The presence of several large and small players and the continuous influx of a number of new players owing to the rising demand has made the vendor landscape of the global land mobile radio market largely fragmented and highly competitive, observes Transparency Market Research in a recent report. With the view of staying ahead of competitors, companies are ploughing in more resources into innovations, refinement of products through the integration of high-speed cellular networks and other technologies, and expansion across new regional markets.
Some of the leading companies in the market are RELM Wireless Corporation, TE Connectivity Ltd., Airbus DS Communications, Motorola Solutions, Inc., Harris Corporation, Nokia Solutions and Networks, Thales Group S.A., Honeywell International, Inc., and Raytheon Company.
According to the report, the market will rise to a revenue opportunity of US$30.6 bn by 2024. If the numbers hold true, the market would have registered an impressive CAGR of 16.90% from 2014 to 2024.
North America Remains Most Lucrative Regional Market
In terms of type, the segment of hand portable land mobile radio systems accounted for a dominant 55.9% of the overall market in 2013. This can be attributed to the vast applications of hand portable LMR systems in defense and government sectors for enabling effective communication in harsh environmental conditions. The segment is also expected to continue on a winning streak over the next few years owing to the high flexibility allowed by this type of products.
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From a geographical standpoint, the market for LMR systems in North America presently accounts for the dominant share in global revenue. However, the market in Europe is envisioned to emerge as the most lucrative by the end of the report’s forecast period as demand for land mobile radios consistently increases in the region’s government and construction sectors.
Rising Usage of LMR Systems in Military and Transportation Industry to Drive Market
Some of the key factors driving the global LMR systems market are the vast rise in number of mission critical communication operations being undertaken in a number of industries and the steady expansion of LMR systems integrated with LTE networks. The market is also benefitting from the rising usage of LMR systems in transportation and military applications. Over the next few years, the market is expected to benefit from the rising usage of LMR systems for corporate communications.
While the market mostly features promising growth opportunities owing to the rising scale of usage of these systems across a rising set of applications, security concerns associated with the possibility of modification of critical information could hamper the adoption of LMR systems across some critical communication areas to a certain degree over the report’s forecast period.
