Underwater Acoustic Communication Market for Oil & Gas worth 2.86 Billion USD by 2023

[138 Pages Report] The underwater acoustic communication market is expected to grow from USD 1.15 Billion in 2016 to USD 2.86 Billion by 2023, at a CAGR of 13.8% during the forecast period. The base year considered for the study is 2016, and the market size forecast is given for the period between 2017 and 2023.

Objective of the Study:

• Define, describe, segment, and forecast the underwater acoustic communication market, in terms of value, segmented on the basis of interface platform, communication range, application, and end users
• Define, describe, and forecast the global underwater acoustic communication market, in terms of volume
• Forecast the market size of various segments with respect to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• Provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• Analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
• Profile the key players and their core competencies2 and provide the details of the competitive landscape for market leaders
• Analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, product developments, and research and development (R&D) activities in the underwater acoustic communication market

Underwater acoustic communication market for oil & gas industry to grow at a significant rate between 2017 and 2023

The oil & gas sector plays a vital role in any country’s economy. Companies have to take the responsibility to reduce pollution created by them and its impact on environment. Accidental oil release, pipeline breakage, and toxic release in water pose a serious threat to the environment. Hence, the oil & gas industry is widely using acoustic modems to continuously monitor the undersea environment.

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North America held a major share of the underwater acoustic communication market in 2017

Owing to the growing security concerns in the US and Canada, these countries are using unmanned underwater vehicles (UUVs) for various defense operations such as anti-submarine warfare, security, and surveillance. Moreover, these UUVs are used for collecting the data on seabeds and inspection of pipelines and other subsea equipment. Thus, the increasing applicability of UUVs in the defense and commercial sectors is anticipated to drive the growth of the underwater acoustic communication market in North America.

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.

Based on application, environmental monitoring accounted for the largest share of the underwater acoustic communication market in 2017. Environmental monitoring is useful in supervising potential effects of the terrestrial and nearshore environment on onshore construction activities. The oil & gas industry is expected to largely drive the growth of the underwater acoustic communication market for the environmental monitoring application.

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