“Increase in the adoption of underwater acoustic modems in the oil & gas and naval defense sectors to drive the growth of the underwater acoustic communication market”
The underwater acoustic communication market is expected to grow from USD 1.31 billion in 2017 to USD 2.86 billion by 2023, at a CAGR of 13.8% between 2017 and 2023. The key factor driving the growth of the underwater acoustic communication market includes the increase in the adoption of underwater acoustic modems in the oil & gas and naval defense sectors. Moreover, there is an increasing demand for reliable, high-capacity underwater acoustic networks because a large volume of research conducted over the last decade to overcome difficulties in the propagation of information bearing signals through shallow water regions. However, the limited speed of data transmission and delayed delivery rates due to the relatively slow speed of sound in water limits the growth of this market.
“The market for medium water range underwater acoustic communication systems to grow at the fastest rate”
The unexplored ocean depths have a high potential for future industrial development and applications to monitor and control commercial activities such as underwater equipment related to oil or mineral extraction, underwater pipelines or commercial fisheries. The companies are moving toward medium-range shallow water communication systems for oil and gas exploration and scientific research and development, thereby creating a new market for underwater acoustic communications on the seabed.
“Scientific research and development segment holds the largest size of the underwater acoustic communication market”
Researchers and scientists are continuously taking massive efforts to explore the underwater world fully. Advancements in underwater technology help to understand several factors associated with an environment, such as its nature, creatures, composition, and physics. The growing research for the underwater application has garnered the interest of many industries around the world. Applications such as seismic monitoring, underwater robot operation, underwater surveillance and detection, sea exploration, ocean mapping, and research data collection are also becoming easier due to these advancements.
“Underwater acoustic communication market in APAC to grow at a high rate between 2017 and 2023”
Factors such as increasing military spending, growing need for energy in emerging economies, and rising adoption of UUVs for various application areas are driving the growth of the underwater acoustic communication market in APAC. The demand for AUVs for mine exploration and oceanographic studies has increased significantly in the past few years. In addition, the rising military capabilities of developing nations, such as India and China, are expected to boost the demand for underwater acoustic communications in APAC.
The breakup of the profile of primary participants has been given below:
- By Companies: Tier 1 – 45 %, Tier 2 – 35%, and Tier 3 – 20%
- By Designation: C-Level Executives – 40%, Directors – 35%, and Others – 25%
- By Region: North America – 30%, Europe – 30%, Asia Pacific – 25%, and RoW – 15%
This report provides valuable insights into the ecosystem of underwater acoustic communication. 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) are the major players in the underwater acoustic communication market.
The underwater acoustic communication market has been segmented on the basis of interface platform, communication range, application, end user, and geography. The market, based on the interface platform, has been further segmented into sensor interface, acoustic modem, and others. On the basis of communication range, the underwater acoustic communication market has been segmented into shallow water communication range, medium water communication range, long water communication range, and full ocean range. On the basis of application, the market has been segmented into environmental monitoring, pollution monitoring, climate recording, hydrography, oceanography, and others. The underwater acoustic communication market based on end users has been classified into oil & gas, military & defense, homeland security, scientific research & development, marine. On the basis of geography, the market has been segmented into the Americas, Europe, Asia Pacific, and Rest of the World.
Reasons To Buy the Report:
The report would help the market leaders and new entrants in this market in the following ways:
- This report segments the underwater acoustic communication market comprehensively and provides the closest estimations pertaining to the overall market size and market sizes of its subsegments for different applications and across various regions.
- The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities pertaining to the market.