DUBAI, United Arab Emirates, March 07, 2022 (GLOBE NEWSWIRE) -- The global Marine Communication Market is currently esteemed at around US$ 4,420.7 Mn in 2022 and is expected to grow at a CAGR of 7.8% to reach US$ 9,351.4 Mn by 2032.
Growing focus on seamless and secure marine communication systems will propel innovation in the ensuing decade 2021-2031, with sales set to post strong gains in 2021, according to a latest study by Future Market Insights (FMI). The study tracks marine communication growth in high-growth markets, analyzing lucrative segments and strategies of key players.
| 2022 Market Value | US$ 4,420.7 Mn | |
| 2032 Market Value | US$ 9,351.4 Mn | |
| CAGR% (2022-2032) | 7.8% | |
| Top 5 Vendor Market Share | ~30% | |
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Key Takeaways
- Maritime sat phone & internet devices segment is estimated to register a CAGR of 10.9% during the forecast period
- Merchant ships segment will remain lucrative with a market share of 40.4% followed by fishing boats/vessels segment.
- The rise in popularity of recreational boating is expected to increase the adoption of marine communication systems.
- South Asia & Pacific marine communication market is set to register high CAGR, owing to the increasing demand of maritime digital data services in the region.
COVID-19 Impact Analysis
The effects of the coronavirus Covid-19 outbreak will extend well beyond health and the threat to human lives. There are already signs that the virus will significantly impact international trade and the shipping industry.
The epidemic has caused the shipping and maritime industry to face the worst circumstances as the workforce in these sectors has been shut down for the safety and prevention of the escalation of COVID-19. The market disruptions due to the coronavirus pandemic has resulted in 5%-7% Year on Year (YoY) decrease in annual maritime communication equipment’s in 2020.
However, amid the pandemic, various governments globally has continued to focus on developing and innovating marine communication technologies by launching advanced marine communication satellites for faster and reliable data transfer between shores and ships. For instance, on September 2020, China has launched its 3rd maritime satellite into space to carry out high-precision maritime environment monitoring. Thus, the continued innovation in maritime communication technologies has resulted in significant growth in the market.
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Scope of the Report
| Attribute | Details | |
| Market value in 2021 | US$ 4,112.0 Mn | |
| Market CAGR 2022 to 2032 | 7.8% | |
| Share of top 5 players | Around 30% | |
| Forecast Period | 2022-2032 | |
| Historical Data Available for | 2017-2021 | |
| Market Analysis | USD Million for Value | |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa | |
| Key Countries Covered | US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, Turkey, North Africa and South Africa | |
| Key Segments Covered | Products, Services, Applications, and Region | |
| Key Companies Profiled | • Icom Inc. • Inmarsat • Furuno Electric Co., Ltd. • Garmin Ltd. • FLIR Systems, Inc. • Cobham SATCOM • Navico • Jotron • Intellian Technologies • Bochi Corporation • Avatec Marine • HZH Marine Group Co., Ltd. • Matsutec • Samyung ENC | |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
Increasing Demand for VHF-based Data Exchange System
The VHF-based Data Exchange System (VDES) provides a robust and globally standard communication system for e-navigation. It supports the safety and efficiency of ship and shore operations. The reduced cost of deployment and improved communication is creating demand in various countries around the globe.
Moreover, marine electronic vendors are also focusing on offering cost-effective satellite-based communication. For instance, EGNOS, a European satellite-based augmentation service (SBAS), provides correction to GPS signals to increase the accuracy of position information. Thus, the demand for satellite-based communication system is driving the demand, and is fuelling the global marine communication market.
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More Valuable Insights on Marine Communication Market
FMI’s report on the marine communication market is segmented into four major sections such as product (marine radio devices (fixed-mount VHF marine radios, handheld marine VHF radios, MF/HF radios), Marine Multifunction Displays (MFDs), Automatic Identification Systems (AIS) (AIS transponders, AIS receivers), Vessel Monitoring System (VMS) Terminals, Marine Radars, VHF Data Exchange System (VDES), maritime sat phone & internet devices, others) services (consulting services, integration & installation services, and after-sales support & maintenance services), application (fishing boats/vessels, merchant ships, recreational vessels, working vessels, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the marine communication market.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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