Underwater Acoustic Modem Market Analysis | 2021-2026
Underwater Acoustic Modem Market Growth, Trends, Dynamics & Market Insights: 2021-2026
The Underwater Acoustic Modem Market is estimated to grow from USD 1.8 billion in 2020 to USD 3.9 billion by 2026 at a healthy CAGR of 13.75% during the forecast period.
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What is an underwater acoustic modem?
Underwater acoustic communication may be a technique of propagating sound in water. it's a framework for the underwater acoustic communication system. It consists of channels, propagation models, and statistical characterization. it's a contact of the mechanical waves which create sound between the water and its boundaries.
Key players operating in the underwater acoustic modem market are-
Strong adoption of underwater acoustic modems in naval defense and the growing importance of effective and safe communication in homeland and defense security is expected to boost the market growth in the coming years. In addition, the rising demand for environmental protection acts as an opportunity. However, due to the relatively slow speed of sound in water, delayed delivery times, reduced data transmission speed are hampering the product demand.
The COVID-19 outbreak has moderately affected the underwater acoustic modem industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. There was a decline in expenditure in the military and defense sector which affected the UUVs, thus affecting the product demand amid the pandemic.
Based on application, the underwater acoustic modem market is classified into environmental monitoring, pollution monitoring, climate monitoring, hydrography, oceanography, and others. The environmental monitoring segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Environmental monitoring is primarily used to monitor potential effects on the terrestrial & nearshore environment associated with onshore construction activities, which boosts the segment growth.
By region, the North American market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. The US and Canadian countries are increasingly using unmanned underwater vehicles (UUVs) for several defense operations such as security, anti-submarine warfare, and surveillance, owing to the rising security concerns in these countries. Thus, the growing applicability of UUVs in defense & commercial sectors further proliferates the regional market growth.
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Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-
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How big is the sales opportunity?
In-depth analysis of the Underwater Acoustic Modem Market
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Market forecast and trend data and emerging trends
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Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Competitive landscape analysis, Market share analysis
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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Drivers & challenges
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The underwater acoustic modem market size is expected to reach USD 3.9 billion in the foreseeable future.
Teledyne Technologies (US), Kongsberg Gruppen (Norway), Thales Group (France), Ultra Electron-ics (UK), Sonardyne International (UK), Evologics (Germany), Dspcomm (Australia), Mistral (In-dia), Nortek (US), and Aquatec Group (US) are among the key players in the underwater acoustic modem market.
The underwater acoustic modem market is expected to witness an impressive growth of 13.75% CAGR in the underwater acoustic modem market in the coming years.
The environmental monitoring segment is expected to register a healthy CAGR in the underwater acoustic modem market in the coming years.
North America accounted for the largest share in the underwater acoustic modem market during the next five years.