The two-way radio equipment market size is projected to reach US$ 14.05 billion by 2031 from US$ 7.84 billion in 2023. The market is expected to register a CAGR of 7.6% during 2023–2031. The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors are likely to be the key drivers and trends of the market.
The two-way radio equipment market is experiencing significant market growth globally. This growth is attributed to factors such as the rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors. Moreover, increasing procurement of two-way radio equipment by government agencies is anticipated to drive market growth in the coming years.
A two-way radio is considered a radio transceiver. This radio can both communicate and receive radio waves, which is utilized for bidirectional person-to-person voice communication with other users with similar radios, in difference to a broadcast receiver, which only receives transmissions. Two-way radios usually use a half-duplex communication channel, which sanctions two-way communication, even though with the limitation that only one user can transmit at a time.
The growing importance of effective critical communication is indeed driving the market. Two-way radio technology has evolved from traditional analog voice to complex systems with trunking and digital capabilities that enable features such as group calling, rapid voice call setup, high-quality audio, and guaranteed priority access to the end user. With an increase in crime, terrorism, and natural disasters, industries are required to adopt new technologies to enable rapid and effective real-time reactions. Effective communication is critical for public safety responders who must keep connected at the control center while also acquiring situational information in real-time when reacting to situations.
The rising cases of natural calamities, including hurricanes, earthquakes, wildfires, and floods, have significantly increased the demand for reliable voic systems, thus acting as a driver for the two-way radio equipment market. In September 2023, according to the National Oceanic and Atmospheric Administration, the US endured a huge 23 separate weather and climate disasters that each led to at least US$1 billion in damage. During such natural disasters, traditional communication infrastructures such as cellular networks and internet connectivity can often be disrupted due to damaged infrastructure or overload. In such situations, emergency responders, government agencies, and relief organizations heavily rely on two-way radio for critical communication, as they offer robust and resilient communication capabilities.
Key segments that contributed to the derivation of the two-way radio equipment market analysis are type, signal frequency, and end use industry.
The geographic scope of the two way radio equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the two-way radio equipment market. High technology adoption trends in various industries in the North American region have fuelled the growth of the two-way radio equipment market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American two-way radio equipment market growth. The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of two way radio equipment market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the two-way radio equipment market.
The regional trends and factors influencing the Two-Way Radio Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Two-Way Radio Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.84 Billion |
| Market Size by 2031 | US$ 14.05 Billion |
| Global CAGR (2023 - 2031) | 7.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Two-Way Radio Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Two-Way Radio Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The two way radio equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the two-way radio equipment market are listed below:
The “Two Way Radio Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global two-way radio equipment market is expected to reach US$ 14.05 billion by 2031.
The key players holding majority shares in the global two-way radio equipment market are BK Technologies Inc., Bearcom Group Inc., Hytera Communications Corporation Ltd, Icom America Inc., Midland Radio Corporation, Motorola Solutions Inc., Tait Communications, Wintec Co. Ltd, Uniden America Corporation, JVCKENWOOD Corporation.
The increasing procurement of two-way radio equipment by government agencies to drive the market in the forecast period.
The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors are some of the factors driving the two-way radio equipment market.
North America is anticipated to dominate the two-way radio equipment market in 2023.
The expected CAGR of the two-way radio equipment market is 7.6%.