Portland, OR, May 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global defense tactical radio market generated $9.45 billion in 2020, and is projected to reach $26.58 billion by 2030, witnessing a CAGR of 10.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in need for lightweight and small military handheld radio, increase in significance of effective communication operations, and wide application in various sectors drive the growth of the global defense tactical radio market. However, shortage of spectrum and limited channel capability restrain the market to some extent. On the other hand, rise in demand for tactical radios in emerging markets and positive approach of governments with investments in the telecommunication sector present new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown, which in turn, hampered the overall growth of the global defense tactical radio market.
- As huge workforce of enterprises across the globe started to work from home, the demand for defense tactical radio reduced significantly.
- However, the market is expected to gain momentum post-pandemic.
The report offers detailed segmentation of the global defense tactical radio market based on type, application, and region.
Based on type, the handheld radio segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the vehicle mounted radio segment is estimated to register the highest CAGR of 11.5% from 2021 to 2030.
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Based on application, the army segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the special operation forces segment is projected to register the highest CAGR of 12.3% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 12.2% during the forecast period.
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Leading players of the global defense tactical radio market analyzed in the research include BAE Systems, BK Technologies, General Dynamic Corporation, Hytera Communications, ICOM, Inc., L3 Harris, Leonardo S.P.A., MCS Digital, Motorola Solutions, and Thales Group.
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