OCEANOGRAPHIC MONITORING SYSTEM MARKET ANALYSIS

An oceanographic monitoring system can be defined as a system that is used to monitor activities in the ocean such as earthquakes, hurricanes, tsunamis, and floods among others. The oceanographic monitoring system provides real time data related to the height of waves, the magnitude of underwater earthquakes, and the speed of hurricanes among others to prevent and mitigate the damage caused by these disasters. The oceanographic monitoring system is helpful in detecting tsunamis, which are large waves of extremely long length and generated by a violent, impulsive undersea disturbance or activity near the coast or in the ocean. The oceanographic monitoring system constantly monitors the disturbances occurring on the surface of the ocean and send reports in case of a discrepancy in regular activities.

Factors Driving Growth of the Global Oceanographic Monitoring System Market

The ocean and coastal regions exhibit spatially and temporally varying environmental conditions. With the changing environmental and climatic conditions, natural calamities such as tsunamis, hurricanes, and floods are increasing substantially. In 2018, According to the World Vision Organisation, more than 500,000 earthquakes occurs each year, out of which over a 100 cause damage. Moreover, the 3 major tsunamis have occurred across the globe. In 2004, the tsunami in the Indian Ocean caused more than 2,30,000 deaths. In 2018, an earthquake and tsunami in Indonesia of 6.9 and 7.5 Richter magnitude caused more than 2,000 deaths. As a result, the governments across the globes are adopting oceanographic monitoring systems to reduce destructions caused by natural calamities, which is expected to drive the growth of the global oceanographic monitoring system market.

Moreover, various organisations across the globe are funding projects elated to oceanographic monitoring systems in order to monitor the state of oceans on a regular and continuous basis and accurately identify potential environmental hazards. For instance, in 2016,  the EU funded the SENSEOCEAN project to develop a multifunctional package of sensors; each of which is small, low cost, can be mass produced commercially, and can be used on different platforms out at sea including autonomous vehicles, buoys, observatories and devices that measure conductivity, temperature, and depth. All the aforementioned factors are contributing to the growth of the global oceanographic monitoring system market.

Regional Analysis of the Global Oceanographic Monitoring System Market

On the basis of region, the global oceanographic monitoring system market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.

In 2018, the Asia Pacific region accounted for the largest share in the oceanographic monitoring system market and is expected to hold a dominant position in the market over the forecast period. Countries such as Indonesia and Japan are prone to tsunamis and earthquakes, owing to which the governments across Asia Pacific are implementing advanced techniques such as oceanographic monitoring systems.

Key Players in the Global Oceanographic Monitoring System Market

Some of the key players operating in the global oceanographic monitoring system market include Hitachi Zosen, Sea & Stream, Seatools, Global Ocean Security Technologies, Valeport, Aanderaa, Osil, SonTek, Sonardyne, and Tideland Signal.

Global Oceanographic Monitoring System Market: Taxonomy

The global oceanographic monitoring system market is segmented on the basis of application, type and region.

• On the basis of application, the market is segmented into:
  • Off-shore
  • On-shore
• On the basis of type, the market is segmented into:
  • GPS Ocean Wave Meter and Tsunami Meter
  • Multi-functional Observation Buoys
  • Observation Monitoring Systems
  • Other
• On the basis of region, the market is segmented into:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa