Industrial Radio Market Estimated to Reach $14.7 Billion by 2023
Besides the strong growth in Asia-Pacific, 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 the new market research, the market accounted for $9.08 billion in 2017, estimated to grow with the CAGR of 8.9% and to reach $14.7 billion by 2023.
Asia-Pacific dominates market share and growth during 2018-2023
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.
The research covers analogue and digital technologies as well as standards such as; P25, Tetra, DMR, Others) accross a variety of vertical markets (Aviation, Marine, Mining, Retail, Commercial, and Others).
