OCEANOGRAPHIC MONITORING SYSTEM MARKET ANALYSIS

Market Challenges And Opportunities

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.