NEW YORK, United States, July 31, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Marine Communication Market- Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2023 - 2030” in its research database. According to the latest research study, the global marine communication market size was valued at around USD 3,158.73 million in 2022. The market is expected to grow above a CAGR of 7.09% and is anticipated to reach over USD 5,103.67 million by 2030.
Marine Communication Market Overview:
Marine communication helps in facilitating high-quality, reliable, and secure communication between the ships and shores. Moreover, marine communication plays a vital role in providing enhanced terrestrial communication networks for better operational agility.
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Key Insights from Primary Research
- As per the analysis, the marine communication market share is likely to grow above a CAGR of around 7.09% between 2023 and 2030.
- The marine communication market size was worth around USD 3,158.73 million in 2022 and is estimated to hit approximately USD 5,103.67 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The advent of the 5G network in maritime communication has significantly accelerated the expansion of the global marine communication market as a result of the enhanced cybersecurity and robust connectivity it enables.
- Based on product, the marine radio devices segment accounts for the largest share in the global marine communication market.
- On the basis of region, the “North America” will likely overtake the global market.
Competitive Players:
The report contains qualitative and quantitative research on the global marine communication market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global marine communication market include;
- Matsutec
- HZH Marine Group Co. Ltd.
- Avatec Marine
- Bochi Corporation
- Intellian Technologies
- Jotron
- Navico
- Cobham SATCOM
- FLIR Systems Inc.
- Garmin Ltd.
- Furuno Electric Co. Ltd.
- Inmarsat
- Icom Inc.
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Global Marine Communication Market: Growth Factors
Maritime telecommunication tools have emerged as standard equipment for short and long-term voyaging. Reliable and efficient communication is an indispensable element in marine transport including commercial fishing, mega recreational boating, or any other naval transportation. Marine communication was possible in the offshore areas with cellular services only and that too within a limited range. However, a satellite network communication system is now utilized to mitigate the communication issues and provide a competitive advantage over traditional and fragile land-based communications.
Initially, a satellite network was adopted for facilitating communication from ship to shore and to another vessel. But now the scope of satellite communication has widened and they are transformed from voice calls to advance additional data services like monitoring devices, tracking, and entertainment. However, this equipment diversifies due to the growing applications like weather forecasting, voice calls, disaster management, DTH broadcasting, and several other navigational services.
Router, antenna, transceiver, transmitter, receiver, and satellite phones are some of the important communication equipment installed in marine vessels. However, it is also used in meteorological monitoring and air & marine navigation. The growing technological advancements in the field of marine communication system are boosting the growth of the global marine communication market significantly. The constant research and development activities are transforming the whole setup into a minimal system by reducing the size of the antenna along with boosting the rate of data transfer to eliminate the time lag issues.
Such emerging scenarios are likely to positively shape the trajectory of the global marine communication market during the forecast period. Marine communication is highly adopted in naval defense forces to assist in aerial monitoring, navigational requirement, and sending & receiving distress calls. The emergence of the 5G network in marine communication has significantly boosted the growth of the global marine communication market due to the enhanced cybersecurity and robust connectivity facilitated by it. Moreover, the growing support from the government to strengthen the marine communication network all across the globe will significantly propel the growth of the global marine communication market during the forecast period.
Marine Communication Market: Segmentation
The global marine communication market can be segmented into application, service, product, and region.
By application, the market can be segmented into working vessels, recreational vessels, merchant ships, fishing boats, and others. By service, the market can be segmented into after-sales support & maintenance services, integration & installation services, and consulting services.
By product, the market can be segmented into maritime sat phone & internet devices, VHF data exchange system, marine radar, vessel monitoring system terminals, automatic identification system, marine multifunction displays, and marine radio devices. The marine radio devices segment accounts for the largest share in the global marine communication market due to the high adoption rate of recreational boating services all across the globe.
Regional Analysis:
North America accounts for the largest share in the global marine communication market owing to the continuous development and advancements made in the field of satellite communication. Moreover, the growing demand for enriched content from passengers, crew, and seafarers to facilitate effective marine communication is boosting the growth of the regional market.
Asia Pacific is expected to foresee huge growth during the forecast period due to the growing support from the government for developing advanced marine communication in the region.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 3,158.73 Million |
| Market Forecast in 2030 | USD 5,103.67 Million |
| Growth Rate | CAGR of 7.09% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Matsutec, HZH Marine Group Co. Ltd., Avatec Marine, Bochi Corporation, Intellian Technologies, Jotron, Navico, Cobham SATCOM, FLIR Systems Inc., Garmin Ltd., Furuno Electric Co. Ltd., Inmarsat, Icom Inc. |
| Segments Covered | By Application, By Service, By Source,And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global marine communication market is segmented as follows:
By Application
- Working Vessels
- Recreational Vessels
- Merchant Ships
- Fishing Boats
- Others
By Service
- After-sales Support
- Maintenance Services
- Integration & Installation Services
- And Consulting Services
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Marine Communication industry?
- What are the main driving factors propelling the Marine Communication Market forward?
- What are the leading companies in the Marine Communication Industry?
- What segments does the Marine Communication Market cover?
- How can I receive a free copy of the Marine Communication Market sample report and company profiles?
What the Reports Offer:
- Comprehensive analysis of the primary market
- Significant alterations in market dynamics
- The market's segment specifications
- Statistics and revenue market analysis of historical, present, and forecast
- Evaluation of niche developments in the market
- Market share evaluation
- Principal strategies of market leaders
- Emerging markets and regional segments
- In order to strengthen the market position of businesses, testimonials are provided
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