USD 1.78 billion
Report ID: SQSG45J2023 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 64 | Figures: 75
Underwater Acoustic Modems Market size was valued at USD 1.78 billion in 2021 and is poised to grow from USD 1.92 billion in 2022 to USD 3.67 billion by 2030, growing at a CAGR of 8.3% in the forecast period (2023-2030).
Acoustic modems, or underwater modems, are used to send and receive data and voice communications below the water's surface. Digital signals are converted into underwater-transmittable sound waves via underwater modems, allowing for the conversation below the waves. Underwater modems operate by modulating and demodulating communication signals in a manner distinct from that which occurs on dry ground. Underwater modem manufacturers are working on cutting-edge innovations to boost the reliability of wireless data transmission below the waves. This market is gaining momentum due to increasing participation and continuous research and development to develop high-quality signal transmitters to have seamless underwater communication which will propel the underwater acoustic modems’ growth during the forecast period.
US Underwater Acoustic Modems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.78 billion
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The global underwater acoustic modems market is segmented based on type, application, industry, and region. Based on type, the market is segmented into shallow water (up to 350 meters), medium range (up to 1500 meters), long-range (up to 6000 meters), and full ocean range (up to 10000 meters). Based on application, the market is segmented into submarine communications, submarine wireless command, and control submarine data & file transfer. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Underwater Acoustic Modems Market Analysis by Application
The global underwater acoustic modems market is dominated by the defense sector in the year 2021 as its mainly used in submarines for underwater communication and data sharing. Such as, data and intelligence are collected via underwater acoustic modems, which are then used for data transmission. As the amount of data transmitted every day grows, more storage space within modems is required which is fulfilled by the use of standardized data loggers that can store a large amount of data for later use. The use of an underwater acoustic modem for the exploration of oil and natural gas fields is expected to show tremendous growth during the analysis period. These are some of the major factors that are propelling the demand for an acoustic modem and will drive the market growth during the forecast period.
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In 2021, North America accounted for the largest market share of the global market and is expected to do so during the analysis period. The US accounts for the largest naval fleet globally and consists of the highest submarine count that is equipped with underwater acoustic modems which are mainly used in the defense sector or by the navy for storing valuable information and other sensitive data. Increasing defense expenditure and growing R&D in naval ships are the major drivers for the use of these acoustic modems in it and will drive the market during the forecast period.
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Underwater Acoustic Modems Market Driver
Revenue growth in the underwater acoustic modem market is anticipated to be primarily driven by the rise in oil and gas mining globally.
Underwater Acoustic Modems Market Restraint
Limited resource availability and high cost of production are major restraints.
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The Underwater Acoustic Modems market is relatively fragmented, with a high level of competition. Few large players, like Teledyne Technologies, Thales Group, and Kongsberg Gruppen, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Underwater Acoustic Modems Market Top Player’s Company Profiles
Underwater Acoustic Modems Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global market is segmented based on type, application, industry, and region. The market is gaining momentum due to increasing participation and continuous research and development to develop high-quality signal transmitters. Submarine communications, submarine wireless command, and control submarine data & file transfer are some of the most popular applications. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. In 2021, North America accounted for the largest market share of the global underwater acoustic modems market and is expected to do so during the analysis period. Increasing defense expenditure and growing R&D in naval ships are the major drivers for the use of these modems in it. The US Navy has the largest nave fleet globally and consists of the highest submarine count that is equipped with accommodating which are mainly used in the defense sector or the navy for storing valuable information and other sensitive data.
|Market size value in 2021||USD 1.78 billion|
|Market size value in 2030||USD 1.92 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Underwater Acoustic Modems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Underwater Acoustic Modems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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