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.
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According to the new market research report "Underwater Acoustic Communication Market by Interface Platform, Communication Range, Application (Environmental Monitoring, Pollution Monitoring, Climate Recording, Hydrography, Oceanography), End User, and Geography - Global Forecast to 2023", the underwater acoustic communication market, the 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% during the forecast period. The major factor driving the growth of this market is the increase in the adoption of underwater acoustic modems in the oil & gas and naval defense sector.
Moreover, there is an increasing demand for reliable, high-capacity underwater acoustic networks because a large volume of research had been conducted over the last decade to overcome difficulties in the propagation of information bearing signals through shallow water regions.
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Underwater acoustic communication market for the environmental monitoring application to hold the largest market share in 2017
Environmental monitoring is useful in supervising potential effects of terrestrial and nearshore environment on onshore construction activities. Various unmanned underwater vehicles (UUVs) equipped with underwater acoustic modems are used to explore natural undersea resources and gather scientific data in collaborative monitoring missions.
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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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.
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.
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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.
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