LMR system market to reach USD 50.12B by 2028
Land Mobile Radio (LMR) System Market industry amassed earnings worth US$ 36.87 billion in 2021 and is set to garner ROI about US$ 50.12 billion by 2028, as per Zion Market Research study. In addition to this, Land Mobile Radio (LMR) System Market is prognosis to record CAGR of almost 17% in 2022-2028. Apparently, growth of land mobile radio (LMR) system market over forecasting period is due to escalating demand for reliable & cost-effective land mobile radio systems. In addition to this, large-scale use of these systems in myriad sectors such as transport and defense will steer expansion of land mobile radio (LMR) system industry. Apart from this, transition from analog land mobile radios to digital ones will pave a way for progression of land mobile radio (LMR) system industry. Rise in land mobile radio systems in commercial, construction, mining, utilities, and military sectors will prop up scope of land mobile radio (LMR) system industry in ensuing years. Additionally, escalating demand for LMR systems will favorably leverage land mobile radio (LMR) market earnings.
Key insights & finding:
- As per the analysis shared by our research analyst, the Land Mobile Radio (LMR) system market is expected to grow annually at a CAGR of around 17% (2022-2028).
- Through the primary research, it was established that the Land Mobile Radio (LMR) system market was valued approximately USD 36.87 billion in 2021 and is projected to reach to roughly USD 50.12 billion by 2028.
- Huge demand for enhancing efficiency of critical mission functions will provide new growth opportunities for land mobile radio (LMR) system industry in Asia Pacific.
Land mobile radio system is a 2-way wireless communication tool utilized for critical communications by public safety firms. Furthermore, it is massively used by terrestrial users for communicating with a base station. It consists of vehicle-mounted mobile & portable radios as well as repeaters & network infrastructure. These tools provide interoperability between various agencies, integrate voice & data solutions, and improve compatibility with current tools including marine, construction, transport, military, and defense sectors.
Key factors driving growth of land mobile radio (LMR) system market over next six years can be credited to LMR system integration with LTE network. In addition to this, rapid increase in mission critical communication functions undertook by myriad industries will proliferate size of land mobile radio (LMR) system industry over ensuing years. Furthermore, massive utilization of LMR tools in defense & military and transport sectors will steer expansion of land mobile radio (LMR) system industry in years to come. Apart from this, land mobile radio technologies find extensive applications in utilities, hospitality, and manufacturing sectors.
Moreover, these new solutions offer improved signal coverage, enhanced voice quality, and elongated battery life, thereby driving market trends. Additionally, LMR technologies are utilized by fire agencies, law enforcement firms, ambulatory service providers, and paramedics. This will steer growth of land mobile radio (LMR) system industry. Surging demand for cost-efficient and reliable land mobile radio systems across globe will prop up progression of land mobile radio (LMR) system industry space.
Digital LMR system to lead technology segment over 2022-2028
Growth of segment over forecasting timeline is subject to beneficial features of digital LMR systems such as rapid voice call set-up, group calling, priority access to end-user, and high quality audio. In addition to this, digital LMR systems can be utilized to monitor crimes, natural disasters, terrorist attacks, and cybercrimes.
North American LMR system market to expand remarkably by 2028
Rapid expansion of land mobile radio (LMR) system market in North America over forecasting timespan is due to favorable initiatives in the U.S. along with high-speed communication services provided by government to defense personnel. Presence of giant participants in sub-continent will contribute substantially towards regional market size.
BK Technologies, L3Harris Technologies, Thales Group, Motorola Solutions Inc., Cassadian Communications Incorporation, Airbus DS Communications Inc., TE Connectivity, Honeywell International Inc., The Raytheon Company, Nokia Networks, JVC Kenwood Holdings Inc.
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