Finance fishing boats

Maritime Communications Market to be Worth US$9,351.4 Million by 2032

Future Market Insights Global and Consulting Pvt. ltd.

Transparent, but secure: key objective for players in the maritime communications market

DUBAI, United Arab Emirates, March 07, 2022 (GLOBE NEWSWIRE) — The world Maritime Communications Market is currently estimated at around US$4,420.7 million in 2022 and is expected to grow at a CAGR of 7.8% to reach US$9,351.4 million by 2032.

Growing focus on transparent and secure maritime communication systems will drive innovation over the next decade 2021-2031, with sales expected to show strong increases in 2021, according to a latest study from Future Market Insights (IMF) . Study tracks growth of maritime communications in high growth markets, by analyzing lucrative segments and strategies of key players.

Market value 2022

US$4,420.7 million

Market value 2032

US$9,351.4 million

CAGR% (2022-2032)

7.8%

Market share of the top 5 vendors

~30%

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Key points to remember

  • The satellite phone and maritime internet device segment is estimated to register a CAGR of 10.9% during the forecast period

  • The merchant vessel segment will remain lucrative with a market share of 40.4%, followed by the vessel/fishing vessel segment.

  • The growing popularity of recreational boating is expected to increase the adoption of marine communication systems.

  • The maritime communications market in South Asia and the Pacific is expected to register a high CAGR, driven by the growing demand for maritime digital data services in the region.

COVID-19 Impact Analysis

The effects of the Covid-19 coronavirus epidemic will extend far beyond health and the threat to human lives. There are already signs that the virus will have a significant impact on international trade and the shipping industry.

The outbreak has caused the shipping and shipping industry to face the worst circumstances as the workforce in these sectors have been shut down for safety and prevention of COVID-19 escalation. Market disruptions due to the coronavirus pandemic have resulted in a 5% to 7% year-on-year (YoY) decline in annual marine communications equipment in 2020.

However, amid the pandemic, various governments around the world have continued to focus on the development and innovation of marine communication technologies by launching advanced marine communication satellites for faster and reliable data transfer between coasts and the boats. For example, in September 2020, China launched its 3rd maritime satellite into space to conduct high-precision monitoring of the maritime environment. Thus, continuous innovation in maritime communication technologies has resulted in significant market growth.

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Report scope

Attribute

Details

Market value
in 2021

US$4,112.0 million

Market CAGR
2022 to 2032

7.8%

Share of top 5
players

About 30 %

Forecast
Period

2022-2032

Historical
Data available
for

2017-2021

Marlet
To analyse

Million USD for value

Key regions
Covered

North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa

Key countries
Covered

United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia and New Zealand, GCC Countries, Turkey, North Africa and South Africa

Key segments
Covered

Products, Services, Applications and Region

Key
Companies
Profile

• 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

• CEN Samyung

Report
Blanket

Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives

Growing demand for VHF-based data exchange system

The VHF-based Data Exchange System (VDES) provides a robust, world-standard communications system for electronic navigation. It contributes to the safety and efficiency of maritime and shore operations. Reduced deployment costs and improved communication are creating demand in various countries around the world.

Additionally, marine electronics vendors are also focusing on offering cost-effective satellite communications. For example, EGNOS, a European Satellite Augmentation Service (SBAS), provides correction to GPS signals to increase the accuracy of position information. Thus, the demand for satellite communication systems is driving the demand and fueling the global maritime communication market.

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More Valuable Insights into the Maritime Communication Market

The report of FMI on Marine Communications Market is segmented into four major sections such as Products (Marine Radio Devices (Fixed Mount VHF Marine Radios, Portable 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), marine satellite telephones and internet devices, others ) services (consulting services, integration and installation services, and after-sales support and maintenance services), application (boats/fishing vessels, merchant vessels, pleasure craft, work vessels and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and evaluate the lucrative opportunities in the Communications Market. maritime ns.

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About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMF market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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