New York, July 13, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Mission Critical Communication Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Technology [Land Mobile Radio (LMR) and Long Term Evolution (LTE)]and Vertical (Public Safety and Government Agencies, Transportation, Energy and Utilities, Mining, and Others)” The global mission critical communication market growth is driven by Increase in adoption of critical communication systems from energy & utility sector rise in investments in new product Initiative by global players.
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|Market Size Value in||US$ 17.03 billion in 2022|
|Market Size Value by||US$ 27.87 billion by 2028|
|growth rate||CAGR of 8.6% from 2022 to 2028|
|No. of Pages||191|
|No. of Charts & Figures||88|
|Historical data available||Yes|
|Segments covered||Component, Technology, and Vertical|
|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|
In North America, the US mining industry is growing exponentially. The mining sector includes exploration, extraction, beneficiation, and processing of naturally occurring solid minerals from the earth. Coal, iron, copper, zinc, and other metals as well as industrial minerals, including potash, limestone, and other crushed rocks, are mined in the country. As of 2019, there are ~13,000 operational mines in the US, worth US$ 61 billion. Growing mining activities in the US will have a positive impact in mission critical communication market. Additionally, mining activities are constantly increasing in Canada. The country is one of the top 5 producers of gold, indium, niobium, platinum group metals, titanium concentrate, and uranium. The mining sector in the country is also the world’s top producer of potash. Thus, the rise in mining activities across the US and Canada is positively influencing the demand for mission critical communication systems, thereby bolstering the mission critical communication market growth.
Further, North American countries have exhibited high military expenditure in the last decade. Such elevated pending has encouraged the procurement of advanced military vehicles, weapons, and communication systems. In January 2022, the US Department of Defense offered a contract worth $29 million to Motorola Solutions to continue operating and maintaining the land mobile radio (LMR) systems of the US Navy. Therefore, the rising investment by military forces is expected to boost the mission critical communication market size in North America.
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Mission Critical Communication Market: Competitive Landscape and Key Developments:
Telefonaktiebolaget LM Ericsson; Thales Group; L3Harris Technologies, Inc.; Motorola Solutions; and Hytera Communications Corporation Ltd. are a few key mission critical communication market players. In addition, several other companies were studied and analyzed to get a holistic view of the market and its ecosystem. Ascom Holding AG (Ascom); Huawei Technologies Co., Ltd.; Nokia Corporation; TASSTA GmbH; Zenitel; and many more mission critical communication market players are considered during the study.
In 2021, Ericsson is expanding its 5G capabilities with the release of an end-to-end solution that will ensure the constant low latency and high reliability required by time-critical applications and services for consumers, companies, and governments.
In 2022, Nokia partnered with Cibicom, a Danish operator and internet service provider (ISP), to build a new 450MHz LTE (4G) network. The initiative will ensure that crucial mission-critical services across the country have access to highly dependable and secure connection while also preparing for mainstream IoT deployment.
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Mission Critical Communication Market Analysis: Vertical Overview
Based on application, the mission critical communication market size is segmented into public safety and government agencies, transportation, energy and utilities, mining, and others. The public safety and government agencies led the mission critical communication market in 2021; However, the transportation segment is expected to register the fastest CAGR during the forecast period. There are two significant trends in the transportation industry that support the requirements of vital communications networks. First, huge, and real-time analyzable data are being used to support dynamic decision-making in tasks such as rerouting trucks or allocating certain drivers to specific duties. Transportation companies are dealing with an enormous amount of data obtained from GPS trackers; sensors measuring passengers, goods, and vehicles; and connected thermometers and demand-responsive services, which must be analyzed and utilized while on the move. These trends in transportation are likely to fuel the demand for mission critical communications in various countries, and henceforth supporting mission critical communication market.
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Mission Critical Communication Market Analysis: Impact of COVID-19
In the MEA, the UAE, Morocco, Egypt, and Kuwait were key countries affected by the COVID-19 pandemic. Saudi Arabia, the UAE, Qatar, and selected other OPEC countries experienced a drop in economic activities during the first two quarters of 2020. However, investments from western countries are growing in the oil & gas sector. The onset of COVID-19 crisis has negatively impacted the mission critical communication market to some extent in MEA region. Despite closure of business, the regional industries took focus to upgrade their critical communication systems. In December 2020, a large oil and gas company in Saudi Arabia chose Airbus Defense and Space (Netherlands), a leading provider of secure mission critical communications, to update its mission critical communication network for Secure communications systems by Airbus are tailored to both civil and military applications. With the implementation of these systems, the oil and gas company are likely to strengthen its facilities and maximize the use of cutting-edge smart solutions and IoT platforms. Contracts mentioned above are projected to create lucrative business opportunities mission critical communication market share in MEA region. Similarly, the demand for mission critical communication systems, and other products easing and securing the manufacturing operations started increasing from the beginning of Q3 of 2020 due to reopening of manufacturing, oil & gas, and energy & utilities. With business getting recommence, the mission critical communication market growth will be high.
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Browse Adjoining Reports:
Public Safety and Government Agencies Mission Critical Communication Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services); Technology (Land Mobile Radio (LMR), Long-Term Evolution (LTE), and WiFi Mesh)
Critical Communication Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Offering (Hardware, Services); Technology (Land Mobile Radio, Long-Term Evolution); Application (Transportation, Mining, Public Safety, Utility, Others); Geography
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Military Communications Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (SATCOM System, Radio System, Radar and Sonar System); Application (Command and Control, Situational Awareness, Routine Operations, Others); End-user (Air Force, Ground Force, Naval Force) and Geography
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