Underwater Communication Systems Market: USD 9.2 Billion by 2031, At a CAGR of 11.1%
The research provides detailed segmentation of the global market based on End User, Component, Application, Connectivity, and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, February 14, 2023 /EINPresswire.com/ — The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
The global underwater communication systems market garnered $3.3 billion in 2021, and is estimated to generate $9.2 billion by 2031, manifesting a CAGR of 11.1% from 2022 to 2031.
Increase in adoption of underwater communication in navel defense, increase in autonomous underwater vehicles, and surge in need of scientific exploration and data collection drive the global underwater communication systems market.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global underwater communication systems market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 14.3% during the forecast period.
Based on component, the hardware segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global underwater communication systems market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the software segment is expected to manifest the highest CAGR of 12.8% from 2022 to 2031.
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Based on application, the environment monitoring segment accounted for the highest share in 2021, holding more than one-third of the global underwater communication systems market, and is expected to continue its leadership status during the forecast period. However, the hydrography segment is estimated to grow at the highest CAGR of 14.0% during the forecast period.
Based on end user, the scientific research and development segment held the highest share in 2021, accounting for around one-third of the global underwater communication systems market, and is expected to continue its leadership status during the forecast period. However, the marine segment is expected to register the highest CAGR of 14.2% from 2022 to 2031.
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Key industry players such as – Saab AB, Thales, Undersea Systems International, Inc., teledyne marine, kongsberg, L3Harris Technologies, Inc., EvoLogics GmbH, sonardyne international ltd, Ultra Electronics Holdings plc, sea and land technologies pte ltd.
The report provides a detailed analysis of these key players of the global underwater communication systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Covid-19 Scenario:
• The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global underwater communication systems market, owing to implementation of the global lockdown.
• However, with ease in restrictions, the market is likely to grow in the post-pandemic.
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