Terrestrial Trunked Radio (TTR) is a two-way wireless communications system that allows individual or group of users to access a shared medium of specified channels from networked transceiver stations for communication purposes. Growing need for reliable and cost-effective communication systems, especially in public safety organizations, transportation, and commercial sectors has led to high demand for TTR systems.
The Global terrestrial trunked radio market is estimated to be valued at US$ 5.25 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for TTR systems in public safety and commercial applications is expected to drive the Global market over the forecast period. Growing need for enhanced communication capabilities among security and emergency agencies such as police, fire fighting services, and ambulance has resulted in increased deployment of TTR solutions by these organizations. Government emphasis on public safety along with rising budgets for procuring advanced communication technologies also supports the adoption of TTR. Similarly, companies operating in transport, utilities, manufacturing, and construction are increasingly implementing TTR systems to enable effective coordination of field operations and workforce. Increased spending on business communication infrastructure would present lucrative business opportunities within the commercial sector. Growing private security requirements of businesses and business continuity needs are also estimated to positively influence terrestrial trunked radio demand over the forecast period.
Porter's Analysis
Threat of new entrants: The Terrestrial Trunked Radio market is a very competitive market with the presence of few large players. High capital requirements and economies of scale pose significant barriers for new players to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a variety of TTR solutions from different vendors in the market. However, switching costs from one system to another are high in case of large-scale systems.
Bargaining power of suppliers: A few major players dominate the supply of key components like repeaters, mobiles, and base stations. This gives them significant bargaining power over buyers.
Threat of new substitutes: There are limited substitutes for TTR systems for applications involving vehicles, transportation, and utilities owing to their advantages like flexibility, scalability and secure wireless communication.
Competitive rivalry: Strong
SWOT Analysis
Strengths: Established infrastructure, proven technology, secure communication, cost-effectiveness.
Weaknesses: High investment costs, dependency on licensed spectrum, technology upgrades require additional spending.
Opportunities: Growing commercial applications, demand from utilities and transportation sectors, adoption in developing markets.
Threats: Growing availability of broadband networks, entry of new technologies like private LTE networks, security risks.
Key Takeaways
Global Terrestrial Trunked Radio Market Demand is expected to witness high growth.
The Asia Pacific region is expected to dominate the market during the forecast period owing to high investments in public safety infrastructure from countries like China and India. Europe currently holds the largest share of the market.
Key players operating in the Terrestrial Trunked Radio market are Motorola Solutions, JVCKENWOOD, Hytera Communications, Sepura, Simoco Wireless Solutions, Tait Communications, Codan Radio Communications, Cisco Systems, Harris Corporation, and PowerTrunk. Motorola Solutions is the largest player with a significant market share. Regional players are also focused on tapping opportunities in developing markets.
Get More Insights on this Topic- https://www.dailyprbulletin.com/terrestrial-trunked-radio-market-value-analysis-and-insights/
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