Global Underwater Monitoring System for Oil & Gas Market - Wishtree Insight

Global Underwater Monitoring System for Oil & Gas Market by Subsea Sensors (Temperature Sensor, Rotation Sensor, Pressure Sensor, Flow Sensor, Proximity Sensor), Monitoring Systems (Satellite Radio Navigation, Acoustic Sensors, and Wireless Sensors Network), Communication Method (Code Division Multiple Access (CDMA), Frequency Division Multiple Access (FDMA), Space Division Multiple Access (SDMA), and Time Division Multiple Access (TDMA)) and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Global Underwater Monitoring System for Oil & Gas market size was valued at USD 1.1 billion in 2021 and is expected to surpass USD 2.4 billion by 2031, expanding at a CAGR of 7.2% during the forecast period, 2021–2031. The growth of the market is attributed to the complexities in the operation and maintenance of subsea systems and the growing need to monitor oil & gas reserves in deep-sea explorations.

INTRODUCTION

An underwater monitoring system for oil & gas is used for the process of monitoring and treating natural fuels. It mainly concentrates on the maintenance of the structure and the quality of the product. It is used to monitor natural fuels like oil and gas. The requirement to monitor oil and gas reserves in deep-sea explorations has risen the economic viability for deep-water developments. An increase in exploration of offshore deep-water and ultra-deep-water has anticipated bolstered the market. The complexities in the operation and maintenance of subsea systems and monitoring for oil & gas are expected to fuel the market growth in the coming years.

Market Trends, Drivers, Restraints, and Opportunities

• Monitoring oil & gas reserves in deep-sea explorations are boosting the market growth.
• The complex structure of the Underwater Monitoring System for the Oil & Gas process is restraining the market growth.
• Prominent increase in offshore activities for underwater monitoring systems will boost the market growth.
• The monitoring of oil & gas reservoirs, the exploring activities in the deep sea, and complexities witnessed in operating & maintaining subsea systems have become vital. Thus, it will impact the growth of underwater monitoring systems for the oil & gas market.
• The strict laws for combating marine pollution, thereby enhancing the need for highly proficient underwater monitoring systems for oil & gas extraction activities need expensive devices. This may curtail the penetration of underwater monitoring systems in the oil & gas sector.
• The structure of the underwater monitoring system for oil and gas is very complex, which might act as a major impediment to market growth.
• The launching of new products is expected to influence the size of the underwater monitoring system for the oil & gas industry.

Scope of the Report

Market Segment Insights

The pressure sensors segment is anticipated to hold the largest market share

Based on the subsea sensors the global underwater monitoring system for the oil & gas market is divided into temperature sensors, rotation sensors, pressure sensors, flow sensors, and proximity sensors. The pressure sensors segment is anticipated to hold the largest market share and is expected to grow at the highest pace among all the subsea sensor segments in the coming years owing to the need for technological advancements and the essentiality of sensors.

The acoustic sensor is anticipated to dominate the market

On the basis of the monitoring system, the global underwater monitoring system for the oil & gas market is sub-segmented into satellite radio navigation, acoustic sensors, and wireless sensors networks. The acoustic sensor is anticipated to dominate the market in the forecast period. The need for acoustic sensors to calculate the position, to store and transmit the information obtained from subsea equipment is expected to propel the market.

The acoustic sensor category is further divided into hydrophones, acoustic underwater vehicles (AUV), sonobuoys, and acoustic doppler current profilers. Acoustic sensors store, calculate the position and transmit the information obtained from subsea equipment. It is distributed over the submarine infrastructure and subsea pipeline.

The frequency division of multiple access is anticipated to hold more than 37% share

Based on the communication method, the global underwater monitoring system for the oil & gas market is divided into code division multiple access (CDMA), frequency division multiple access (FDMA), space division multiple access (SDMA), and time division multiple access (TDMA). The FDMA communication method is anticipated to hold more than 37% market share throughout the forecast period.

The North American region is anticipated to grow in the market in the forecast period

Due to high investment made by industry participants in offshore exploration the North American region is anticipated to grow in the market in the forecast period. The discoveries of new oil & gas reservoirs in the South American region will create new growth avenues for underwater monitoring systems for the oil & gas market.

Competitive Landscape

Key players competing in the global underwater monitoring system for the oil &gas market are Mitcham Industries; KCF Technologies; Schlumberger-One Subsea; BMT Group; Force Technology; Pulse Structural Monitoring; Sonardyne International; Ocean Server Technology Inc.; Teledyne Marine.

FAQs

Mention the market size of the Global Underwater Monitoring System for Oil &Gas Market in 2021.

The Global Underwater Monitoring System for Oil &Gas market size was valued at USD 1.1 billion in 2021 and is expected to surpass USD 2.4 billion by 2031

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is anticipated to be 7.2%.

What are the key drivers of the market?

• the complexities in the operation and maintenance of subsea systems and the growing need to monitor oil & gas reserves in deep-sea explorations.
• Monitoring oil & gas reserves in deep-sea explorations are boosting the market growth.
• The complex structure of the Underwater Monitoring System for the Oil & Gas process is restraining the market growth.
• Prominent increase in offshore activities for underwater monitoring systems will boost the market growth.

What segments are covered in the Global Underwater Monitoring System for Oil &Gas Market report?

The segments covered in the report are subsea sensors (temperature sensor, rotation sensor, pressure sensor, flow sensor, proximity sensor), monitoring systems (satellite radio navigation, acoustic sensors, and wireless sensors network), communication method code division multiple access (CDMA), frequency division multiple access (FDMA), space division multiple access (SDMA), and time division multiple access (TDMA)

Mention the region is expected to hold the highest share in the Global Underwater Monitoring System for Oil &Gas Market.

The North American region is anticipated to grow in the market in the forecast period.

Mention the key players in the market.

Key players competing in the global underwater monitoring system for the oil & gas market are Mitcham Industries; KCF Technologies; Schlumberger-One Subsea; BMT Group; Force Technology; Pulse Structural Monitoring; Sonardyne International; Ocean Server Technology Inc.; Teledyne Marine.