New York, March 28, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Two-Way Radio Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Digital and Analog), Signal Frequency (Very High Frequency (VHF) and Ultra-High Frequency (UHF)), and End Use Industry (Government & Public Safety, Manufacturing, Utilities, Transportation & Logistics, Education, Hospitality, and Others)”, the global two-way radio equipment market growth is driven by the rising demand for efficient communication and safety and security across various end-use industries, such as manufacturing, government & public safety, education, hospitality, military & defense, retail, construction, transportation & logistics, and utilities.
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| Report Coverage | Details |
| Market Size Value in | US$ 7.88 Billion in 2021 |
| Market Size Value by | US$ 12.03 Billion by 2028 |
| Growth rate | CAGR of 6.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 166 |
| No. Tables | 85 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Type, Signal Frequency, and End Use Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Two-Way Radio Equipment Market: Competitive Landscape and Key Developments
BK Technologies Inc.; Hytera Communications Corporation Ltd; Icom America Inc.; Midland Radio Corporation; Motorola Solutions Inc.; Tait Communications; Wintec Co., Ltd; Uniden America Corporation; JVCKENWOOD Corporation; and Ritron Inc are among the key players that are profiled during this two-way radio equipment market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global two-way radio equipment market and its ecosystem.
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In July 2018, BK Technologies, Inc. stated that it received orders totaling about US$ 4.5 million for BK Radio-brand KNG-series portable and mobile radios, as well as related accessories, from a California State public safety department.
In March 2022, Hytera, the world's leading provider of professional communications equipment and solutions, announced the completion of a new digital TETRA network for the Philippine National Railways (PNR).
The two-way radio equipment market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share of the global two-way radio equipment market, followed by Europe, APAC, the MEA, and SAM. Asia Pacific is expected to be the fastest-growing region among these regions during the forecast period. Hytera Communications Corporation Ltd, Midland Radio Corporation, Tait Communications, Uniden America Corporation, and JVCKENWOOD Corporation are key players operating in the two-way radio equipment market.
The requirement for two-way radio equipment is increasing in various end-use industries such as manufacturing, government & public safety, transportation & logistics, utilities, education, and hospitality worldwide. The utility of two-way radio equipment is also increasing in hospitals, malls, shopping complexes, residential security, and traffic management globally. Due to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market act as a restraining factor to a certain extent.
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With the growing ease of doing business and initiatives such as “Make in India,” India is expected to be a lucrative place to produce two-way radio equipment for various international market players. With reduced purchasing power, disruption of the supply chain, and low production capacity, the COVID-19 pandemic negatively affected the global two-way radio equipment market from the supply and demand side.
Based on signal frequency, the two-way radio equipment market is bifurcated into very high frequency (VHF) and ultra-high frequency (UHF). The VHF segment accounted for a larger share in the global two-way equipment market in 2020. The rising adoption of VHF by government & public safety agencies, manufacturing, and transportation & logistics sectors is attributing to the growth of the segment. However, the UHF is expected to grow with a higher CAGR over the forecast period.
The majority of economic operations in the Middle East and Africa were suspended in the first two quarters of 2020 due to an increase in the number of COVID-19 cases in the region, which negatively impacted the two-way radio equipment market from the supply and demand side. Moreover, the Middle East & Africa two-way radio equipment market is very much dependent on international suppliers and experienced significant supply chain disruption between Quarter 1 and Quarter 2 of 2020. The region's retail sector was also adversely impacted due to the temporary closure of outlets, declining the demand for two-way radio equipment. However, from the beginning of Quarter 3 of 2020, demand and supply for two-way radio equipment started normalizing. This scenario helps the market revive from the adverse impact of the COVID-19 pandemic.
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Two-Way Radio Equipment Market: End-Use Industry Overview
Based on end-use industry, the two-way radio equipment market is segmented into government and public safety, manufacturing, utilities, transportation and logistics, education, hospitality, and others. The government and public sector accounted for the largest share in the global two-way radio equipment market in 2020. The rising investment by government and other law regulating agencies in adopting effective communication tools among departments and employees is attributing to the sector's growth. However, the transportation & logistic segment is expected to grow with the highest CAGR over the forecast period.
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