The Underwater Acoustic Communication Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Underwater Acoustic Communication Global Market Report 2024, The underwater acoustic communication market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to naval defense applications, oil and gas industry requirements, scientific research and oceanography, underwater surveillance systems, submarine cable maintenance..
The underwater acoustic communication market size is expected to see rapid growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to rising demand in offshore renewable energy, expansion of underwater robotics, commercial subsea exploration, underwater data centers, environmental monitoring and conservation, increasing applications in environmental monitoring, military and defense applications. Major trends in the forecast period include underwater navigation systems, strategic collaborations, commercial offshore infrastructure, research and development in underwater acoustics..
Rising demand for environmental protection is expected to propel the growth of the underwater acoustic communication market going forward. Environmental protection refers to efforts and actions taken to conserve and preserve the natural environment, prevent pollution, and promote sustainable practices to safeguard the Earth’s ecosystems and resources. Underwater acoustic communication helps by supporting conservation efforts and promoting sustainable practices in aquatic environments, such as underwater noise monitoring and marine protected area (MPA) management. For instance, in October 2022, according to the report released by Statistics Sweden, a Sweden-based government agency, the overall amount spent by Swedish businesses on environmental protection in 2021 was $2.13 (SEK 23) billion, an increase of 11% from 2020. In 2021, expenditures accounted for 57%. Environmental protection investments increased in all environmental domains except wastewater and waste management, which increased by 70% in environmental and 80% in land domains. Therefore, the rise in demand for environmental protection is driving the growth of the underwater acoustic communication market.
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The underwater acoustic communication market covered in this report is segmented –
1) By Interface Platform: Sensor Interface, Acoustic Modem, Other Interface Platforms
2) By Communication Depth: Shallow Water, Medium Water, Long Water, Full Ocean
3) By Application: Environmental Monitoring, Pollution Monitoring, Climate Recording, Hydrography, Oceanography, Other Applications
4) By End-User: Oil And Gas, Military And Defense, Scientific Research And Development, Homeland Security, Marine
The adoption of new technologies is a key trend gaining popularity in the underwater acoustic communication market. Major companies operating in the underwater acoustic communication market are adopting new technologies to sustain their position in the market. For instance, in March 2022, Kongsberg Maritime, a Norway-based maritime technology company, launched cNODE MiniS transponder. The new transponder units are primarily intended for placing ROVs, AUVs, and towed bodies. They are also well suited for activities requiring additional depth data or depth assisting, such as detecting subsea structures. It is especially suitable for windfarm installation assistance applications. The 100m-rated unit is appropriate for windfarm installation, and the 1,000m- and 4,000m-rated devices are ideal for subsea construction, deep-water research, towfish tracking, and AUV missions.
The underwater acoustic communication market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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