The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Rapid Market Expansion

• Strong Recent Growth: The marine radio market saw significant growth, expanding from $1.70 billion in 2023 to $1.85 billion in 2024, a compound annual growth rate (CAGR) of 9.0%.
• Driving Factors: This growth is attributed to several key factors:
  • Regulatory compliance ensuring safety standards.
  • Enhanced search and rescue support.
  • Advanced situational awareness tools like AIS, radar, and GPS integration.
  • Quick distress call responses and efficient rescue coordination.
  • Increasing use of Digital Selective Calling (DSC) technology.

Future Growth Prospects

• Continued Growth Forecast: The market is expected to grow to $2.64 billion by 2028, at a CAGR of 9.4%.
• Key Growth Drivers:
  • Increased procurement of advanced naval vessels.
  • Rising demand for precise and reliable communication in the maritime industry.
  • Growing interest in compact and lightweight radio equipment.
  • Popularity of recreational boating and water sports.
• Emerging Trends:
  • Adoption of advanced marine communication technologies.
  • Development of sophisticated marine radios.
  • Integration of DSC and signal processing techniques for enhanced communication reliability and safety.

Read The Full Marine Radio Market Report Here:
https://www.thebusinessresearchcompany.com/report/marine-radio-global-market-report

Maritime Transportation: A Catalyst for Market Growth

• Increasing Demand: Maritime transportation is a significant driver for the marine radio market. The global expansion of trade, urbanization, and economic development are boosting maritime activities.
• Critical Role of Marine Radios:
  • Essential for safety, navigation, and efficient operations.
  • Help in preventing accidents and saving lives in emergencies.
• Growing Cargo Volumes: For instance, in the UK, ports handled 458.9 million metric tons of cargo in 2022, a 3% increase from 2021.

Innovations and Acquisitions

Advancements in Marine Communication

• IP-M60 Marine VHF/LTE Hybrid Radio: Companies like Icom Inc. are at the forefront of innovation. Launched in September 2021, the IP-M60 combines VHF and LTE connectivity in one unit.
  • Key Features:
    • LTE network for long-range communication.
    • Independent PTT buttons for Marine VHF and LTE.
    • Simultaneous reception and transmission on both networks.
    • Bridge mode for relaying critical information.
    • Bluetooth technology for wireless operations.
    • IP67 waterproof rating.

Garmin’s Strategic Acquisition

• Enhancing Portfolio: In January 2022, Garmin Ltd. acquired Vesper Marine Ltd., a New Zealand-based marine safety technology company.
  • Acquisition Benefits:
    • Strengthening Garmin’s marine technology portfolio.
    • Providing boaters with comprehensive navigation, communication, and safety solutions.
    • Enhancing situational awareness and safety for maritime operations.

Market Segmentation

• By Type: Fixed Mount, Handheld.
• 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).
• By Modulation Technique: Amplitude Modulation (AM), Frequency Modulation (FM), Phase Modulation (PM), Spread Spectrum Modulation.
• By Application: Fishery, Transport, Leisure and Recreation, Other Applications.

Regional Insights

• North America’s Dominance: North America was the largest region in the marine radio market in 2023, driven by robust maritime activities and advanced technological adoption.

Conclusion

The marine radio market is set for continued robust growth, driven by technological advancements, increasing maritime transportation, and strategic acquisitions. As the market evolves, innovations like the IP-M60 Marine VHF/LTE Hybrid Radio and strategic moves by major players like Garmin will play pivotal roles in shaping the future of maritime communication.

Get A Free Sample On The Global Marine Radio Market Report:
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The Marine Radio Global Market Report 2024  provides an overview of the marine radio market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The marine radio market forecast analyzes marine radio market size, marine radio market share, leading competitor and their market positions.

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