Dublin, April 18, 2024 (GLOBE NEWSWIRE) -- The "Defense Tactical Radio - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Defense Tactical Radio Market to Reach $23.6 Billion by 2030
The global market for Defense Tactical Radio estimated at US$12.5 Billion in the year 2023, is projected to reach a revised size of US$23.6 Billion by 2030, growing at a CAGR of 8.3% over the analysis period 2023-2030.
Effective communication is paramount in military operations, and this necessity shines a spotlight on defense tactical radio systems. As highlighted in the global economic update, defense tactical radio systems hold a significant market share in 2024, with competition ranging from strong to trivial among players worldwide.
Handheld Defense Tactical Radio, one of the segments analyzed in the report, is projected to record 8.7% CAGR and reach US$13.4 Billion by the end of the analysis period. Growth in the Vehicle-Mounted segment is estimated at 7.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $5.1 Billion, While China is Forecast to Grow at 12.3% CAGR
Recent market activity indicates robust growth, driven by defense spending amidst geopolitical tensions. Military spending by top countries in 2024 underscores the importance of tactical radio in modern warfare, as armies seek to replace legacy systems to meet modernization goals. In this landscape, defense tactical radio systems play a crucial role in enabling secure and reliable communication, essential for the success of military operations.
The Defense Tactical Radio market in the U.S. is estimated at US$5.1 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$2.7 Billion by the year 2030 trailing a CAGR of 12.3% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.3% and 6.9% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 6.9% CAGR.
MARKET OVERVIEW
- Significance of Effective Communication in Military Operations Throws Spotlight on Defense Tactical Radio
- Global Economic Update
- Defense Tactical Radio - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Robust Defense Spending Drives Gains for Defense Tactical Radio
- Robust Defense Spending Amid the Unfortunate State of Global Geo-Political Affairs Opens Opportunities for Tactical Radio: Military Spending by Top Countries in 2024 (In US$ Billion)
- A Peek Into the Importance of Tactical Radio in Military Communications
- Juggling Modernization Goals, World Army Seek to Replace Batches of Legacy Radios
- Joint Tactical Radio (JTR) Radios Replace Traditional Radios in the Military Sector
- 5G Holds Enormous Potential in Revolutionizing Tactical Communications
- Growing Role of Tactical Radios in Success of SOF Missions Augurs Well for Market Growth
- Rise in need for End-to-End Automated Tactical Radio Field Testing Platform as Military Attempts to Modernize Equipment
- Defense Forces Procure Next-Generation Radios for Improved Defense Operations
- Key Recent Technological Advances in Defense Tactical Radio Technologies
FOCUS ON SELECT PLAYERS (Total 48 Featured)
- BAE Systems
- Barrett Communications Pty. Ltd.
- CODAN Limited
- General Dynamic Corporation
- L3Harris Technologies, Inc.
- Hytera Communications Corporation Limited
- ICOM Inc
- Leonardo S.P.A.
- Motorola Solutions, Inc.
- Rockwell Collins, Inc.
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/q6grin
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