The demand in the global underwater monitoring system for the oil and gas industry is expected to reach a CAGR of 6.43% by 2025.
The underwater monitoring system market in the oil and gas sector was worth merely US$680.0 mn in 2016, however, is set to accumulate a valuation of US$1881.3 mn by the end of the forecast period.
It has been detected 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. However, where monitoring systems are concerned, the market for acoustic sensor category is most prominent.
Geographically, Asia Pacific leads the demand among all regions, yet North America and Europe are also sustaining a strong demand-flow. For an offshore oil and gas operation, underwater monitoring systems are essential. The use of these systems improves the safety of the operation.
Underwater monitoring systems gather real-time data and make it available for fast-paced decision making. This is a key process in a high risk and complex environment in which the oil and gas industry operates within.
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 the oil and gas market. In addition to that, recent technological advancements have made the deep offshore reserves to be developed economically and safely.
The increased number of offshore activity indicate a better opportunity for underwater monitoring systems for the oil and gas market. In the oil and gas industry, the underwater monitoring systems have a 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 the underwater monitoring system for oil and gas market.