Global Underwater Monitoring System for Oil and Gas Market Estimated to be worth US$1881.3 mn by 2025

Posted on 2018-04-05 by Mark Hub in Energy // 0 Comments

Albany, USA, 2018-Apr-05 — /EPR Network/ —An extensive forecast study, titled “Underwater Monitoring System for Oil and Gas Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025” has been broadcasted to the online repository of Market Research Reports Search Engine (MRRSE). This 305-page precise study encapsulates valuable details about the market current scenario as well as its future projections on a global and regional level. It further intensely aims to provide major insights into the market’s growth throughout the above-mentioned forecast period in terms of volume and revenue (in US$ Mn). Moreover, the research also investigates market expansion in some of the prime regions such as North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA).

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The demand in the global market for underwater monitoring system in the oil and gas industry is projected to experience a CAGR of 6.43% during the forecast period of 2017 to 2025. The global worth of the underwater monitoring system market in the oil and gas industry is estimated to be worth US$1881.3 mn by 2025, substantially up from its evaluated worth of US$680.0 mn in 2016. The growing need to monitor oil and gas reserves in deep sea explorations, complexities in the operation and maintenance of subsea systems, increase in offshore deepwater and ultra-deepwater explorations, rise in economic viability of deepwater developments, and implementations of strict safety regulations are some of the key factors driving the demand in the global underwater monitoring system in oil and gas market.

SCADA In-Demand Wireless Sensor Segment

On the basis of subsea sensors, the global underwater monitoring system for oil and gas market is segmented pressure sensor, proximity sensor, temperature sensor, flow sensor rotation sensor, linear displacement gauge, and inclinometers load sensors. Riser technology, pipeline type sensors, and flexible pipe systems are another sub-segments of subsea sensor segment. In 2016, pressure sensors and riser technology accounted for the most prominent demand-share, which was a reflection of essentiality of the sensors and the technology respectively.

By monitoring systems, the global underwater monitoring system for oil and gas market is bifurcated into acoustic sensors, wireless sensor networks, and satellite radio navigation segments. Acoustic sensor category is further divided into acoustic underwater vehicle (AUV), acoustic doppler current profiler, sonobuoys, and hydrophones. The responsibility of acoustic sensors is to calculate the position, store, and transmit the information obtained from subsea equipment. The sensors are distributed over the submarine infrastructure and subsea pipeline. Wireless sensor segment is also further classified into 3G/GPRS Communication Module, RTU, and SCADA. In 2016, the SCADA sub-segment contributed 65% share of wireless sensor segment. By communication method, the market is classified into frequency division multiple access (FDMA), time division multiple access (TDMA), code division multiple access (CDMA), and space division multiple access (SDMA). The FDMA communication method is anticipated to hold more than 35% market share throughout the forecast period.

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Asia Pacific Most Lucrative Region

Out of all the major regions studied by the regions for their potential of underwater monitoring system for oil and gas market, Asia Pacific currently serves the maximum demand, followed by The Middle East & Africa and Europe. Due to the massive projects undertaken by world’s large oil and gas companies for exploration and production operations in Myanmar, China, and is likely to fuel the demand for underwater monitoring equipment based applications in Asia Pacific over the forecast period. China is also the key manufacturer and consumer of sub sensor products in Asia Pacific region. The development of the offshore fields in the region with the new discoveries of oil and gas fields in the areas of South China Sea, Australia such as are expected to witness drilling activities.

Underwater monitoring system equipment demand would continue to increase in Asia Pacific region over forecast period. The region Asia Pacific is accounted for more than 24% share in 2016. Middle East and Africa, North America and Europe are also developed market for Oil and Gas underwater monitoring equipment market are expected to expand at a moderate pace during the forecast period.

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