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Handheld Marine Radio Market Overview:
The Handheld Marine Radio market has witnessed robust growth due to the rising demand for reliable communication devices in the maritime sector. The market is characterized by a diverse range of products designed to withstand the harsh marine environment. Handheld marine radios are compact, portable, and equipped with features like waterproofing, GPS capabilities, and long battery life, making them indispensable for maritime professionals and recreational boaters alike.
Key Players:
Some of the major companies operating in the global handheld marine radio market are,
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These players are launching advanced handheld marine radios to strengthen their product portfolio and increase market share. For instance, in 2022, ICOM launched the IC-M95E Euro VHF marine transceiver, which is ITU-R M.493-15 compliant and ensures impeccable communications.
Handheld Marine Radio Market Segmentation:
By type, the market is segmented into DSC radios and non-DSC radios. The DSC radios segment accounts for the dominant market share owing to mandatory installation of DSC-enabled radios. By technology, it is divided into conventional and satellite radios. The conventional radios segment leads the market due to low costs. Based on application, it is bifurcated into commercial and recreational sectors. Commercial sector is the highest revenue generator attributing to high adoption in merchant vessels.
Market Drivers:
The increasing number of maritime distress incidents worldwide is compelling governing agencies to implement strict safety regulations concerning marine communication devices. This is driving the adoption of handheld marine radios. The growing marine tourism and recreational activities are anticipated to drive product demand. Technological advancements such as integration of AIS, GPS, and DSC are significantly propelling the market growth. Also, easy portability, user-friendliness, and affordable prices are spurring the product demand.
Market Opportunities:
Favorable government policies particularly focusing on marine safety are creating lucrative opportunities for market players. Growing maritime trade in developing nations owing to rising import-export activities is also offering future growth prospects. Further, continuous product innovations such as touchscreen interface, built-in barometer & compass, and active noise cancellation are expected to open new avenues for the handheld marine radio market.
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Handheld Marine Radio Industry Latest News:
In January 2023, Standard Horizon introduced its CXT80 VHF marine radio with built-in class B Automatic Identification System (AIS) for smaller crafts for enhanced maritime domain awareness through vessel tracking and collision avoidance.
In June 2022, ICOM launched IC-M95E marine radio to provide reliable communications and improve safety at sea. It is equipped with a large LCD, internal GPS, and clear audio output.
Regional Insights:
North America has captured the largest market share owing to the extensive adoption of marine electronics and presence of leading manufacturers in the region. Asia Pacific is poised to grow at a notable CAGR during 2023-2028 attributed to rising seaborne trade in China and India coupled with increasing offshore oil & gas exploration activities.
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