Ocean Technology Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the ocean technology market was valued at 5.6 billion in 2022, and a CAGR of 5.6% is expected during the forecast period. The ocean technology market encompasses a range of sectors, including underwater robotics, autonomous vehicles, marine sensors, and data analytics. Growing interest in ocean exploration, environmental monitoring, and offshore industries contributes to the market’s expansion. Key players are investing in advanced technologies to address challenges such as deep-sea exploration, sustainable resource management, and climate change research. Increasing demand for deep sea exploration and the rising importance of marine resources are driving growth in the market.

Advancements in autonomous underwater vehicles are driving the growth of the market. Heightened awareness of the role oceans play in climate change is prompting investments in technology to monitor and address environmental concerns.

Impact of Covid-19

The COVID-19 pandemic had a negative impact on the ocean technology market due to supply chain disruptions, stringent lockdown, physical distancing, delays in project timelines, and reduced investment. Economic uncertainties had played a major role in acting as an inhibitor for the market’s growth. Driving innovation in remote sensing and data analytics in the ocean tech sector is driving growth in the market. Increasing demand to explore underwater objects and obstacles is driving the growth of the market.

Growth Drivers

Increasing demand for sea exploration and the rising importance of marine resources are driving significant growth in the market. Advancements in autonomous underwater vehicles and the rise of sustainable marine technologies are driving the growth of the market. Expanding applications in industries like offshore energy, aquaculture, and defense contribute to the market’s growth. The rising need to efficiently manage complex supply chain operations is driving the growth of the market significantly. Naval forces and maritime agencies are leveraging ocean technology for surveillance, security, and disaster response for national security.

Undersea cable and satellite technology are essential for global internet and communication technology, which is essential for increased demand for ocean technology. Sustainable seafood production relies on ocean technology for monitoring fish health and efficient farming practices. Increasing emphasis on exploration of underwater objects to determine the importance of SONAR, which stands for sound navigation, and ranging. It’s a technology that is used in various applications such as marine navigation, fishing, underwater mapping, and military purposes.

Segmentation

Technology Type

·         Subsea Imaging and Sonar Systems

·         Underwater Communication Systems

·         Autonomous Underwater Vehicles

·         Remotely Operated Vehicles

·         Ocean Data Collection

·         Monitoring Systems

Application

·         Oil and Gas Exploration

·         Underwater Mining

·         Marine Environmental Monitoring and Conservation

·         Fisheries and Aquaculture

·         Research and Education

·         Fisheries and Aquaculture

Components

·         Sensors, and Detectors

·         Communication Systems

·         Navigation and Positioning Systems

·         Unmannered Underwater Vehicles Imaging Systems

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Ocean Technology Market Application Segmentation

On the basis of the application, the ocean technology market is segmented into oil and gas exploration, underwater mining, marine environmental monitoring and conservation, fisheries and aquaculture, research and education, and fisheries and aquaculture. Increasing demand for exploring the sea is the most demanding factor in the market. Increasing demand for national security with the help of naval forces and maritime agencies is driving the growth of the market. Offshore oil and wind gas energy depends on ocean technology for safe and efficient exploration and production. Sustainable seafood production relies significantly on ocean technology.

Oil and gas exploration depend on ocean technology, which is the leading application segment during the forecast period. Sustainable seafood production also depends on ocean technology to monitor water quality. Underwater mining, fisheries, and aquaculture are also important segments growing during the forecast period and are using ocean technology significantly. Increasing demand for oil and gas all over the world is driving market growth. SONAR is an application of ultrasonic waves that is used to significantly locate underwater objects. Various key players in the different 2 regions are playing a key role in the success of the market.

Regional Outlook

On the basis of the regions, the ocean technology market is segmented into 5 parts: Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. North America is a significant region and is expected to grow rapidly during the forecast period. North America, especially the Gulf of Mexico, has a sustainable presence in offshore oil and gas exploration. Ocean technology plays a crucial role in underwater mapping, drilling operations, and environmental monitoring.

The U.S. Navy and other defense agencies heavily invest in ocean technologies for underwater surveillance and the development of autonomous underwater vehicles. Technologies like SONAR and underwater imaging assist in fisheries management by locating fish, assessing stocks, and monitoring fishing activities. Teledyne technologies and other prominent key players present in the region provide a range of underwater solutions. European countries, particularly those with extensive coastlines like the United Kingdom and Norway, invest in ocean technology for offshore wind energy projects. This involves advanced monitoring systems, underwater cabling, and maintenance technology. The maritime industries in Europe benefit from ocean technology for navigation, safety, and efficient vessel operation.

European nations such as Germany, France, Italy, Spain, Greece, Norway, Denmark, and Sweden are engaged in underwater research for scientific purposes. Studying marine life, geology, and climate change. European countries often utilize ocean technology for aquaculture and environmental management in coastal areas. Increasing demand for managing marine ecosystems and tracking pollution is driving growth in the ocean technology market.

The Asia Pacific region is vibrant and diverse, with the presence of various coastal nations playing a significant role. It heavily relies on ocean technologies for efficient fisheries management, aquaculture monitoring, and resource assessment. Several countries in the Asia-Pacific region are investing in offshore oil and gas exploration. Given the region’s significance in global trade, ocean technology is essential for efficient maritime transportation, including navigation systems, ship monitoring, and port systems. With a growing focus on environmental conservation, the Asia-Pacific region uses ocean technology to explore the sea and marine ecosystems.

Key Players

·         Teledyne Technology

·         Kongsberg Gruppen

·         Fugro

·         Subsea 7

·         Ocean Infinity

·         Saab Seaeye

·         iXblue

·         Sonardyne

·         Choon Eng Hong PTE LTD

·         Other Players