The global marine communication market size is projected to cross a valuation of USD 4,699.2 million in 2023 and USD 10,082.5 million by 2033. The market is expected to showcase a significant CAGR of 7.9% from 2023 to 2033.
Modern satellite communication must be managed to be fully integrated into the current communications and reconnaissance architectures. To boost operational agility, new terrestrial communication networks are available due to the development of satellite communication infrastructure. To shorten the temporal gaps and cover a wider area, numerous technology providers are creating improved satellite systems.
The key to ensuring the safety of ships in the marine industry may be to maintain effective communication. All ships and vessels operating on the water must maintain effective maritime communication to guarantee the efficient facilitation of trade and other activities.
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With effective satellite communication, the crew on board ships can link with other ships and teams. This helps to keep them informed of the present circumstances on board in real-time, hence lowering errors and enhancing efficiency.
Over the projection period, demand is likely to increase due to expanding investments made across numerous nations to upgrade the navy fleet’s antiquated systems. To avoid difficulties like piracy, international conflicts, and border infiltrations among others, the military and security sector must maintain connections with zero latency. Consequently, the attention of the coast guard, the navy, and other security agencies is turning to maritime satellite communication.
An important driver propelling the market forward is the growing adoption of sophisticated satellite systems and big data computing applications, Additionally, the growing understanding of the advantages of cloud solutions also aids market growth. Additionally, the market is anticipated to benefit from greater integration of satellite and mobile communication technologies.
Key Takeaways from the Marine Communication Market Report:
- In 2018, the global marine communication market size stood at US$ 3,251.5 million.
- The market size stood at US$ 4,420.7 million in 2022.
- The market expanded at a modest CAGR of 5.8% from 2018 to 2022.
- In 2022, the marine radio devices segment captured a 25.1% market share. The sat phone and internet devices for marine may boost significantly.
- In 2022, the integration & installation services registered a 44.8% market share.
- In 2022, the United States captured 16.4% shares in the global market.
- The United Kingdom marine communication market registered 12.4% market shares in 2022.
- In 2022, China marine communication market registered 14.2% market shares globally.
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Recent Developments Observed by FMI:
- Boeing introduced a new military satellite in April 2023 that includes an anti-jam payload for better communication on the battlefield. Boeing’s Protected Tactical SATCOM Prototype is incorporated into the new Protected Wideband Satellite (PWS) design.
- Northrop Grumman disclosed that it is developing geostationary communication satellites in April 2023. The American army chose the business to create Protected Tactical SATCOM prototype payloads.
- The Indian Army and NewSpace India Limited agreed to a US$ 365 million contract in March 2023 for the purchase of an advanced communication satellite.
Key Players in the Global Marine Communication Market
- Icom Inc.
- Inmarsat
- Furuno Electric Co. Ltd.
- Garmin Ltd.
- FLIR Systems Inc.
- Cobham SATCOM
- Navico
- Jotron
- Intellian Technologies
- Bochi Corporation
- Avatec Marine
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Marine Communication Market Segmentation:
By Product:
- Marine Radio Services
- 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:
- Consulting Services
- Integration & Installation Services
- After-sales Support & Maintenance Services
By Application:
- Fishing Boats/Vessels
- Merchant Ships
- Recreational Ships
- Working Vessels
- Others
By Region:
- North America
- South America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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