Press Release

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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