Press release
Jam-packed Opportunities for Investors | The Underwater Communication Systems Market Share Reach USD 9.2 Billion by 2031
Increase in adoption of underwater communication in navel defense, increase in autonomous underwater vehicles, and surge in need of scientific exploration and data collection drive the global underwater communication systems market. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global underwater communication systems market share.
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The global underwater communication systems market was valued at USD 3.3 billion in 2021, and is projected to reach USD 9.2 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.
The underwater communication systems market is segmented on the basis of component, connectivity, application, end user and region. On the basis of component, it is segmented into hardware, software, and services. On the basis of connectivity, it is segmented into hardwired and wireless. On the basis of application, the market is categorized into environment monitoring, pollution monitoring, oceanography, hydrography and others. On the basis of end user, the market is categorized into scientific research and development, military and defense, marine, oil and gas and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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Covid-19 Scenario:
● The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global underwater communication systems market, owing to implementation of the global lockdown.
● However, with ease in restrictions, the market is likely to grow in the post-pandemic.
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Based on application, the environment monitoring segment accounted for the highest share in 2021, holding more than one-third of the global underwater communication systems market, and is expected to continue its leadership status during the forecast period. However, the hydrography segment is estimated to grow at the highest CAGR of 14.0% during the forecast period.
Based on end user, the scientific research and development segment held the highest share in 2021, accounting for around one-third of the global underwater communication systems market, and is expected to continue its leadership status during the forecast period. However, the marine segment is expected to register the highest CAGR of 14.2% from 2022 to 2031.
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Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global underwater communication systems market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 14.3% during the forecast period.
The key players profiled in the underwater communication systems market analysis are Thales, Teledyne Maine, Ultra Electronic Holding Plc, Undersea System International Inc., Sea and land Technology Pte ltd., EvoLogics GmbH, Kongsberg, L3Harris Technology Inc., and Saab AB. These players have adopted various strategies to increase their market penetration and strengthen their position in the underwater communication systems industry.
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