Future Market Insights
Subsea navigation & tracking is a system used for the navigation and tracking of underwater divers as well as vehicles by means of direction measurements/acoustic distance and subsequent position triangulation. Subsea navigation & tracking systems are generally used for a variety of underwater tasks such as ocean sciences,oil and gas exploration, salvage operations, marine archaeology and military activities. Moreover, offshore industries also utilize subsea navigation & tracking systems in a whole set of operations such as exploration, hydrographic survey, drilling, construction survey, dynamic positioning, production, and decommissioning. On the basis of application, oil & gas exploration will hold a dominant share over the forecast period and is estimated to grow at a stable pace owing to growing demand for subsea navigation & tracking in regions such as the North America, Europe and Japan.
Subsea navigation & tracking system are also referred to as “underwater acoustic positioning systems”. The subsea navigation & tracking system are classified into short-baseline (SBL) systems,long-baseline (LBL) systems, ultra short baseline (USBL) systems and GPS intelligent buoys (GIB) systems. Owing to high accuracy and robustness of system, the long-baseline systems disproportionally hold a major market share. On other hand, since ultra-short baseline systems require only one transponder, the market for them is estimated to grow at fastest CAGR over the forecast period.The subsea navigation & tracking market has gone through high technological advancement in recent years. Major Key manufacturers are focusing on improving accuracy and stability, which, in turn, requires high capacity sensors. These technological advancements as well as the development of different types of innovative subsea navigation & tracking systems are contributing to the growth of the global subsea navigation & tracking market.
In the global subsea navigation & tracking market, North America is estimated to hold dominant market share over the forecast period. The U.S. is driving the North America subsea navigation & tracking market. Owing to high demand from offshore industry, Europe is estimated to hold the second largest market share over the forecast period.
Global Subsea Navigation & Tracking Market: Dynamics
Growing ocean science study & research and growing subsea search activities are estimated to fuel the global subsea & tracking market over the forecast period.
Growing worldwide demand for oil & gas exploration is also estimated to lead to an increase in demand for subsea navigation & tracking systems.
Long-baseline (LBL) systems-area of operation, limited to location of subsea reference beacons, will most likely hamper the growth of global subsea navigation & tracking market in future.
Some deep-water issues such as limited range due to signal fading, slow update rates due to signal travel time and reduced accuracy and robustness of USBL systems are also likely hamper the growth of global subsea navigation & tracking market in future.
Global Subsea Navigation & Tracking Market:
On the basis of type, the global subsea & tracking market can be segmented into short-baseline (SBL) systems, long-baseline (LBL) systems, ultra short baseline (USBL) systems and GPS intelligent buoys (GIB) systems.
On basis of end-use, the global subsea & tracking market can be segmented into ocean sciences, oil and gas exploration, salvage operations, marine archaeology and military activities.
Global Subsea Navigation & Tracking Market: Regional Outlook
Geographically, the global subsea navigation & tracking market can be divided into these major regions -- North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa.
North America and Europe, with their developed offshore industry, will be the leading regional markets, capturing a substantial share of the global market. The Asia-Pacific region is also expected to witness high growth rate in coming years. Latin America and Eastern Europe are estimated to register fastest CAGR growth.
Global Subsea Navigation & Tracking Market Players:
Examples of some of the market participants in the global subsea navigation & tracking market identified across the value chain include
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