Marine Radio Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033

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.

Market Overview -
A marine radio is a communication device designed explicitly for watercraft, boats, ships, and other maritime vessels for ship-to-ship and ship-to-shore communication, distress signaling, and emergency response coordination. These radios are essential tools for communication and safety at sea, allowing sailors, captains, and maritime authorities to communicate with each other, nearby vessels, and shore-based stations.

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Marine Radio Market Poised For Growth Amid Rising Maritime Transportation Demand
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.

Competitive Landscape -
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

Advancements In Marine Communication Introducing The IP-M60 Marine VHF/LTE Hybrid Radio
Major companies operating in the marine radio market are developing innovative solutions such as IP-M60 Marine VHF/LTE Hybrid Radio to facilitate communication between vessels at sea. IP-M60 Marine VHF/LTE Hybrid Radio is a versatile communication device tailored for maritime use, providing both traditional VHF radio communication and modern LTE connectivity in a single unit. For instance, in September 2021, Icom Inc., a Japan-based company that manufactures radio transmitting and receiving equipment, launched the groundbreaking IP-M60 Marine VHF/LTE Hybrid Radio. This innovative device combines the capabilities of an LTE radio with the reliability of a marine VHF radio in a single handheld unit. Its features include LTE network connectivity for long-range communication, independent PTT buttons for Marine VHF and LTE, simultaneous reception and transmission on both networks, a bridge mode function for relaying critical information, Bluetooth technology for wireless operation, and an IP67 waterproof rating. These features collectively make this solution suitable for various maritime operations, providing a vital lifeline for those at sea and improving safety and efficiency in the marine industry.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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