Insights report on future of marine communications
A growing focus on seamless and secure marine communication systems will propel innovation in the decade 2021–2031, according to a study by Future Market Insights. The study tracks marine communication growth in high-growth markets, analysing lucrative segments and strategies of key players.
The global marine communication market is estimated to register a compound annual growth rate (CAGR) of 7.8 per cent during the forecast period of 2021–2031. The merchant ships segment will remain lucrative with a market share of 40.4% followed by the fishing boats/vessels segment. The rise in popularity of recreational boating is expected to increase the adoption of marine communication systems.
The South Asia and Pacific marine communication market is set to register high CAGR, owing to the increasing demand of maritime digital data services in the region.
The effects of the SARS-CoV-2 outbreak have caused the shipping and maritime industry to face some of the worst circumstances to date, with the workforce in these sectors shut down for safety and prevention of the escalation of COVID-19. The market disruptions due to the coronavirus pandemic have resulted in a 5–7% year-on-year (YoY) decrease in annual maritime communication equipment in 2020.
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 for VDES in various countries around the globe.
Moreover, marine electronic vendors are also focusing on offering cost-effective satellite-based communication. The demand for satellite-based communication systems is fuelling the global marine communication market.
For further information, visit: Marine Communication Market.
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