A recent study by Transparency Market Research (TMR) suggests that in the global oil and gas sector, the underwater monitoring system market is undeniable, though the presence of a vast number of regional and country-wide vendors is keeping the competitive landscape distributed. The TMR report identifies Kongsberg Maritime, SONARDYNE, Schlumberger-OneSubea, Teledyne Marine, DSPComm, Fugro, Ocean Sonics, Mitcham Industries, and KCF Technologies as some of the key participants of the global underwater monitoring system for oil and gas market.
As per the projections of the report, the demand in the global underwater monitoring system for oil and gas market will multiply at an impressive CAGR of 6.43% during the forecast period of 2017 to 2025. The report has evaluated that the underwater monitoring system market in the oil and gas sector was worth merely US$680.0 mn in 2016, and estimates it to accumulate a valuation of US$1881.3 mn by the end of the forecast period, i.e. 2025.
It has been detected by the report that based on the type of subsea sensor, the global underwater monitoring system for oil and gas market gains maximum demand for pressure sensors and riser technology, whereas on the basis of monitoring systems, the market for acoustic sensor category is most prominent. Among the wireless sensors networks, SCADA contributed almost two-third of the demand in 2016, while frequency division multiple access (FDMA) was most in-demand communication method. Geographically, Asia Pacific leads the demand among all regions, although North America and Europe are also sustaining a strong demand-flow.
Increased Offshore Explorations Driving Demand
For an offshore oil and gas operation, underwater monitoring systems are essential, constantly monitoring and ensuring the integrity of offshore or subsea installation. The use of these systems improves safety of the operation. Underwater monitoring systems is culmination of various sensors, equipment, and technologies, which gather the real time data and make it available for fast paced decision making. This is a key process in a high risk and complex environment that oil and gas industry operates under.
It has been observed that most of the existing oil reserves have approached a stage of maturity. Consequently, there is a need to locate, explore, and develop new oil reserves, which is also expected to boost the market for underwater monitoring system for oil and gas market. In addition to that, recent technological advancement has made the deep offshore reserves to be developed economically and safely. The increased number of offshore activity indicate better opportunity for underwater monitoring systems for oil and gas market. In the oil and gas industry, the underwater monitoring systems has wide range of applications in various activities right from exploration, pre installation survey/baseline studies, construction & installation to drilling, production, decommissioning and others. Subsea structure monitoring, asset integrity monitoring, underwater pipeline integrity monitoring are some of the key applications of underwater monitoring system for oil and gas market.
Environmental Concerns Opening New Opportunities
According to the author of the report, strict regulatory norms of safety increased environmental concerns are opening new opportunities for the vendors operating in the global underwater monitoring system for oil and gas market. The underwater monitoring system provides real time data about health of subsea oil and gas production installations, underwater pipeline integrity, and rig infrastructure. This real time data enhances the ability of quick and better decision making which further prevents any potential of failure of system.