The global land mobile radio system market is anticipated to rise to a valuation of USD 11,099.99 million by 2023, at a 10.69% CAGR during the forecast period (2018-2023). The need for land mobile radio systems (LMRs) in private security agencies is likely to bode well for the market. Unprecedented development of cities coupled with need for manned security services for the protection of citizens are expected to fuel the market growth.
Inflated defense expenditure of nations is predicted to boost the land mobile radio system market growth. Military spending had reached USD 1.7 trillion in 2017 according to the Stockholm International Peace Research Institute (SIPRI). Modernization of legacy equipment coupled with geopolitical tensions are likely to elicit the demand for LMRs till 2023. Commercial and industrial applications in oil & gas, logistics, transportation, utilities, and others offer new avenues for LMR vendors to expand.
Increasing use of unmanned aerial vehicles (UAVs) or drones for long-distance communication can be detrimental to the market. Emergence of automated security systems also pose a considerable threat to market growth.
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The land mobile radio system market is segmented by type, application, and technology.
By type, portable LMRs can exhibit 11.08% CAGR over the forecast period to generate close to USD 7,081 million by 2023. The extensive use by militaries and governments is expected to spur the segment’s growth till the end of the forecast period. On the other hand, vehicle-mounted LMRs can exhibit 10.03% CAGR over the assessment period to generate USD 4,018.7 million for the land mobile radio system market.
By application, public safety held close to 75.61% share of the land mobile radio system market in 2017. It can exhibit a strong CAGR of 10.76% during the assessment period owing to need for LMRs by public safety agencies such as firefighters, police, and other emergency responder organizations. On the other hand, the commercial application can generate close to USD 2,675.4 million by 2023.
By technology, digital accounted for 56.75% share of the land mobile radio system market in 2017 and purported to dominate the market till 2023. The digital segment can exhibit 11.84% during the forecast period to generate close to USD 6,706.4 million by 2023. Factors driving the segment growth are the rugged nature and its operability on advanced communication networking technology. Its counterpart, on the other hand, accounted for 43.25% market share in 2017. Analog can accrue close to USD 4,393.5 million by 2023 owing to being a trusted source for radio communication.