As per a recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the global ultra-short base line positioning system market is projected to reach a valuation of US$ 127.7 Mn in 2021.
Expansion of commercial trade via marine operations, coupled with growing interest in recreational travel are key trends bolstering sales of ultra-short base line positioning systems. Driven by this, the market is poised to expand at a steady 5.8% CAGR during the forecast period, from 2021 to 2031.
Increasing demand from researchers, surveyors, photographers, and the Navy in various countries will continue providing tailwinds to ultra-short base line positioning system sales.
Besides this, efforts to improve underwater communication are encouraging companies to develop wireless data transmission systems. Integration of connective technologies such as Internet of Things (IoT) and artificial intelligence for streamlining marine communication will further boost sales through 2031.
In addition, improvements in sound to noise ratio (SNR) at an inverted ultra-short base line transceiver in smaller vessels are providing longer acoustic tracking ranges. These improvements are facilitating growth in marine operations, leading to lucrative sales prospects in the market.
Growing interest in water sports and recreational tourism activities also will result in higher adoption of ultra-short base line positioning system by ship and vessel owners for optimal safety of customers. This factor is anticipated to encourage developments and technological advancements in the ultra-short base line positioning system market in the upcoming years.
FMI on the basis of in-depth regional analysis projects the U.S. to dominate the ultra-short base line positioning system market. The U.S. is forecast to account for 60% of sales in North America. Rapid expansion of various end-use industries such as oil & gas and tourism are anticipated to bode well for the market.
“Increasing investments in maritime and marine science are paving way for product developments in the global ultra-short base line positioning system market. Besides this, introduction of sales through online channels by OEMs will further augment market growth,” says the FMI analyst.
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Key Takeaways:
- In terms of nominal range, deep (upto 10,000 m) ultra-short base line positioning system will lead the segment, holding 57% of the total market share.
- 200-degree antenna aperture will account for 45% of the total ultra-short base line positioning system market share.
- ROV, AUV vessels positioning will dominate the end-user segment, accounting for 25% of the total market share.
- Holding 60% of the North American ultra-short base line positioning system market, the U.S. will continue witnessing high growth through 2031.
- Growing investments in machine science and expansions in the oil & gas industry in China will place it as a lucrative market, expanding at a 5.1% CAGR through 2031.
- Sales outlook of ultra-short base line positioning systems in Italy is projected to be positive, holding 20% of the European market.
Prominent Drivers:
- Technological advancements in ultra-short base line positioning system market such as IoT (Internet of Things) and artificial intelligence (AI) will push sales through 2031.
- Growing interest in tourist activities such as deep-sea diving and underwater photography will propel sales of ultra-short base line positioning systems.
Key Restraints:
- High costs associated with the installation of ultra-short base line positioning system may hamper the market growth.
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Competitive Landscape
Key players operating in the ultra-short base line positioning system market are leveraging strategic collaborations, partnerships, and acquisitions to strengthen their position in the market. Product portfolio expansions and customized products to meet end-users demand will remain lucrative growth strategies during the assessment period. For instance:
- In July 2021, Norwegian company Konsberg Maritime launched two new water jet control systems known as JCS Compact and JCS Extended. These new control systems use standard components for reducing costs and streamlining simple operations.
- In September 2020, EdgeTech, a global leader in high-resolution sonar imaging systems and underwater technology, introduced a new sonar frequency combination suitable for shallow water unmanned surface vehicles (USV) and unmanned underwater vehicles (UUV). The new technology effectively connects small vehicles operating in shallow waters or close to the seafloor.
Leading players operating in Ultra Short Base Line Positioning System Market profiled by FMI include:
- Kongsberg Maritime AS
- Teledyne Marine
- iXblue
- ROV-Support A/S
- EvoLogics GmbH
- Sonardyne Holdings Limited
- AAE Technologies Ltd.
- Tritech International Limited
- Imenco AS
- Deep Trekker Inc.
- VideoRay LLC
- Link Quest Inc.
- Blueprint Design Engineering Ltd.
- Beringia Enterprises LLC (DiveNET)
- EdgeTech
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Ultra-Short Base Line Positioning System Demand to Grow by 5.8% through 2031, Applications to Concentrate in ROV, AUV Vessel Positioning: Future Market Insights appeared first on Future Market Insights.
