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, 2026”, 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.
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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.
The global underwater monitoring for oil & gas market is segmented based on product, communication method, subsea sensor, monitoring system and region. Based on Subsea Sensor, the market can be segmented into Inclinometers, Rotation Sensors, Proximity Sensors, Pressure Sensors and Others. Among them, pressure sensors segment accounted for the largest market share in 2020 and is expected to grow at the highest pace among all the subsea sensor segment during the forecast period owing to essentiality of sensors and technology advancements in the area. In terms of monitoring system, the market is segregated into Acoustic Sensors, Wireless Sensors Network, Satellite Radio Navigation. Among them, Acoustic Sensors category is expected to continue its market dominance over the next 5 years, which can be attributed to the need of acoustic sensors to calculate the position as well as to store and transmit the information which is obtained from subsea equipment.
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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 was valued at USD1080 million in 2019 and is projected to grow at a CAGR of more than 6.9% by 2026. An underwater monitoring system for oil and gas is basically used to monitor natural fuels like oil and gas. Increasing requirement to monitor oil and gas reserves in deep sea explorations coupled with rise in economic viability of deep-water developments are the key factors for the growth of underwater monitoring for oil & gas all across the globe. Moreover, increase in offshore deep-water and ultra-deep-water explorations is further anticipated to bolster the global underwater monitoring for oil & gas market in the forthcoming years. However, the structure of the underwater monitoring system for oil and gas is very complex, which might act as a major impediment to the market growth.
“Global Underwater Monitoring for Oil & Gas Market By Product, By Communication Method, By Subsea Sensor, By Monitoring System, By Region, Competition, Forecast & Opportunities, 2026” 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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