The private mobile radio market was valued at US$18.119 billion in 2019. Private mobile radio refers to the two-way radio-based communication equipment that has the ability to offer uninterrupted and seamless communication to the on-field personnel working across different sectors ranging from the military for emergency medicals services. Continuous communications are considered to be of utmost importance for the personnel to stay connected every time to make critical life-changing decisions instantly without any loss or breakage in their communication. The market for private mobile radios is projected to show notable growth during the next five years primarily on the account of the burgeoning requirements of efficient critical communications systems. Decent growth in the number of personnel working across the different sectors is also considered as a key factor driving the demand for these radios in the coming years. Significant growth in the number of criminal activities, terrorism, and natural disasters has further inclined the various companies to adopt highly advanced wireless communication systems which is also providing an impetus for the market to grow in the near future. Furthermore, the changes in the professional business environment have further led towards the adoption of efficient wireless radio systems as the need for operational efficiency is increasing especially across the travel and hospitality, and the construction sector. Also, the presence of standards and regulations regarding the use of mobile radios is also one of the prime factors for its adoption throughout the globe. For instance, Terrestrial Trunked Radio (TETRA), is a digital mobile radio standard regarding the use of mobile radios across the various organizations operating under the public safety, utilities, government, and military sectors among the others.
The recent advent of COVID-19 is anticipated to propel the growth opportunities for the market to surge in during the short run owing to the high demand for these types of radios across the emergency medical services and the healthcare sector. However, the halt in the activities across various sectors such as communications and manufacturing among others is considered to inhibit the demand to some extent and hamper the market growth in the coming six to eight months.
Rising military expenditure is expected to drive the demand
Significant growth in the military expenditure around the globe in both developed and developing economies of the world also plays a significant role in driving the market growth in the coming years. Thecontinuously evolving defense industry around the globe due to rising investments in the latest equipment and machinesto strengthen the military base requires the continuous development of the various components in order to have the latest technology which is expected to drive the demands for these radios during the forecast period. For instance, according to the World Bank Group, the global military expenditure increased to US$1.782 trillion by 2018 from US$1.491 trillion in 2008.Also, in the developed economies the growing government focus towards strengthening the defense sector has also led to an increase in the adoption of latest and advanced equipment which is also considered as a key factor bolstering the market growth in the near future. For instance, in November 2018, the audit of the U.S Defense Department was considered as the largest audit ever which covered US$ 2.7 trillion in assets and US$ 2.6 trillion in liabilities, and the defense budget accounted to US$ 716 billion(Source: U.S. Department of Defense).
The growing number of construction projects
Growth in the number of construction projected in both developed and underdeveloped economies around the world is also anticipated to drive the demand for private radios as the growing number of personnel working on these projects along with the growing focus of the employers towards the safety of workers is expected to significantly drive the adoption of these radios these radios across the construction sector throughout the globe and especially in the developing economies of the world. The growing construction sector across the globe on account of rising disposable income and rising government initiatives to boom the residential construction and infrastructural development owing to the improving economic conditions are expected to be the key drivers to amplify the demand for these radios for the construction industry and add up to the growth of the market during the coming years. For instance in the United States, the total value of construction including the public and private for both residential and non-residential sectors has increased from USD$ 788,332 million in 2011 to USD$1,303,469 million by 2019 (Source: US Department of Commerce).
The private mobile radio market has been segmented on the basis of technology, application, and geography. By type, the market has been segmented into digital and analog. On the basis of application, the segmentation has been done on the basis of travel and hospitality, military and defense, law enforcement, construction, utilities, and others. By geography, the segmentation has been done on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Prominent key market players in the private mobile radio market include Motorola Solutions Inc., Thales Group, Harris Corporation, and JVCKENWOOD Corporation among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the private mobile radiomarket have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.