Terrestrial Trunked Radio Market Is Estimated To Witness High Growth Owing To Opportunity In Public Safety Sector

Terrestrial Trunked Radio (TETRA) is a professional mobile radio and two-way transceiver specification. TETRA was specifically designed for use by government agencies, emergency services, transportation systems, defense and security organizations and utilities. TETRA offers highly secure communication for tasks like national emergencies, civil protection operations, public order services and commercial activities that require mission-critical communications. It provides improved voice and data communication along with features like group calls, direct mode operation, and talking parties. As public safety requires reliable and real-time communication during emergency situations, the demand for TETRA systems is increasing in police forces, fire departments and ambulance services.

The global Terrestrial Trunked Radio Market Growth is estimated to be valued at US$ 6.05 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Growing urbanization and increasing terrorist activities have highlighted the need for robust public safety infrastructure. As a result, demand for advanced communication systems that can enable efficient coordination between different agencies during emergency responses is rising. Terrestrial Trunked Radio (TETRA) technology offers highly secure and reliable group communication abilities which make it suitable for mission critical public safety applications. With its features like direct mode operation and prioritized calls, TETRA allows public safety organizations to communicate effectively even in the absence of infrastructure. The opportunity for TETRA systems in the public safety sector is growing significantly as governments across the world are investing heavily in upgrading their emergency networks. For instance, the First Responder Network Authority (FirstNet) in the US is building a nationwide public safety broadband network using TETRA infrastructure. Growing emphasis on digital transformation of public safety networks is expected to drive significant demand for TETRA systems during the forecast period.

Porter’s Analysis
Threat of new entrants: The terrestrial trunked radio market requires huge capital investment for infrastructure development limiting the threat of new entrants. However, the market growth prospect provides opportunities for new vendors.

Bargaining power of buyers: The bargaining power of buyers is moderate as terrestrial trunked radio systems have customized features giving buyers options to switch between vendors.

Bargaining power of suppliers: Major vendors dominating the market limits the bargaining power of suppliers. However, the availability of low-cost alternatives increases supplier competition.

Threat of new substitutes: Technologies like private mobile radio are substitutes but do not offer the flexibility and advantages of terrestrial trunked radio increasing the threat of substitution moderately.

Competitive rivalry: The market has few global players intensifying competitive rivalry. However, regional vendors create product differentiation maintaining competitive pressures.

SWOT Analysis
Strength: Terrestrial trunked radio system offers integrated communication, flexibility, and scalability. It ensures seamless communication in offices, industries, transportation through wireless connectivity.

Weakness: High infrastructure cost, periodic system upgrades, interoperability issues with other radio systems are weaknesses. Complex designs require specialized skills for operation and maintenance.

Opportunity: Growth in transportation, public safety,utilities sector boosts the need for reliable communication. Developing regions improving infrastructure offer new opportunities.

Threats: Rising number of natural disasters could damage infrastructure. Changing industry standards and new technologies pose replacement threats.

Key Takeaways
The global Terrestrial Trunked Radio Market Growth is expected to witness high growth during the forecast period owing to increasing investments in public safety infrastructure across regions. The global Terrestrial Trunked Radio Market is estimated to be valued at US$ 6.05 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the market currently due to large-scale infrastructure development and upgrading of public safety networks in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing 5G deployment and smart city projects in China, India, and ASEAN countries.

Key players: Key players operating in the terrestrial trunked radio market are Fera Pharmaceuticals, Pfizer, Novartis AG, Merck KGaA, Baxter, Cipla Limited, Zydus Cadila, Lupin Pharmaceuticals, Inc., UCB, Inc., APOTEX INC, and Moleculin Biotech, Inc. Fera Pharmaceuticals specializes in radiation protection products catering to the defense sector majorly in North America. Novartis AG focuses on emerging markets through acquisitions and partnerships.