Growing focus on seamless and secure marine communication systems will propel innovation in the ensuing decade (2021-2031), with sales set to post strong gains in 2021, according to the latest study by the ESOMAR-certified market research and consulting firm, Future Market Insights. The study tracks marine communication growth in high-growth markets, analyzing 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 percent during the forecast period of 2021 to 2031.

Key Takeaways

• Maritime sat phone and internet devices segment is estimated to register a CAGR of 10.9 percent during the forecast period
  Merchant ships segment will remain lucrative with a market share of 40.4 percent followed by fishing boats/vessels segment
• The rise in popularity of recreational boating is expected to increase the adoption of marine communication systems
• 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.

COVID-19 Impact Analysis

The effects of the coronavirus COVID-19 outbreak will extend well beyond health and the threat to human lives. There are already signs that the virus will significantly impact international trade and the shipping industry.

The epidemic has caused the shipping and maritime industry to face the worst circumstances as the workforce in these sectors has been shut down for the safety and prevention of the escalation of COVID-19. The market disruptions due to the coronavirus pandemic has resulted in 5 to7 percent year on year decrease in annual maritime communication equipment’s in 2020.

However, amid the pandemic, various governments globally has continued to focus on developing and innovating marine communication technologies by launching advanced marine communication satellites for faster and reliable data transfer between shores and ships. For instance, in September 2020, China has launched its third maritime satellite into space to carry out high-precision maritime environment monitoring. Thus, the continued innovation in maritime communication technologies has resulted in significant growth in the market.

Increasing Demand for VHF-based Data Exchange System

The VHF-based Data Exchange System 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 in various countries around the globe.

Moreover, marine electronic vendors are also focusing on offering cost-effective satellite-based communication. For instance, EGNOS, a European satellite-based augmentation service, provides correction to GPS signals to increase the accuracy of position information. Thus, the demand for satellite-based communication system is driving the demand, and is fueling the global marine communication market.

These insights are based on a report on Marine Communication Market by Future Market Insights.