Marine Radio Market by Type (Fixed Mount, Handheld), Frequency Band Range (Low-band VHF, High-band VHF, Low-band UHF, High-band UHF), Design (Compact, ultra-compact, Dual Station, Multi Station), Application (Commercial and Government & Defense), Modulation Technique, Component, Platform and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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.
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.
Europe to Dominate the Market