The global marine communication market is currently valued at around US$ 4,420.7 Mn in 2022 and is anticipated to progress at a CAGR of 7.8% to reach US$ 9,351.4 Mn by 2032. Marine communication market is nearly 25% of marine electronics market, globally. Marine communication is a solution for ship-to-ship and ship-to-shore communication. This is essential for ship navigation tasks such as ship operation and cargo handling.
Growing need for high-quality, secure and reliable marine communication products such as marine radio devices, Marine Multifunction Displays (MFDs), Automatic Identification Systems (AIS), Vessel Monitoring System (VMS) terminals, marine radars, VHF Data Exchange System (VDES), maritime sat phone & internet devices, and others to attain improved connectivity between the land and sea operations will fuel demand in the marine communications market.
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Key Takeaways
- 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.
“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.
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.
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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.
More Valuable Insights on Marine Communication Market
FMI’s report on the marine communication market is segmented into four major sections such as 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, AIS receivers), Vessel Monitoring System (VMS) Terminals, Marine Radars, VHF Data Exchange System (VDES), maritime sat phone & internet devices, 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, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the marine communication market.
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Key Questions Answered in the Report
- Which region is expected to showcase high growth in marine communication market?
- Who are some of the leading companies offering marine communication market?
- Which are the leading application of marine communication market?
- How much is the global marine communication industry worth?
- At what CAGR did the marine communication market grow in the last 5 years?
- What are the key trends of marine communication market?
- What is driving demand for marine communication market?
- Which countries are key providers in the marine communication market?
- At what rate will the marine communication market grow between 2020 and 2021?
- What are the top 5 countries driving demand for marine communication?
- What is North America marine communication market outlook?