Report : Europe Oceanographic Monitoring System Market Forecast to 2030 - Regional Analysis - by Type (Sensors, Underwater Communication System, and Buoys Observation Monitoring System) and Application (Onshore and Offshore)
At 5.3% CAGR, Europe Oceanographic Monitoring System Market is Projected to be Worth US$ 634.67 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe oceanographic monitoring system market was valued at US$ 418.97 million in 2022 and is expected to reach US$ 634.67 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Increasing occurrence of tsunamis, storm surges, and extreme waves and rising government investment in ocean monitoring are among the critical factors attributed to drive the Europe oceanographic monitoring system market growth.
Oceanographic monitoring systems play an important part in environmental monitoring as they provide critical data on numerous aspects of the ocean's health. Ocean buoys, gliders, and profiling floats continuously monitor temperature and salinity at different depths. This data is used to detect ocean currents, comprehend global climate trends, and monitor the effects of climate change on the ocean's physical features. Also, monitoring sea level rise using tide gauges and satellite altimetry is critical for understanding the effects of melting glaciers and ocean thermal expansion. This information is vital for coastal towns facing a rise in sea levels, which leads to associated disasters such as floods and erosion. Moreover, there is a growing focus on comprehending and reducing the environmental impact of human activity in the ocean. investigate the effects of climate change and evaluate and monitor the health of marine environments. Thus, the growing demand for environmental monitoring is expected to create opportunities for the growth of the oceanographic monitoring system market during the forecast period.
On the flip side, high initial investment and operational cost hamper the growth of Europe oceanographic monitoring system market.
Based on type, the Europe oceanographic monitoring system market is categorized into sensors, underwater communication system, and buoys observation monitoring systems. The underwater communication system segment held 40.8% market share in 2022, amassing US$ 170.76 million. It is projected to garner US$ 264.97 million by 2030 to register 5.6% CAGR during 2022-2030.
In terms of application, the Europe oceanographic monitoring system market is bifurcated into onshore and offshore. The onshore segment held 66.2% share of Europe oceanographic monitoring system market in 2022, amassing US$ 277.15 million. It is anticipated to garner US$ 429.03 million by 2030 to expand at 5.6% CAGR during 2022-2030.
Based on country, the Europe oceanographic monitoring system market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.9% share of Europe oceanographic monitoring system market in 2022. It was assessed at US$ 112.61 million in 2022 and is likely to hit US$ 189.04 million by 2030, registering a CAGR of 6.7% during 2022-2030.
Key players operating in the Europe oceanographic monitoring system market are GOST Global, Ocean Scientific International Ltd, Sonardyne, Xylem, Seatools B.V, Trelleborg Marine and Infrastructure, Valeport Ltd, Sercel, MOBILIS, AXYS Technologies Inc, TechWorks Marine, and Sea-Bird Scientific, among others.
- In August 2023, Ocean Scientific International Ltd (OSIL) manufactured and deployed a self-contained 1.2m Tern data buoy platform to collect data for their predictive AI modeling system.
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