According to the report, the global Terrestrial Trunked Radio (TETRA) system market was estimated at $2.14 billion in 2020, and is anticipated to hit $8.57 billion by 2030, registering a CAGR of 15.24% from 2021 to 2030. Rise in demand for efficient critical communication, developments in advanced communication system in the Industrial sector, and emergence of high-end technological advancements drive the growth of the global Terrestrial Trunked Radio (TETRA) system industry.
On the other hand, high investment and maintenance cost restrains the growth to some extent. However, increase in use of mobile radio in the transportation sector is expected to pave the way for lucrative opportunities in the industry.
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KEY BENEFITS FOR STAKEHOLDERS:
• The study offers readers an in-depth analysis of the global Terrestrial Trunked Radio (TETRA) System Market, with current trends and future estimations to interpret the forthcoming investment pockets.
• Thorough market research has been done with essential information related to key drivers, restraints, and opportunities of the global Terrestrial Trunked Radio (TETRA) System Market.
• A quantitative as well as qualitative analysis of the Terrestrial Trunked Radio (TETRA) System Market outlook forecast is done which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
• Porter's five forces study helps analyze the buyers & suppliers network and make profitable business decisions by understanding the competitive scenario.
• The report includes an analysis of regional segments, market segments, key players, application areas, and market growth strategies.
• Major economies in each region are mapped according to their revenue contribution to the global Terrestrial Trunked Radio (TETRA) System Market.The Hardware Segment to Dominate by 2030-
Based on component, the hardware segment held the major share in 2020, accounting for around two-thirds of the global Terrestrial Trunked Radio (TETRA) system market. This is attributed to the fact that ETRA hardware offers several advantages such as they provide alerts to users in case of an emergency and offer durability and man-down functionalities. At the same time, the software segment would register the fastest CAGR of 17.2% from 2021 to 2030. Implementation of software application for text messaging, monitoring radio, and accessing voice & data information is expected to heighten the demand for software component in the terrestrial trunked radio (TETRA) system market, thereby driving the segment growth.
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The Portable Segment to Maintain the Dominant Share-
Based on device, the portable segment contributed to more than two-thirds of the global Terrestrial Trunked Radio (TETRA) system market revenue in 2020, and is projected to lead the trail throughout the forecast period. This is because portable radios are handy and easy to use. However, the vehicular segment is projected to grow at the fastest CAGR of 16.5% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, Garnered the Highest Share in 2020-
Based on region, the market across Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, accounting for around one-third of the global Terrestrial Trunked Radio (TETRA) system market, and is estimated to continue its dominant share in terms of revenue by 2030.
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Key Players in the Industry-
HYTERA Communications Corporation Limited
SIMOCO Group
BITEA Limited
ROHILL Engineering B.V.
DAMM Cellular Systems A/S
SEPURA PLC
Airbus Defense and Space OY
Motorola Solutions, Inc.
ROLTA India Limited
JVCKENWOOD Corporation