The Marine Communication Market is anticipated to grow at an impressive 7.8% CAGR from 2022 to 2032, reaching an estimated US$ 4,420.7 Mn. According to a recent analysis by Future Market Insights, a growing focus on seamless and secure marine communication systems will spur innovation in the upcoming decade 2022–2032, with sales expected to show substantial gains in 2021. (FMI). The study examines lucrative market segments and the tactics of major players to track the growth of marine communication.

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 consequences of the coronavirus Covid-19 outbreak will go far beyond threats to human health and lives. There are already indications that the virus will have a major effect on global trade and the marine sector.

The biggest effects of the outbreak have been felt by the shipping and maritime industries, whose workforces have been forced to stay home in order to protect themselves and stop the spread of COVID-19. The market disruptions due to the coronavirus pandemic has resulted in 5%-7% Year on Year (YoY) decline in annual maritime communication equipment’s in 2020.

Nevertheless, despite the pandemic, numerous countries around the world have continued to concentrate on creating and inventing marine communication technology by launching cutting-edge marine communication satellites for more rapid and dependable data transfer between coasts and ships. For instance, China sent its third marine satellite into space in September 2020 to conduct very accurate maritime environment monitoring. Thus, the industry has experienced substantial development as a result of ongoing innovation in maritime communication technologies.

Increasing Demand for VHF-based Data Exchange System

For e-navigation, the VHF-based Data Exchange Technology (VDES) offers a reliable and universally accepted communication system. It promotes the effectiveness and safety of ship and land operations. Around the world, demand is growing as a result of enhanced connectivity and lower deployment costs.

Vendors of maritime electronics are likewise concentrating on providing affordable satellite-based communication. As an illustration, the European satellite-based augmentation service (EGNOS) corrects GPS signals to improve the precision of position data. As a result, the demand for satellite-based communication systems is driving the market for marine communications worldwide.

More Valuable Insights on Marine Communication Market

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 satellite phone & internet devices, others), and Services (consulting services) are the four main sections of FMI’s report on the marine communication market.

Information Source:
https://www.futuremarketinsights.com/reports/marine-communication-market