The marine acoustic sensors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Marine Acoustic Sensors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The marine acoustic sensors market size has grown strongly in recent years. It will grow from $1.12 billion in 2023 to $1.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the need for underwater surveillance, early navigation relied on acoustic signals for underwater mapping, acoustic sensors have been crucial in monitoring fish populations, acoustic sensors have been instrumental in offshore exploration, the need for reliable communication underwater.
The marine acoustic sensors market size is expected to see strong growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing demand for underwater surveillance, expansion of offshore wind farms, rising importance of oceanographic research, emergence of autonomous underwater vehicles (AUVs), increasing maritime traffic. Major trends in the forecast period include integration of artificial intelligence (AI) and machine learning (ML), integration of wireless communication, advancements in signal processing, miniaturization and integration and product innovation.
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Scope Of Marine Acoustic Sensors Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Marine Acoustic Sensors Market Overview
Market Drivers –
Increased demand for marine transport is expected to propel the growth of marine acoustic sensor market going forward. Marine transport refers to the transportation of goods and passengers via waterways such as oceans, seas, rivers, and canals using ships, boats, or other watercraft. The increase in demand for marine transport is attributed to the rising need for commodities driven by population growth and urbanization, consequently boosting trade volumes. Marine transport facilitates the deployment and maintenance of marine acoustic sensors by enabling the transportation of equipment to offshore locations and facilitating access to diverse marine environments for research and monitoring purposes. For instance, in November 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, global maritime trade rebounded in 2021, experiencing 3.2% growth, with total shipments reaching 11 billion tons. Moreover, maritime trade is projected to have an average annual expansion of 2.1% for the period between 2023 and 2027. Therefore, increased demand for marine transport is driving the growth of the marine acoustic sensor market.
Market Trends –
Major companies in the marine acoustic sensors market are emphasizing features such as passive acoustic monitoring (PAM) capability to enhance the effectiveness of underwater surveillance and environmental monitoring. Passive acoustic monitoring (PAM) refers to a method that involves the detection and analysis of underwater sound without the use of actively transmitted signals. For instance, in March 2024, Jaia Robotics, Inc., a US-based aquatic robots’ company, through a partnership with Marine Acoustics, Inc., a US-based scientific and engineering company, launched JaiaBot-PAM. It includes passive acoustic monitoring (PAM) functionality, incorporating broad-spectrum acoustic sensors operating from 2 Hz to 30 KHz. These sensors gather diverse data, including conductivity, temperature, depth, bathymetry, bottom composition, current flow, wave height, and wave period. JaiaBot-PAM delivers economical and adaptable acoustic monitoring solutions suitable for defense, national security, offshore renewable energy, aquaculture, and other sectors.
The marine acoustic sensors market covered in this report is segmented –
1) By Product: Hydrophones, Underwater Transducer, Acoustic Towed Array, Side-Scan Sonar
2) By Application: Mine Countermeasures (MCM), Intelligence Surveillance And Reconnaissance, Identification (ID), Anti-Submarine Warfare (ASW)
3) By End Use: Original Equipment Manufacturers (OEMs), Aftermarket
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Regional Insights –
North America was the largest region in the marine acoustic sensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine acoustic sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the marine acoustic sensors market are Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Teledyne Marine Technologies Incorporated, Kongsberg Maritime AS, Nortek AS, Fugro N.V., Ultra Electronics Holdings plc, MacArtney A/S, Sonardyne International Ltd, General Oceans Ltd, EdgeTech Marine, Kraken Robotics Inc., JASCO Applied Sciences Ltd, 3D at Depth Inc., Cetacean Research Technology (CRT), RTsys, Rowe Technologies Inc., Evologics GmbH, GeoSpectrum Technologies Inc., Ocean Sonics Ltd, EOM Offshore LLC, BlueView Technologies Inc., RJE International Inc., DSPComm
Table of Contents
1. Executive Summary
2. Marine Acoustic Sensors Market Report Structure
3. Marine Acoustic Sensors Market Trends And Strategies
4. Marine Acoustic Sensors Market – Macro Economic Scenario
5. Marine Acoustic Sensors Market Size And Growth
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27. Marine Acoustic Sensors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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