Underwater Monitoring System for Oil and Gas Market to Record an Exponential CAGR by 2025
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.
Read
Report Overview @
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.
Request
to view Sample Report:
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.
About
Us
Transparency
Market Research (TMR) is a global market intelligence company
providing business information reports and services. The company’s
exclusive blend of quantitative forecasting and trend analysis
provides forward-looking insight for thousands of decision makers.
TMR’s experienced team of analysts, researchers, and consultants
use proprietary data sources and various tools and techniques to
gather and analyze information.
TMR’s
data repository is continuously updated and revised by a team of
research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
Contact
Transparency
Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel:
+1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
Comments
Post a Comment