Growing marine operations for commercial trade and recreational travel in recent years have bolstered the growth outlook for Ultra Short Base Line Positioning System for the upcoming decade. The market is set to reach a valuation of US$ 127.7 Mn by 2021, registering a CAGR of 5% through the projection period.
Revenues from sales of the Ultra Short Base Line Positioning System’s deep nominal range increased at a respectable rate of 4.1% per year in 2021. When it comes to end users, the offshore equipment market’s demand grew at a 4.8% CAGR between 2020 and 2021, leading to a combined USBL positioning system market that grew by 4.2% annually in 2021.
According to the Future Market Insights report, the demand for ROV and AUV vessel positioning increased at a CAGR of 4.4% between 2020 and 2021, enabling combined ultra-short baseline positioning system markets to grow by 4.2% annually in 2021.
Growth has been largely sluggish in recent years. However, it can be credited to less expensive acoustics and dependable technology. Due to these systems being installed on newer boats and yachts to meet required safety standards, deep sea diving has become a popular tourist attraction in many nations including the UAE, Singapore, Thailand, and more.
Marine and maritime applications of the Ultra Short Base Line Positioning System are expanding. These systems are being used by an increasing number of fleet managers, onboard engineers, and ship owners to detect any potential obstructions in marine routes.
The market’s leading players offer specialized goods that are further integrated with IoT and artificial intelligence to increase efficiency and precision.
Over the forecast period, demand is anticipated to grow at a 5.1% CAGR in the China market. The market for ultra-short baseline positioning systems is propelled by a developed oil and gas industrial landscape as well as the government-supported tourism sector.
Substantial development in the oil and gas industry coupled with rapid growth in investments in marine sciences and underwater photography are likely to propel the growth in demand over the forecast period. Manufacturers from China are focusing on the development of low-cost and high-efficiency Ultra Short Base Line Positioning Systems. This, in turn, is creating key opportunities for market growth.
The market for ROV, AUV vessel positioning end-use segment is expected to account for nearly 25% of the Ultra Short Base Line Positioning System market. The rising prominence of ROV, and AUV for offshore exploration, mining activities, oceanography surveys, and cartography is expected to augment demand over the forecast period.
Key Players:
- 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
