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Two-Way Radio Global Market Analysis, Growth Drivers, Key Players, Future Trends, Segmentation And Forecast To 2033 | Johnson Controls, Thales Group, Maxon America Inc., TETRA, Ritron Inc.
Two-Way Radio Global Market
As per the report, the two-way radio market size has grown strongly in recent years. It will grow from $9.06 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The two-way radio market size is expected to see strong growth in the next few years. It will grow to $13.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
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Outdoor Recreation Surge Fuels Two-Way Radio Market Growth
The increasing adoption of outdoor recreational activities is expected to propel the growth of the two-way radio market going forward. Outdoor recreational activities encompass a wide range of leisure pursuits and pastimes that take place in natural environments and outdoor settings. The adoption of outdoor recreational activities is increasing due to their combined health benefits, social trends, and desire for nature connection. Two-way radios are essential for outdoor recreation, offering reliable communication where cell service is unavailable and ensuring safety and coordination during activities like hiking and camping. For instance, in November 2023, according to the Bureau of Economic Analysis, a US-based government agency, outdoor recreation contributed 19.8% of the economy's value in 2022, up from 19.0% the previous year. Therefore, the increasing adoption of outdoor recreational activities is driving the growth of the two-way radio market.
Advancements In Portable Two-Way Radios For Enhanced Frontline Communication
Major companies operating in the two-way radio market are developing advanced solutions, such as portable two-way radios, to enhance mission-critical communication for frontline workers. Portable two-way radios are handheld communication devices that allow users to transmit and receive messages wirelessly. These radios are versatile, affordable, and easy to use, making them ideal for various applications like public safety, construction, and other events. For instance, in November 2023, Hytera Communications Corporation, a China-based communications equipment company, launched a new generation of intrinsically safe (IS) two-way radio series, including the HP79XEx DMR Portable Two-way Radio and the PT890Ex TETRA Portable Radio. The new radios, aimed at enhancing personnel safety and communication efficiency, are certified by various explosion-proof standards, making them suitable for industries like oil and gas, mining, chemical, firefighting, and more. These radios are designed to prevent sparking during use, limit heat generation, and ensure safety in hazardous environments with flammable dust and vapors.
The two-way radio market covered in this report is segmented -
1) By Type: Analog Walkie-Talkie, Digital Walkie-Talkie
2) By Technology: Terrestrial Trunked Radio (TETRA), Project 25 (P25), Digital Mobile Radio (DMR), Next Generation Digital Narrowband (NXDN)
3) By Application: Government And Public Safety, Utilities, Industry And Commerce, Other Applications
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Major companies operating in the two-way radio market are Raytheon Technologies Corporation, Johnson Controls, Thales Group, Motorola Solutions Inc., Rohde & Schwarz GmbH & Co. KG, JVCKENWOOD Corporation, Kenwood Corporation, Maxon America Inc., TETRA, Codan Limited, Tait Communications, Sepura Limited, Icom Incorporated, Uniden America Corporation, BK Technologies Corporation, Shenzhen HQT Science & Technology Co. Ltd., Midland Radio Corporation, Simoco Wireless Solutions, Ritron Inc., Hytera Mobilfunk GmbH, SFL Mobile Radio, TPL Communications Inc., Thodukonics, Uniden America Corporation, Kirisun Communications Co. Ltd.
Contents of the report:
1. Executive Summary
2. Two-Way Radio Market Report Structure
3. Two-Way Radio Market Trends And Strategies
4. Two-Way Radio Market - Macro Economic Scenario
5. Two-Way Radio Market Size And Growth
…..
27. Two-Way Radio Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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