Wilmington, Delaware, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Global Marine Communication Market is valued at US$ 2,765.4 million in 2022 and is expected to grow at a significant CAGR of over 8.8% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Global maritime trade has been gradually increasing, mainly to the rise of international trade and globalization. This has increased the requirement for effective and dependable communication systems in the maritime industry to ensure smooth operations, safety, and security.
Furthermore, both the offshore oil and gas business and the renewable energy sector are extending their operations in offshore areas. Effective communication systems are required to support offshore exploration, production, and maintenance activities, guaranteeing smooth coordination of employees and equipment.
- According to a deep-dive market assessment by RationalStat, the global marine communication market has been analyzed on the basis of market segments, including on product, service, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global marine communication market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global marine communication market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Marine Communication Market: Segmental and Market Share Analysis
- On the basis of product, maritime satellite phones and internet devices are projected to increase rapidly in the next years. This is due to the increased development of maritime satellites and the acceptance of next-generation broadband satellite services.
- On the basis of application, during the forecast period, the recreational ships category is expected to grow at a faster rate. New communication and navigation technologies are constantly being developed.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2,765.4 million |
| Market Size Forecast | US$ 5,436.2 million |
| Growth Rate | 8.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global marine communication market include,
- In April 2023, Boeing launched a new military satellite with an anti-jam payload for improved battlefield communication. Boeing's Protected Tactical SATCOM Prototype is used in the new protected wideband satellite (PWS) design.
- In April 2023, Northrop Grumman has stated that it is working on the development of a geostationary communication satellite. The US Army chose the business to produce Protected Tactical SATCOM prototype payloads.
Some of the prominent players and suppliers operating and contributing significantly to the global marine communication market growth include Icom Inc., Inmarsat, Furuno Electric Co. Ltd., Garmin Ltd., FLIR Systems, Inc., Cobham SATCOM, Navico, Intellian Technologies, Bochi Corporation, HZH Marine Group Co. Ltd. among others.
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RationalStat has segmented the global marine communication market based on product, service, application and region
- Global Marine Communication Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product
- Marine Radio Services
- Marine Multifunction Displays (MFDs)
- Automatic Identification Systems (AIS)
- Vessel Monitoring System (VMS) Terminals
- Marine Radars
- VHF data Exchange System (VDES)
- Maritime Sat Phone & Internet Devices
- Others
- Global Marine Communication Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Service
- Consulting Services
- Integration & Installation Services
- After-sales support & Maintenance Services
- Global Marine Communication Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Fishing Boats/Vessels
- Merchant Ships
- Recreational Ships
- Working Vessels
- Others
- Global Marine Communication Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Marine Communication Market
- US
- Canada
- Latin America Marine Communication Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Marine Communication Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Marine Communication Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Marine Communication Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Marine Communication Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Marine Communication Market
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Key Questions Answered in the Marine Communication Report:
- What will be the market value of the global marine communication market by 2030?
- What is the market size of the global marine communication market?
- What are the market drivers of the global marine communication market?
- What are the key trends in the global marine communication market?
- Which is the leading region in the global marine communication market?
- What are the major companies operating in the global marine communication market?
- What are the market shares by key segments in the global marine communication market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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