Asia Pacific To Register Highest CAGR in Global Underwater Monitoring for Oil & Gas Market During Forecast Period
Growing need to monitor
oil and gas reserves and implementations of strict safety regulations are
expected to drive the growth of global underwater monitoring for oil & gas
market during forecast period
According to
TechSci Research report, “Global Underwater
Monitoring For Oil and Gas Market By Product, By Communication Method, By Technology
Subsea Sensor, By Monitoring System, By Region, Competition, Forecast &
Opportunities, 2024”, global underwater monitoring for oil & gas
market is expected to register a CAGR of 7% over the forecast period owing to the complexities involved
in the deep sea operations and maintenance of subsea systems. Moreover, increasing
number of accidents at the offshore oil rig and drilling facilities is further
estimated to boost the growth of the global underwater monitoring for oil &
gas market over the coming years. In addition to this, rising applications of
underwater robotics along with the increased use of unmanned underwater
submarines are some other factors aiding the underwater monitoring for the oil
& gas market worldwide. Furthermore, such a complex process and the maintenance
of the subsea pipelines are also anticipated to give a healthy push to the
market growth through 2024.
Global underwater
monitoring for oil & gas market is segmented based on product, communication
method, subsea sensor, monitoring system and region. Considering the communication
method, the market can be segmented into space division multiple access (SDMA),
frequency division multiple access (FDMA), time division multiple access (TDMA)
and code division multiple access (CDMA). Out of which the FDMA communication
method is projected to hold the maximum market share (around 35%) throughout
the forecast period on account of its simplicity to implement with respect to
hardware resource as it allocates dedicated frequencies to different stations.
KCF
Technologies, BMT Group, Schlumberger-OneSubsea, Bowtech Products, Kongsberg
Maritime, Sonardyne, Mitcham Industries, Fugro, Force Technology, Pulse
Structural Monitoring and others are the leading players operating in global underwater
monitoring for oil & gas market.
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“Regionally,
the underwater monitoring for oil & gas market is gaining traction in Asia-Pacific,
North America, South America, Europe, and Middle East & Africa regions.
Among these regions, Asia-Pacific is projected to grow at an impressive CAGR
during the forecast period. This growth can be mainly attributed to the world’s
major oil and gas companies undertaking major projects for exploration and
production operations especially in Myanmar and China, which is estimated to
fuel the demand for underwater monitoring equipment-based applications over the
coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Global Underwater Monitoring For Oil &
Gas Market By Product, By Communication Method, By Technology Subsea Sensor, By
Monitoring System, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global underwater
monitoring for oil & gas market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in
global underwater monitoring for oil & gas market.
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