The Marine Communication Market is forecasted to reach US$ 4,420.7 Mn by 2022 and show a remarkable 7.8% CAGR between 2022 and 2032. Growing focus on seamless and secure marine communication systems will propel innovation in the ensuing decade 2022-2032, with sales set to post strong gains in 2021, according to the 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.
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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.
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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Marine Communication Outlook By Category
By Product, Marine Communication Demand is segmented as:
- 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
By Service, Marine Communication Outlook is segmented as:
- Consulting Services
- Integration & Installation Services
- After-Sales Support & Maintenance Services
By Application, Marine Communication Outlook is segmented as:
- Fishing Boats/Vessels
- Merchant Ships
- Recreational Vessels
- Working Vessels
- Others
By Region, Marine Communication Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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