Underwater Monitoring for Oil & Gas Market to Cross $1.8 Billion by 2024
Growing need to monitor oil
and gas reserves and implementations of strict safety regulations to drive
global underwater monitoring for oil & gas market during the forecast
period
According to TechSci Research report, “Global Underwater
Monitoring for Oil & Gas Market By Product, By Communication Method, By
Subsea Sensor, By Monitoring System, By Region, Competition, Forecast & Opportunities,
2024”, the global underwater monitoring for oil & gas market is forecast
to surpass $ 1.8 billion by 2024 owing to the increasing need to monitor
complexities in the deep sea operations. 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 system for oil &
gas over the coming years. In addition to this, rising applications of
underwater robotics along with the rising use of unmanned underwater submarines
are some other factors aiding the underwater monitoring system for the oil
& gas market worldwide. Furthermore, such a complex structure and design of
the process and the maintenance of the subsea pipelines are also expected to
boost market growth through 2024.
Browse 118
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Monitoring for Oil & Gas Market"
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Global underwater
monitoring for oil & gas market can be 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 these, FDMA communication
method is projected to hold the largest market share during the forecast period
on the account of its simplicity to implement with respect to hardware resource
as it allocates dedicated frequencies to different stations.
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KCF
Technologies, BMT Group, Schlumberger-OneSubsea, Bowtech Products, Konberg
Maritime, SONARDYNE, Mitcham Industries, Fugro, Force Technology, and Pulse
Structural Monitoring are the leading players operating in global underwater
monitoring for oil & gas market. “The under-water monitoring for oil &
gas market is gaining traction and expanding to various regions across the
globe. Asia-Pacific is expected to remain the largest underwater monitoring for
oil and gas market during the forecast period. The region’s 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 anticipated to fuel demand for underwater monitoring
equipment-based applications in 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 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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