Marine communication system developers are pushing to leverage defense and security applications including real-time navigation and distress call responses.
The global marine communication market is estimated to display a healthy 7.8% CAGR for forecast period from 2021 to 2031 and is expected to surpass US$ 8.6 billion in 2031, according to a latest study by market research firm Future Market Insights (FMI). Growing need for high-quality, secure and reliable communication between shores and ships has increased the demand for marine communication systems and its solutions.
Naval operations, piracy threats, and challenges associated with accidents in maritime environments remain key factors driving the adoption of modern marine communication systems. While conventional VHF radio and digital selective calling services remain in use, satellite-based systems are likely to display strong growth on the back of improved operational efficiency in the coming decade.
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Marine Communication Market – Important Takeaways
‘Increasing investments globally towards upgrades for older systems in naval fleets is a major factor propelling demand. Communication improvements such as minimal lag and reliability of transmissions have also been key in countering piracy. Thereby, marine communication is gaining the attention of organizations such as the naval forces, coast guard, and others,’ says the FMI study.
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Marine Communication Market – Driving Factors
Marine Communication Market – Leading Constraints
Expected Impact on Market by Coronavirus Outbreak
The global covid-19 pandemic has moderately impacted growth prospects for players participating in the marine communication market. Global concerns over viral transmission, and lockdown restrictions on marine transport and shipping activities since the onset of the outbreak has hurt short-term demand for marine communication offerings. Further, disruptions to supply chains for essential components also hurt growth.
On the other hand, requirements for tracking and managing the virus on ship-based populations provided critical opportunities to sustain operations during the crisis. With the gradual relaxation of regulations in recent months, the market is likely to display signs of steady recovery through 2021.
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Some of the major players participating in the marine communication market are Matsutec, Icom Inc., Inmarsat, HZH Marine Group Co. Ltd., Furuno Electric Co. Ltd., Avatec Marine, Garmin Ltd., FLIR Systems Inc., Bochi Corporation, Cobham SATCOM, Intellian Technologies, Navico, and Jotron among others.
Product launches and development efforts remain the leading strategies being adopted in a moderately consolidated industry, aimed towards expanding the reliability and functionality of communication systems in varied operational environments.
For example, in February 2021, Cardo Crew a leader in wireless intercom solutions launched a new mesh communication platform for PPE assets being used in maritime environments, aimed towards minimizing work-related accidents. In March 2021, Singapore-based Brightree Pte Ltd. joined Inmarsat’s Fleet Connect Service by integrating its Marine Bunker & Fuel Consumption Monitoring application for the transmission of real-time consumption data. European Regional Development Fund introduced the FISH INTEL project with the aim of tracking environmental conditions required for critical marine species.
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