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Oil & Gas Sector Poised to Play a Key Role in the Growth of Underwater Acoustic Communication Market in the Coming Years

Market overview

The global underwater Acoustic Communication Market that was valued at USD 1.31 Billion in 2017 is predicted to be worth USD 2.86 Billion by 2023, growing at a CAGR of 13.8% during the forecast period from 2017-2023.

On the basis of interface platform, the acoustic modem currently holds the largest market share, owing to the increasing adoption of underwater acoustic modems in naval defense in order to support the communication system. Based on communication range, the segment of medium-range shallow water communication system is projected to witness the fastest growth in the coming years, since major industries like oil & gas and military & defense are increasingly exploring the possibilities of using medium- and long-range underwater acoustic communication systems.

Among applications, the environmental monitoring segment held the largest market share in 2017, owing to the oil & gas industry that uses environmental monitoring to explore natural undersea resources and collect data in collaborative monitoring missions.

Based on end-users, the scientific research & development segment held the largest market share in 2017 whereas the oil & gas industry is expected to witness the highest growth in the coming years. This growth can be attributed to the leading oil companies that are expected to increase their capital expenditure for exploration and resume deep water drilling in order to build hydrocarbon-based assets.

Which region is expected to lead the market and why?

Among regions, the market for underwater acoustic communication in North America held the largest share in 2017, and is also expected to register the highest growth during the forecast period. This growth can be attributed to rising security concerns in the U.S. and Canada because of which these countries are increasingly using unmanned underwater vehicles (UUVs) for various defense operations such as anti-submarine warfare, security, and surveillance. These UUVs are also used for collecting the data on sea beds and inspecting pipelines and other subsea equipment. Therefore, the growing application of UUVs in the defense and commercial sectors is expected boost the growth of the underwater acoustic communication market in North America.

What are the factors driving and restraining the market growth?

  • Increased adoption of underwater acoustic modems in naval defense
  • Growing importance of reliable underwater security measures worldwide
  • Increasing offshore oil & gas production

Moreover, growing demand for environmental protection is also expected to further create growth opportunities for the market.

On the other hand, limited speed of data transmission and delayed delivery rates due to relatively slow sound speed in water are the major factors likely to hamper the growth of this market. Moreover, availability of limited usable frequency band is a major challenge to be overcome by the market players.

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Key players and strategies adopted

The global market for underwater acoustic communication involves players such as Teledyne Technologies (US), Kongsberg Gruppen (Norway), Thales Group (France), Ultra Electronics (UK), Sonardyne International (UK), Evologics (Germany), DSPComm (Australia), Mistral (US), Nortek (Norway), Aquatec Group (UK), Baltrobotics (Poland), Tritech International (UK), Gavial Holdings (US), Hydroacoustic (US), LinkQuest (US), AquaSent (US), Proserv (UK), Subnero (Singapore), RTSys (Caudan), G5 Scientific (US), JPAnalytics (US), Seagnal (France). These companies adopted various growth strategies such as product launches and developments, joint ventures, collaborations, agreements, contracts, and partnerships, and mergers & acquisitions in order to expand their global presence as well as witness a sustained growth in the market.



This post first appeared on MarketsandMarkets Blog - Market Research, please read the originial post: here

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Oil & Gas Sector Poised to Play a Key Role in the Growth of Underwater Acoustic Communication Market in the Coming Years

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