APAC is leading the global underwater monitoring system for oil and gas market today. North America is expected to grow at steep rate to gain substantial share of market.
The global underwater monitoring system for oil and gas market is expected to witness a CAGR of 6.5% during the forecast period to reach revenue of $988 million by 2025. The global market for underwater monitoring system for oil and gas will continue to grow due to need of continues surveillance of underwater oil and gas systems and pipelines.
Need to maintain water quality, lack of human capabilities to monitor deep-water pipelines and ever-growing demand of energy requires high productivity are the factors triggering the growth of underwater monitoring system for oil and gas market. However, high cost of autonomous systems, technological uncertainty and aquatic environments and unawareness about underwater autonomous technologies are some of the challenges that hinder the growth of underwater monitoring system for oil and gas market. Growing adoption of autonomous underwater vehicles, growth of energy and utilities industry and overall cost getting reduced with autonomous monitoring systems will fuel the growth of overall market.
North America is one of the fastest growing regions due to growing demand of energy in the region. USA holds the largest share of the underwater monitoring system for oil and gas. The country imports large volumes of oil from the Gulf. Imports and exports of this precious energy source is enabled by using pipelines and ships. Spills and leaks waste resource and become dangerous for our environment, so there are environmental, public health, and economic necessity for maintaining a safe and efficient transportation system for our energy resources.
AUVs and ROVs are increasingly being used to overcome the challenges of underwater surveillance. AUV stands for autonomous underwater vehicle and ROV for remotely operated vehicle. AUVs can be used for underwater survey missions, such as detecting and mapping submerged wrecks, rocks, and obstructions that can be a hazard to navigation for commercial and recreational vessel. ROVs are unoccupied underwater robot that are connected to a ship by a series of cables. These cables transmit command and control signals between the operator and the ROV, allowing remote navigation of the vehicle. An ROV may include a video camera, lights, sonar systems, and an articulating arm. The articulating arm is used for retrieving small objects, cutting lines, or attaching lifting hooks to larger objects.
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The global underwater monitoring system for oil and gas market is driven by limited players due to the necessity of technical expertise and high cost overhead. The key players utilize innovation, diversification, geographical expansion and product differentiation to capture the market and step up the ladder. The competitive rivalry is not very high as the underwater monitoring system for oil and gas is capital intensive and complex in nature. The key players in the underwater monitoring system for oil and gas market include Kongsberg Maritime, SERCEL, Instantel, Bluefin Robotics, 4Subsea, Sensorlink AS, ECA and Kraken Robotics among others.