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Industrial Radio Market Estimated to Reach $14.7 Billion by 2023
Radio Communications support industrial operations, including personal vehicle monitoring or controlling equipment. Digital radio communication is opted as a tool for contributing to the production, to make the business more efficient, enhancing the reliability of communication in emergency and remote locations. Industrial radio communication is among the key technologies which aid in increasing efficiency and concurrently, improves the productivity and safety of the individual while establishing proper communication in emergency situation. This technology opens up new techniques for optimizing the security process.
The market is set to experience a strong growth in the forecast period due to the demand for industrial radio communications in various end-user industries. Asia-Pacific is evolving as the fastest growing region for industrial radio market, growing at a healthy CAGR of 11.1% throughout the forecast period 2018-2023. The Chinese government is slated to make an investment as a part of "Made in China 2025" project, which will aid in the development of the industrial radio market. Increasing applications in various industries such as aviation and electronics, machinery chemicals, automotive, metallurgy and others, are positively influencing the growth of market.
North America is another region contributing to the radio business, witnessing revenue of $3.15 billion in 2017, and is projected to reach $4.85 billion by the year 2023. According to OECD, U.S. economic growth is projected to increase in the years 2018 and 2019. The U.S. communication industry is the leading provider of telecom services and is the second largest market across the globe. Demand for wireless communication infrastructure and advanced critical communication devices in aviation and oil & gas industries are driving the demand for the radio industry.
P25 Standard is majorly adopted by majority of the industries that include airports, petroleum, transit, chemical manufacturers, and others, who depend on mission critical transportations with public safety agencies in an emergency situation. Currently, in the U.S., the adoption of these standards has been slowed due to budget glitches. However, funding for communications advancements from the Department of Homeland Security will slightly propel the growth of the mobile radio market across the globe. TETRA systems mostly operate in ultra-high frequency (UHF) band and are being used in European countries, which operate in the 380-430 MHz's band. Regions such as APAC and South America supports 800 MHz's band, and is propelling the market growth. Industrial radios play a major role for the development of communications in the commercial industry. There is a strict requirement for Quality of Service (QOS) in commercial radio end user industry segment to ensure transmission of periodic messages.
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Notable players in the industrial radios market comprise of Thales S.A., Motorola Solutions, Inc., Harris Corporation, Raytheon Company and Relm Wireless Corporation. The market has witnessed various acquisitions and partnerships accounting for 24% and 21% respectively for total developments. Other strategies like Collaborations, Mergers and Joint Ventures are also assertively being adopted by the companies to meet new horizons in product development and to achieve greater market exposure.
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