electrical outlet and incorporates Bluetooth technology for wireless connectivity with compatible devices such as smartphones, tablets, or laptops. For instance, in August 2021, Makita U.S.A. Inc., a US-based company that manufactures industrial power tools and has a network of authorized service centers, launched a new cordless Bluetooth job site charger and radio, the 12V max CXT cordless Bluetooth radio. It is a versatile and compact job site radio that offers rich stereo sound from powerful speakers. It has Bluetooth connectivity for wireless music streaming from mobile devices and MP3 players. Additionally, it features rich stereo sound, Bluetooth connectivity, compatibility, power source versatility, durability, battery charging, and a compact size. These features make this radio a reliable and efficient audio companion for professionals working in demanding environments.
The marine radio market covered in this report is segmented –
1) By Type: Fixed Mount, Handheld
2) By Frequency Band Range: Low-Band VHF (49-108 MHz), High-Band VHF (169-216 MHz), Low-Band UHF (450-806 MHz), High-Band UHF (900-952 MHz)
3) By Modulation Technique: Amplitude Modulation (AM), Frequency Modulation (PF), Phase Modulation (PM), Spread Spectrum Modulation
4) By Application: Fishery, Transport, Leisure And Recreation, Other Applications
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Regional Insights –
North America was the largest region in the marine radio market in 2023. The regions covered in the marine radio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the marine radio market are Raytheon Technologies Corporation, Thales Group, SEA COM Corp., Garmin Ltd., Entel Group, JVC Kenwood Holdings Inc., Cobham plc, Kongsberg Maritime AS, Teledyne FLIR LLC, Furuno Electric Co. Ltd., Navico Group, Icom Inc., Uniden America Corporation, Cobra Electronics Corporation, Jotron AS, SRT Marine Systems plc, Samyung ENC Co. Ltd., Raymarine, Standard Horizon, Ocean Signal Ltd., SAILOR, Danelec Marine A/S, 2CL Communications Ltd., Japan Marine Engineering, Fujian Fujitsu Communication Software Co. Ltd., McMurdo Group (A division of Orolia), Weatherdock AG, Comrod Communication AS, Lars Thrane A/S, Radio Holland
Table of Contents
1. Executive Summary
2. Marine Radio Market Characteristics
3. Marine Radio Market Trends And Strategies
4. Marine Radio Market – Macro Economic Scenario
5. Global Marine Radio Market Size and Growth
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31. Marine Radio Market Other Major And Innovative Companies
32. Global Marine Radio Market Competitive Benchmarking
33. Global Marine Radio Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Radio Market
35. Marine Radio Market Future Outlook and Potential Analysis
36.Appendix
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