The marine radio market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 9%. The growth observed during the historic period can be attributed to several factors. These include heightened regulatory compliance requirements, a growing emphasis on search and rescue support, the enhancement of situational awareness through the integration of automatic identification system (AIS), radar, and GPS technologies, the facilitation of rapid responses to distress calls and the coordination of rescue operations, and an increasing utilization of digital selective calling (DSC) technology.
The marine radio market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to several key drivers. These include the rising procurement of advanced naval vessels, growing demand for precise and dependable communication solutions within the maritime industry, increased interest in compact and lightweight radio equipment, and the burgeoning popularity of recreational boating and water sports. Major trends expected in the forecast period encompass the widespread adoption of advanced technologies in marine communication systems, the continuous development of sophisticated marine radios, advancements aimed at enhancing safety, efficiency, and communication reliability, and the adoption of signal processing techniques to improve overall performance.
The escalating trend in maritime transportation is poised to propel growth within the marine radio market in the foreseeable future. Maritime transportation, encompassing the movement of goods, individuals, or services via waterways such as oceans, seas, rivers, or canals, is on the rise owing to various factors including global trade expansion, urbanization, economic development, the surge in e-commerce, environmental regulations, and sustainability initiatives. Within this context, marine radios emerge as indispensable tools, vital for ensuring safety, navigation, and communication in maritime operations. These radios play a pivotal role in accident prevention, operational efficiency enhancement, and lifesaving endeavors during emergencies. Given the significant reliance of maritime transportation on marine radios for communication, navigation, safety, and operational efficacy, there exists a growing demand for marine radio equipment and technologies. For instance, data from reports shared by GOV.UK, a UK-based public sector information website, highlighted that in 2022, a total of 458.9 million metric tons of cargo were handled at all UK ports, marking a 3% increase from 2021, underscoring the role of increasing maritime transportation in driving growth within the marine radio market.
Leading companies in the marine radio market are actively engaged in developing innovative solutions to cater to evolving industry needs, exemplified by offerings such as the IP-M60 Marine VHF/LTE Hybrid Radio. This versatile communication device, tailored for maritime applications, seamlessly integrates traditional VHF radio communication with modern LTE connectivity within a single unit. For instance, Icom Inc., a Japan-based manufacturer of radio transmitting and receiving equipment, introduced the groundbreaking IP-M60 Marine VHF/LTE Hybrid Radio in September 2021. This pioneering device combines the robustness of a marine VHF radio with the versatility of LTE network connectivity, providing a comprehensive communication solution for maritime operations. Notable features include LTE network connectivity for long-range communication, dedicated PTT buttons for Marine VHF and LTE, simultaneous reception and transmission on both networks, a bridge mode function for relaying critical information, Bluetooth technology for wireless operation, and an IP67 waterproof rating. These features collectively render the IP-M60 suitable for diverse maritime applications, serving as a crucial lifeline for individuals at sea while enhancing safety and efficiency across the marine industry.
In January 2022, Garmin Ltd., a US-based technology company, executed the acquisition of Vesper Marine Ltd., marking a strategic move towards leadership in marine technology. Through this undisclosed acquisition, Garmin aimed to consolidate its position as a premier provider of navigation, communication, and safety equipment for boaters, thereby offering an integrated solution. This acquisition also aimed to enrich Garmin's marine product portfolio and technology offerings, empowering boaters with enhanced peace of mind and situational awareness. Vesper Marine Ltd., based in New Zealand, is renowned for its marine asset protection and collision avoidance technology, encompassing marine safety products including marine radios.
Major companies operating in the marine radio market are Raytheon Technologies Corporation, Thales Group, SEA COM Corp., Garmin Ltd., Entel Group, JVC Kenwood Holdings Inc., Cobham plc, Kongsberg Maritime AS, Teledyne FLIR LLC, Furuno Electric Co. Ltd., Navico Group, Icom Inc., Uniden America Corporation, Cobra Electronics Corporation, Jotron AS, SRT Marine Systems plc, Samyung ENC Co. Ltd., Raymarine, Standard Horizon, Ocean Signal Ltd., SAILOR, Danelec Marine A/S, 2CL Communications Ltd., Japan Marine Engineering, Fujian Fujitsu Communication Software Co. Ltd., McMurdo Group (A division of Orolia), Weatherdock AG, Comrod Communication AS, Lars Thrane A/S, Radio Holland.
North America was the largest region in the marine radio market in 2023. The regions covered in the marine radio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the marine radio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A marine radio is a specialized communication device crafted explicitly for watercraft, boats, ships, and other vessels navigating maritime waters. Its primary functions include facilitating ship-to-ship and ship-to-shore communication, distress signaling, and coordination during emergency responses. These radios serve as indispensable tools for ensuring communication and safety at sea, enabling sailors, captains, and maritime authorities to exchange information with nearby vessels and shore-based stations.
The main categories of marine radios include fixed-mount and handheld variants. Fixed-mount marine radios are permanently installed aboard boats and ships, typically positioned in specific locations such as control panels or dashboards. They operate within frequency bands ranging from low-band VHF (49-108 MHz) to high-band VHF (169-216 MHz), low-band UHF (450-806 MHz), and high-band UHF (900-952 MHz). These radios utilize various modulation techniques such as amplitude modulation (AM), frequency modulation (FM), phase modulation (PM), and spread spectrum modulation. They find applications across diverse sectors including fisheries, transportation, leisure and recreation, among others.
The marine radio market research report is one of a series of new reports that provides marine radio market statistics, including marine radio industry global market size, regional shares, competitors with a marine radio market share, detailed marine radio market segments, market trends and opportunities, and any further data you may need to thrive in the marine radio industry. This marine radio market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine radio market consists of sales of marine VHF radios, marine GPS systems, single-sideband (SSB) radios, digital selective calling (DSC) radios, handheld marine radios, marine radio antennas, and marine autopilots. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The marine radio market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to several key drivers. These include the rising procurement of advanced naval vessels, growing demand for precise and dependable communication solutions within the maritime industry, increased interest in compact and lightweight radio equipment, and the burgeoning popularity of recreational boating and water sports. Major trends expected in the forecast period encompass the widespread adoption of advanced technologies in marine communication systems, the continuous development of sophisticated marine radios, advancements aimed at enhancing safety, efficiency, and communication reliability, and the adoption of signal processing techniques to improve overall performance.
The escalating trend in maritime transportation is poised to propel growth within the marine radio market in the foreseeable future. Maritime transportation, encompassing the movement of goods, individuals, or services via waterways such as oceans, seas, rivers, or canals, is on the rise owing to various factors including global trade expansion, urbanization, economic development, the surge in e-commerce, environmental regulations, and sustainability initiatives. Within this context, marine radios emerge as indispensable tools, vital for ensuring safety, navigation, and communication in maritime operations. These radios play a pivotal role in accident prevention, operational efficiency enhancement, and lifesaving endeavors during emergencies. Given the significant reliance of maritime transportation on marine radios for communication, navigation, safety, and operational efficacy, there exists a growing demand for marine radio equipment and technologies. For instance, data from reports shared by GOV.UK, a UK-based public sector information website, highlighted that in 2022, a total of 458.9 million metric tons of cargo were handled at all UK ports, marking a 3% increase from 2021, underscoring the role of increasing maritime transportation in driving growth within the marine radio market.
Leading companies in the marine radio market are actively engaged in developing innovative solutions to cater to evolving industry needs, exemplified by offerings such as the IP-M60 Marine VHF/LTE Hybrid Radio. This versatile communication device, tailored for maritime applications, seamlessly integrates traditional VHF radio communication with modern LTE connectivity within a single unit. For instance, Icom Inc., a Japan-based manufacturer of radio transmitting and receiving equipment, introduced the groundbreaking IP-M60 Marine VHF/LTE Hybrid Radio in September 2021. This pioneering device combines the robustness of a marine VHF radio with the versatility of LTE network connectivity, providing a comprehensive communication solution for maritime operations. Notable features include LTE network connectivity for long-range communication, dedicated PTT buttons for Marine VHF and LTE, simultaneous reception and transmission on both networks, a bridge mode function for relaying critical information, Bluetooth technology for wireless operation, and an IP67 waterproof rating. These features collectively render the IP-M60 suitable for diverse maritime applications, serving as a crucial lifeline for individuals at sea while enhancing safety and efficiency across the marine industry.
In January 2022, Garmin Ltd., a US-based technology company, executed the acquisition of Vesper Marine Ltd., marking a strategic move towards leadership in marine technology. Through this undisclosed acquisition, Garmin aimed to consolidate its position as a premier provider of navigation, communication, and safety equipment for boaters, thereby offering an integrated solution. This acquisition also aimed to enrich Garmin's marine product portfolio and technology offerings, empowering boaters with enhanced peace of mind and situational awareness. Vesper Marine Ltd., based in New Zealand, is renowned for its marine asset protection and collision avoidance technology, encompassing marine safety products including marine radios.
Major companies operating in the marine radio market are Raytheon Technologies Corporation, Thales Group, SEA COM Corp., Garmin Ltd., Entel Group, JVC Kenwood Holdings Inc., Cobham plc, Kongsberg Maritime AS, Teledyne FLIR LLC, Furuno Electric Co. Ltd., Navico Group, Icom Inc., Uniden America Corporation, Cobra Electronics Corporation, Jotron AS, SRT Marine Systems plc, Samyung ENC Co. Ltd., Raymarine, Standard Horizon, Ocean Signal Ltd., SAILOR, Danelec Marine A/S, 2CL Communications Ltd., Japan Marine Engineering, Fujian Fujitsu Communication Software Co. Ltd., McMurdo Group (A division of Orolia), Weatherdock AG, Comrod Communication AS, Lars Thrane A/S, Radio Holland.
North America was the largest region in the marine radio market in 2023. The regions covered in the marine radio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the marine radio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A marine radio is a specialized communication device crafted explicitly for watercraft, boats, ships, and other vessels navigating maritime waters. Its primary functions include facilitating ship-to-ship and ship-to-shore communication, distress signaling, and coordination during emergency responses. These radios serve as indispensable tools for ensuring communication and safety at sea, enabling sailors, captains, and maritime authorities to exchange information with nearby vessels and shore-based stations.
The main categories of marine radios include fixed-mount and handheld variants. Fixed-mount marine radios are permanently installed aboard boats and ships, typically positioned in specific locations such as control panels or dashboards. They operate within frequency bands ranging from low-band VHF (49-108 MHz) to high-band VHF (169-216 MHz), low-band UHF (450-806 MHz), and high-band UHF (900-952 MHz). These radios utilize various modulation techniques such as amplitude modulation (AM), frequency modulation (FM), phase modulation (PM), and spread spectrum modulation. They find applications across diverse sectors including fisheries, transportation, leisure and recreation, among others.
The marine radio market research report is one of a series of new reports that provides marine radio market statistics, including marine radio industry global market size, regional shares, competitors with a marine radio market share, detailed marine radio market segments, market trends and opportunities, and any further data you may need to thrive in the marine radio industry. This marine radio market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine radio market consists of sales of marine VHF radios, marine GPS systems, single-sideband (SSB) radios, digital selective calling (DSC) radios, handheld marine radios, marine radio antennas, and marine autopilots. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Marine Radio Market Characteristics3. Marine Radio Market Trends and Strategies32. Global Marine Radio Market Competitive Benchmarking33. Global Marine Radio Market Competitive Dashboard34. Key Mergers and Acquisitions in the Marine Radio Market
4. Marine Radio Market - Macro Economic Scenario
5. Global Marine Radio Market Size and Growth
6. Marine Radio Market Segmentation
7. Marine Radio Market Regional and Country Analysis
8. Asia-Pacific Marine Radio Market
9. China Marine Radio Market
10. India Marine Radio Market
11. Japan Marine Radio Market
12. Australia Marine Radio Market
13. Indonesia Marine Radio Market
14. South Korea Marine Radio Market
15. Western Europe Marine Radio Market
16. UK Marine Radio Market
17. Germany Marine Radio Market
18. France Marine Radio Market
19. Italy Marine Radio Market
20. Spain Marine Radio Market
21. Eastern Europe Marine Radio Market
22. Russia Marine Radio Market
23. North America Marine Radio Market
24. USA Marine Radio Market
25. Canada Marine Radio Market
26. South America Marine Radio Market
27. Brazil Marine Radio Market
28. Middle East Marine Radio Market
29. Africa Marine Radio Market
30. Marine Radio Market Competitive Landscape and Company Profiles
31. Marine Radio Market Other Major and Innovative Companies
35. Marine Radio Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Marine Radio Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on marine radio market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
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- Identify growth segments for investment.
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for marine radio? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The marine radio market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Fixed Mount; Handheld2) by Frequency Band Range: Low-Band VHF (49-108 MHz); High-Band VHF (169-216 MHz); Low-Band UHF (450-806 MHz); High-Band UHF (900-952 MHz)
3) by Modulation Technique: Amplitude Modulation (AM); Frequency Modulation (PF); Phase Modulation (PM); Spread Spectrum Modulation.
4) by Application: Fishery; Transport; Leisure and Recreation; Other Applications
Key Companies Mentioned: Raytheon Technologies Corporation; Thales Group; SEA COM Corp; Garmin Ltd; Entel Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Raytheon Technologies Corporation
- Thales Group
- SEA COM Corp
- Garmin Ltd
- Entel Group
- JVC Kenwood Holdings Inc
- Cobham plc
- Kongsberg Maritime AS
- Teledyne FLIR LLC
- Furuno Electric Co. Ltd
- Navico Group
- Icom Inc
- Uniden America Corporation
- Cobra Electronics Corporation
- Jotron AS
- SRT Marine Systems plc
- Samyung ENC Co. Ltd
- Raymarine
- Standard Horizon
- Ocean Signal Ltd
- SAILOR
- Danelec Marine A/S
- 2CL Communications Ltd
- Japan Marine Engineering
- Fujian Fujitsu Communication Software Co. Ltd
- McMurdo Group (A division of Orolia)
- Weatherdock AG
- Comrod Communication AS
- Lars Thrane A/S
- Radio Holland
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | May 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 1.85 Billion |
| Forecasted Market Value ( USD | $ 2.64 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
