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 "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" report has been added to ResearchAndMarkets.com's offering.
The market is estimated 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 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.
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.
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.
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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