Yahoo Finance Underwater Communication Systems Market Is Expected to Generate $9.2 Billion by 2031: Allied Market Research
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.
Portland, OR , Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, 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. 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.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $3.3 billion |
Market Size in 2031 | $9.2 billion |
CAGR | 11.1% |
No. of Pages in Report | 233 |
Segments covered | End User, Component, Application, Connectivity, and Region. |
Drivers | Increase in adoption of underwater communication in navel defense |
Opportunities | Growing demand for environmental protection |
Restraints | Limited speed of data transmission and delayed delivery rates due to the relatively slow speed of sound in water |
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.
The research provides detailed segmentation of the global underwater communication systems market based on End User, Component, Application, Connectivity, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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.
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 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.
Leading market players of the global underwater communication systems market analyzed in the research include 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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