Marine Communication Market is anticipated to progress at a CAGR of 7.8% to reach US$ 9,351.4 Mn by 2032
According to the marine communication market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 7.8% from 2022-2032.
The report also forecasts that the market will surpass a valuation of ~US$ 4,420.7 Mn by the end of 2022. The international maritime industry consists of a global web of shipping that covers the oceans and connects all continents on the earth. Communication plays an essential role in the successful operation for any country. Marine communication between ships or with the shore was carried with the help of on board systems through shore stations and even satellites. To keep vessels and the lives transport as safe as possible, there are several communication systems and technologies working together for both ship-to-ship and ship-to-shore communications.
In case of any emergency situations, it is highly essential to have reliable and quick communication systems to communicate with other ships and shores, there is a need of high quality and secure communication, so that no wrong information is shared due to low quality of communication. Advanced marine communication systems are reliable and highly secured, and due to this feature, various government organizations and entities of countries are adopting these solutions for providing reliable and secure communication to their forces.
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Key Takeaways: Marine Communication Market
· By product, the marine radio devices segment is anticipated to account for the leading share in the global marine communication market. However, the maritime sat phone & internet devices segment is estimated to grow at a robust CAGR of 10.9% through 2032.
· By application, the adoption of marine communication in recreational vessels segment is anticipated to increase at a CAGR of 10.5% between 2022 & 2032.
· The rise in popularity of recreational boating worldwide is expected to increase the adoption of marine communication systems.
· Among regions, South Asia & Pacific marine communication market is estimated to register high CAGR, owing to the increasing demand of maritime digital data services in the region.
· In Japan, sales are expected to increase at a CAGR of close 11.3% over the next ten years.
“With the advancement in digital data services, marine communication service vendors need to make numerous updates into their pre-existing communication technologies, in order to upgrade the industry and ensure maximum productivity,” says FMI analyst.
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Advent of 5G in Sea Communication and Unmanned Boat to Shape Future Outlook
Internet at sea has become a necessity for yachts with Captains and Electro Technical Officer (ETO’s) carefully considering satellite and mobile data options. With a rise in the number of marine internet service providers, the emergence of 5G in marine industry is growing with significant pace. The advent of 5G has bought major developments in satellite systems. Satellite systems is promising a completely different outlook in terms of offshore connectivity.
Many players in the sector are investing in the launching of satellite constellations into Low Earth Orbit (LEO). Located between 500 km and 2000 km above the Earth’s surface, these satellites fly in coordinated groups and, unlike their predecessors, they are moveable. Moreover, the various tech companies are introducing unmanned boats that is equipped with 5G Continuing Professional Education (CPE) terminal and 360-degree 4K camera, pushing real-time images and videos of ocean and river for monitoring water quality through fast speed 5G network. The camera could capture the water environment in areas where are inaccessible to human eyes and the small speaker installed on the hull could convey pre-recorded messages to people around.
For instance, in April 2019, ZTE Corporation and China Mobile have jointly launched “Heweitong”, a marine broadband satellite solution that seamlessly extends the mobile network to the ocean, creating a new era of marine communication.
More Valuable Insights on Marine Communication Market
FMI’s report on the marine communication industry research is segmented into three major sections – 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, and AIS receivers), Vessel Monitoring System (VMS) terminals, Marine Radars VHF Data Exchange System (VDES), maritime sat phone & internet devices, and 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, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the marine communication demand outlook.
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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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