LMR market trends and forecast, 2015–22
A new market report published by Credence Research forecasts the land mobile radio (LMR) systems market will be worth over US$25 billion by 2022.
The report shows the LMR systems market was valued at just under US$11 billion in 2014 and is expected to expand at a CAGR of 11.8% between 2015 and 2022, reaching up to US$25.74 billion.
“With the advancements in wireless technology, the land mobile radio systems market is set to witness steady growth in the next few years. The growing need for seamless interoperable communication in mission critical as well as commercial applications is identified as the major factor driving the land mobile radio systems market,” the report stated.
The gradual shift from analog to digital communication systems has expanded the LMR application base beyond military and public safety agencies into corporate and enterprise users.
In 2014 the top manufacturers accounted for over 60% of global revenue share, which included Motorola Solutions, Harris Corporation, Raytheon Company, Thales Group S.A., and JVC Kenwood Corporation.
Other promising players marked by the report included Cassadian Communications (Airbus DS Communications), Relm Wireless Corporation, Hytera Communications, Nokia Networks B.V., TE Connectivity and Tait Radio Communications.
Further in-depth analysis provided includes: current and future market trends; market fuellers and impediments, and their impact on the growth; competitive environment analysis; value chain analysis; and SRC (Segment-Region-Country) analysis.
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