Marine Satellite-Based Communication Systems Gain Traction
The global marine satellite-based communication market is estimated to display a healthy 7.8% CAGR for the forecast period from 2021 to 2031. 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 communications systems are likely to display strong growth on the back of improved operational efficiency in the coming decade.
"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."
FMI Study.
"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," according to the FMI study.
The global covid-19 pandemic has moderately impacted growth prospects for players participating in the marine satellite-based 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.
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 satellite-based communication systems in varied operational environments.
(Source: Future Market Insights news release. Image from file)