Underwater acoustic communication market for the environmental monitoring application to hold the largest market

According to the new research report on the underwater acoustic communication market, the market is estimated to grow from USD 1.31 Billion in 2017 to USD 2.86 Billion by 2023, at a CAGR of 13.8% between 2017 and 2023. The growing importance of reliable underwater security measures all over the world and increasing offshore oil & gas production are the key factors driving the growth of the underwater acoustic communication market.

This report segments the underwater acoustic communication market on the basis of interface platform, communication range, application, end user, and geography. Based on interface platform, the market has been divided into sensor interface, acoustic modem, others. The larger market size of the acoustic modem can be attributed to the increasing adoption of underwater acoustic modems in naval defense to support the communication system drives the growth of the market for acoustic modems.

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The market, based on communication range, has been segmented into shallow water range, medium water range, long water range, and full ocean range. The market for a medium-range shallow water communication system is expected to be the fastest-growing. Major industries such as oil & gas and military & defense are exploring the possibilities of using medium- and long-range underwater acoustic communication systems.

Based on application, environmental monitoring accounted for the largest share of the underwater acoustic communication market in 2017. Environmental monitoring is useful in supervising potential effects of the terrestrial and nearshore environment on onshore construction activities. The oil & gas industry is expected to largely drive the growth of the underwater acoustic communication market for the environmental monitoring application.

The scientific research and development segment accounted for the largest share of the underwater acoustic communication market in 2017. Researchers and scientists are continuously taking massive efforts to explore the underwater world fully. On the other hand, the oil & gas industry is expected to grow at the highest CAGR during 2017 and 2023. Leading oil companies are expected to increase their capital expenditure for exploration and resume drilling in deep water in a bid to build hydrocarbon-based assets

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