Oceanographic Monitoring System Market is expected to reach US$ 2.19 billion by 2030

PRESS RELEASE BY The Insight Partners 05 Apr 2024

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Growing Marine Industry Fuels Oceanographic Monitoring System Market Growth

According to our latest study on “Oceanographic Monitoring System Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type and Application,” the market was valued at US$ 1.48 billion in 2022 and is expected to reach US$ 2.19 billion by 2030; it is estimated to record a CAGR of 5.0% from 2022 to 2030. Oceanographic monitoring system manufacturers are increasingly involved in technological advancement and developing new sensors, data collection methods, and communication networks. The continuous pursuit of innovation leads to increased accuracy and efficiency in data collection, providing enhanced statistics on the ocean's health. Deployment of innovative systems such as autonomous underwater vehicles (AUVs) and unmanned surface vehicles (USVs) allows data collection in previously inaccessible locations. 

The report includes growth prospects in light of current oceanographic monitoring system market trends and driving factors influencing market development. Weather forecasting relies heavily on data gathered from ocean observations. It provides early warning of threats such as tsunamis, storm surges, and high waves, which helps save lives and allows marine operators to remain efficient. There are frequent occurrences of natural phenomena such as tsunamis, storm surges, and extreme waves, which are creating the demand for oceanographic monitoring. For example, according to National Geographic, the majority of tsunamis, i.e., ~80%, occur along the Pacific Ocean's "Ring of Fire," a geologically active area where tectonic movements cause volcanoes and earthquakes. Also, researchers have discovered a rogue severe wave that formed in the Pacific Ocean in 2020; it was 17.6m and located in the waters off Ucluelet, British Colombia.

Oceanographic Monitoring System Market – by Region, 2022 and 2030

Oceanographic Monitoring System Market – by Region, 2022 and 2030

Oceanographic Monitoring System Market Growth, Trends - 2030

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Oceanographic Monitoring System Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Sensors, Underwater Communication System, and Buoys Observation Monitoring System) and Application (Onshore, Offshore), and Geography

Source: The Insight Partners Analysis

Moreover, according to a recent study in January 2024, hurricane-induced ocean waves have increased in area by 80% in the past 40 years, leading to severe damage in the US, Mexico, and Caribbean nations. The Hohai University in China led the first global trend study that examined long-term variations in the height and surface area coverage of ocean surface waves from tropical cyclones worldwide since 1979. Researchers discovered that the North Atlantic Ocean's coverage area of ocean waves caused by tropical cyclones grew by ~20% (167,000 km2 or the size of Florida State) every ten years, and their findings were published in Nature Communications in January 2024. The increasing occurrence of tsunamis and high rogue waves can cause huge damage, loss of life, and mass injuries. Thus, the increasing occurrence of hazards such as tsunamis, storm surges, and extreme waves drives the oceanographic monitoring system market growth.

The North America market is segmented into the US, Canada, and Mexico. The US accounts for the largest oceanographic monitoring system market share in 2023. Several players in the US are providing oceanographic monitoring systems such as Xyleme Inc., GOST Global, etc. Xylem provides solutions for environmental research used in oceanographic, hydrographic, and climate research markets, in shallow coastal environments as well as deep blue oceans. Aanderaa, SonTek, Waterlog, and YSI deliver the most technologically advanced self-contained and integrated remote underwater observation systems, environmental monitoring buoys, telemetry, water quality, and velocity sensors in the world. The presence of such players in the US propels the growth of the oceanographic monitoring system market.

The market is divided on the basis of type and application. Based on type, the underwater communication system segment held the largest oceanographic monitoring system market share in 2022. An underwater communication system is a stimulating and easy way to stay connected underwater. Underwater wireless communication has recently gained traction as a crucial catalyst for a wide range of applications in the environmental, commercial, and civilian realms. The development of reliable, high-speed underwater communication technology is significant for realizing the full potential of underwater applications and advancing sectors such as oceanography, aquaculture, etc. Underwater communication systems help governments of various countries in monitoring the environment. These systems can actively check on the activities of companies in the oil & gas industry and report if they are affecting the environment. Environmental pollution can also be monitored and successively controlled through these systems.

Moreover, various companies are deploying underwater communication systems for commercial purposes. For example, in January 2024, WSense, a producer of underwater monitoring and communication systems, and Alcatel Submarine Networks (ASN) signed an agreement (MoU) to develop the next generation of underwater wireless communication systems. Under the MoU, WSense and ASN will leverage their respective technologies and expertise to develop a state-of-the-art underwater communication system. Such instances propelled the growth of the underwater communication systems segment in the market.

Oceanographic Monitoring System Market Report Segmentation and Scope:

The “oceanographic monitoring system market analysis” has been carried out by considering the following segments: type, application, and geography. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North America oceanographic monitoring system market is segmented into the US, Canada, and Mexico. Mexico is deploying buoys for oceanographic monitoring. For example, in the Gulf of Mexico, Buoys 42001 and 42003 were stationed as part of the National Oceanic and Atmospheric Administration's (NOAA) National Data Buoy Center. These buoys are used to monitor oceanographic and atmospheric conditions that are capable of generating or affecting tropical cyclones. Buoys also play an important role in forecasting heat waves and moisture availability. Such deployment of buoys propels the growth of the market in the region.

GOST Global, Hitachi Zosen Corporation, Ocean Scientific International Ltd, Sonardyne, Seatools B.V., Xylem, Trelleborg Marine and Infrastructure, Valeport Ltd, SERCEL, MOBILIS, AXYS Technologies Inc., Smart Buoy Co., TechWorks Marine, Sea-Bird Scientific, and Neil Brown Ocean Sensors, Inc. are among the prominent players profiled in the oceanographic monitoring system market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Oceanographic Monitoring System Market Recent Developments: 

The oceanographic monitoring system market forecast can help stakeholders plan their growth strategies. Companies in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per the company press releases, below are a few recent key developments:

  • In 2023, Saltwater Stone announced its partnership with Neil Brown Ocean Sensors Inc. (NBOSI)—a specialist developer and manufacturer of cutting-edge sensors for the maritime industry.
  • In 2023, The Nippon Foundation-GEBCO Seabed 2030 Project and Seabird Technologies announced a new partnership that will see the two parties work together to advance the collective understanding of the ocean and support ocean science solutions to ensure the sustainability of the maritime sector.
  • In 2023, Trelleborg Group, an engineered polymer solutions company, announced its plan to develop an advanced production facility in Vietnam, with construction expected to be completed by 2025. Furthermore, the introduction of a new site in Vietnam will strengthen the company's production capabilities in the marine fender, marine construction, and infrastructure product areas.
  • In 2023, GOST announced a partnership with Boat Fix, a recreational boating telematics company that provides monitoring uniquely backed by 24/7 live alarm and customer support. Making accessible next-level monitoring, alarm management, and vessel recovery, GOST will be offering existing and future customers the GOST 24/7 Alarm and Customer Support Service powered by Boat Fix.

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