According to a new report published by Allied Market Research, titled, “Terrestrial Trunked Radio (TETRA) System Market by Component, Modes of Operation, Device, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global terrestrial trunked radio (TETRA) system market size is expected to reach $8.57 billion by 2030 from $2.14 billion in 2020, growing at a CAGR of 15.24% from 2021 to 2030. The Asia-Pacific region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and North America.
TETRA systems are used in both public safety and commercial sectors by organizations that need reliability, capacity, and security for their communications. TETRA infrastructures, devices, services and applications are used by many industries, including public safety, oil & gas, transport and logistics, and utilities. The effectiveness, reliability and security of TETRA combined with its range of applications, makes it primary for many businesses and organizations. TETRA technology brings new outstanding features to mobile communications by combining features of mobile phones with fast data communications and the work group capabilities of PMR.
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Advancements in broadband technologies offers huge demand for TETRA devices to guarantee better penetration and reliable results. With advancements in technology, the railway industry is replacing equipment with radio based digital signaling & telecommunication systems. Radio-based signaling & telecommunication systems permit to connect between various control centers & train crew and can easily replace existing conventional or analog communication systems. Continuous investments from operators in LTE infrastructure and prevalent internet, which has grown, owing to popularity of social networking sites propel terrestrial trunked radio (TETRA) system market growth.
The global terrestrial trunked radio (TETRA) system market size is anticipated to witness significant growth during the forecast period. Factors such as growth of advance communication in the industrial sectors, technological advancements, and increase in demand for mission critical communication drive the market growth. However, high investments and maintenance cost are major restraints in the global market growth. In addition, growing use of mobile radio in the transportation industry is expected to create opportunities for the market. Therefore, these factors are expected to definitely affect global terrestrial trunked radio (TETRA) system industry during the forecast period.
Region-wise, the terrestrial trunked radio (TETRA) system market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2020. Also, the market in Asia-Pacific region is expected to grow at a faster rate as compared to other regions, owing to high adoption of TETRA technologies in the government and public & safety, and transformation industry. The overall terrestrial trunked radio (TETRA) system market analysis is determined to understand the profitable trends to gain a stronger foothold.
Covid-19 Impact Analysis
COVID-19 has impacted both consumers and the economy. Electronics manufacturing hubs have been temporarily shut down to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the terrestrial trunked radio (TETRA) system market by creating shortage of materials, components, and finished goods. Lack of business continuity has ensured significant negative impact on revenue and shareholder returns, which further result in financial disruptions in the market.
In addition, sudden decline in infrastructure development and installation projects is expected to hamper the terrestrial trunked radio (TETRA) system market share. However, the demand for terrestrial trunked radio (TETRA) system has increased during the pandemic.
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Key Findings Of The Study
- In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 14.10% during the forecast period.
- The trunked mode operation (TMO) segment accounted for more than 60% of the global market share in 2020.
- The commercial segment witness highest growth rate during the forecast period.
- UK was the major shareholder in the Europe terrestrial trunked radio (TETRA) system market share, accounting for approximately 28% share in 2020.
The key players profiled in the report include SEPURA PLC, HYTERA Communications Corporation Limited, ROLTA India Limited, BITEA Limited, ROHILL Engineering B.V., Airbus Defense and Space OY, Motorola Solutions, Inc., JVCKENWOOD Corporation, SIMOCO Group, and DAMM Cellular Systems A/S These players have adopted various strategies, such as partnership, agreement, collaboration, acquisition, and product launch, to expand their foothold in terrestrial trunked radio (TETRA) system industry.
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