Underwater Security (Systems and Services) Market Value to Reach 16.6 Billion by 2031 - Transparency Market Research, Inc.
Increase in adoption of unmanned underwater vehicles in naval combat, search and rescue operations, and repair and maintenance work is likely to generate substantial revenues in the underwater security (systems and services) market
Wilmington, Delaware, United States, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Increase in usage of various types of sonar systems in underwater detection applications have generated substantial revenues for companies. Service providers are offering cost-effective consulting services pertaining to analysis of threats to seaports, vital infrastructure sites, commercial harbors, private yachts, and marine terminals in order to expand customer base. The underwater security (systems and services) market size stood at US$ 9.6 Bn in 2021 and is expected to reach US$ 16.6 Bn by 2031.
Implementation of maritime regulation for the safety and security of ships in several countries has augmented the underwater security (systems and services) market outlook. For instance, implementation of the International Ship and Port Facility Security Code (ISPS Code) in several countries has bolstered demand for advanced underwater acoustic instruments.
Significant usage of sonar systems in marine warfare and deployment of diver detection sonar systems at ports and oil rigs are anticipated to create lucrative opportunities for companies. Asia Pacific and Europe are projected to witness attractive opportunities in the market due to rise in utilization of underwater security systems to improve port security
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Key Findings of Study
Rise in Application of Underwater Vehicles in Port Security and Naval Defense: Extensive adoption of autonomous and remotely operated underwater vehicles in maritime security and naval defense applications has boosted the market. Utilization of these vehicles in naval combat and enemy reconnaissance has increased significantly in several countries. Advancements in underwater robotic systems are expected to fuel the market. Their applications are expected to rise in marine research and exploration activities.
Increase in Usage of Smart Unmanned Vehicles in Underwater Research and Maritime Surveillance Operations: Rise in application of intelligent unmanned vehicles in maritime surveillance is a key underwater security (systems and services) market trend. Port security has attracted widespread attention by governments across the world over the past few decades to prevent maritime terrorism activities. Diver detection systems are extensively deployed by port security personnel to prevent underwater threats. The market research by TMR reveals that the diver detection sonar (DDS) system segment is anticipated to grow at a CAGR of 5.3% from 2022–2031.
Increase in utilization of underwater acoustic detection systems in military and commercial harbors and bases for maritime security applications is a key driver of the underwater security (systems and services) industry
Rise in spending by governments in several countries on naval defense is expected to broaden the underwater security (systems and services) market outlook
Advancements in diver detection sonar systems are expected to create new revenue opportunities for companies in the global market
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Regional Growth Dynamics
North America is expected to account for significant share of the global underwater security (systems and services) market. It is projected to hold 36.2% market share during the forecast period. Rise in deployment of underwater security services and systems at commercial ports is anticipated to propel the market in North America.
The markets in Asia Pacific and Europe are expected to witness growth at a rapid pace from 2022–2031. Significant demand for underwater security solutions at ports and focus of several countries, such as China, on enhancing maritime security, are expected to lead to attractive business opportunities in the Asia Pacific market. Enactment of regulations on maritime security by the European Union has augmented the market in Europe during the past few years.
Several medium- and large-scale vendors account for sizable share in the market. Most companies in the underwater security (systems and services) industry are keenly undertaking new product development and spending on R&D activities in order to consolidate their positions.
Key players operating in the market are DSIT Solutions Ltd., Aselsan A.Ş., DA Group, Kongsberg Mesotech Ltd., NORBIT ASA, SAES, Sidus, Sonardyne, Thales Group, and SonarTech Underwater Systems LLC.
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Underwater Security Market Segmentation
Diver Detection Sonar (DDS) System
Harbor Surveillance System (HSS)
Intrusion Detection System
Underwater Communication System
Security Assessment and Consulting
Repair & Maintenance
Training and Education
Ports & Terminals
Middle East & Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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