Underwater Wireless Communication market to grow at a CAGR of 18.5% by 2022
The improvement in networking applications and technologies is boosting the underwater wireless communication ecosystem. The shift from wired to wireless communication has huge potential to grow in oil &gas refineries, Défense, and research sector.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Underwater Wireless Communication Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022”.
According to Infoholic Research, the implementation of wireless communication in the underwater environment is becoming ubiquitous, and nearly 50–70% of the end-users are adopting this technology at a high rate. The underwater wireless communication technology helps in reducing the under-water risks, helps in energy consumption, and improves the company’s efficiency and productivity. In addition, this technique provides accurate and reliable data to the industries, thereby helping them to take strategic decisions related to the product portfolio. The market is expected to grow at a CAGR of 18.5% during the forecast period 2016–2022 to touch an aggregate of $4,276.4 million by 2022.
Offshore oil & gas industry and military & defense industry are the top priorities for underwater ecosystem among several applications included in the report and is aniticipated to grow at a CAGR of 17.4% from now to 2022. Moreover, two-third of the UUVs providers are offering underwater applications in addition to 5–15% of UUVs providers also investing in developing new products.
In terms of interface platforms, sensor platforms and UUVs hold the majority of the share due to the increasing demand from the end-users facing issues in the water environment. The acoustic modem is growing with the help of communication tools as they offer high performance, flexibility, and scalability.
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The Americas accounts for the majority of the market share for underwater wireless communication. UUVs and acoustic modems have been successful and are being widely adopted by offshore industries. Europe after the Americas is dominating the market, getting stronger and rapidly spreading across the major sea-shore cities in the region. Asia Pacific and Middle East & Africa are set to create a lot of opportunities, thereby contributing to the growth of the market. China and India are expected to be the major markets in Asia Pacific in the next 6–8 years.
“At present, most of the end-users are switching their workload from wired connection to wireless connection due to the requirement of reliable & high-speed connection, increasing productivity & flexibility, and real-time data. Moreover, the end-users are looking for innovative technology such as underwater wireless communication, which provides high-speed internet connection than that of the wired technology. This impact will help the market to grow during the forecast period.” – Prasanth, Research Analyst at Infoholic Research
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The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- This report not only highlights users’ conundrum (challenges and barriers to adopting underwater wireless communication) but also brings in their perspective on the market
- The market has been analyzed by considering the key regions – Americas, Europe, Asia Pacific, and Middle East & Africa
- Provides industry outlooks including current and future market trends and drivers, restraints, and emerging technologies
- The report analyzes the underwater wireless communication market according to the interface platforms, applications, and regions
- The report analyzes the top 8 players in terms of market reach, business strategy, and business focus
- Competitive landscape
- Stakeholders’ insights and key trends (current and future) of the market