Two-Way Radio Equipment Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

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.

Two-Way Radio Equipment Market Analysis

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.

Two-Way Radio Equipment Market Overview

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.

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Two-Way Radio Equipment Market: Strategic Insights

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Two-Way Radio Equipment Market Drivers and Opportunities

Growing Importance of Effective Critical Communication to Favor Market.

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.

Rising cases of natural calability.

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.

Two Way Radio Equipment Market Report Segmentation Analysis

Key segments that contributed to the derivation of the two-way radio equipment market analysis are type, signal frequency, and end use industry.

• Based on type, the two-way radio equipment market is divided into digital and analog. The digital segment is anticipated to hold a significant market share in the forecast period.
• Based on signal frequency, the two-way radio equipment market is divided into very high frequency (VHF) and ultra-high frequency (UHF)). The very high frequency (VHF) segment is anticipated to hold a significant market share in the forecast period.
• By end use industry, the market is segmented into government & public safety, manufacturing, utilities, transportation & logistics, education, hospitality, and others. The government & public safety segment is anticipated to hold a significant market share in the forecast period.

Two-Way Radio Equipment Market Share Analysis by Geography

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.

Two-Way Radio Equipment Market Regional Insights

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.

Two-Way Radio Equipment Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. BK Technologies Inc.
2. Bearcom Group Inc.
3. Hytera Communications Corporation Ltd
4. Icom America Inc.
5. Midland Radio Corporation
6. Motorola Solutions Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Two-Way Radio Equipment Market News and Recent Developments

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:

• Hytera Communications, one of the leading global providers of professional communications technologies and solutions, has recently released its latest intrinsically safe (IS) radio series, including HP79XEx DMR Portable Two-way Radio and PT890Ex TETRA Portable Radio. (Source: Hytera Communications Company Website, November 2023)
• Motorola Solutions announced the launch of the MOTOTRBO R7 in Europe, the Middle East and Africa. The new digital two-way radio offered advanced audio features and a slim, rugged design to connect teams in loud, rough and dynamic environments. (Source: Motorola Solutions Company Website, April 2022)

Two-Way Radio Equipment Market Report Coverage and Deliverables

The “Two Way Radio Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Two-way radio equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Two-way radio equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Two-way radio equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the two-way radio equipment market
• Detailed company profiles