PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 958799
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 958799
Abstract:
Global Underwater Acoustic Modem Market to Reach $106.6 Million by 2027
Amid the COVID-19 crisis, the global market for Underwater Acoustic Modem estimated at US$47.2 Million in the year 2020, is projected to reach a revised size of US$106.6 Million by 2027, growing at a CAGR of 12.3% over the analysis period 2020-2027. Short-Range Devices, one of the segments analyzed in the report, is projected to record a 13.1% CAGR and reach US$58.8 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mid-Range Devices segment is readjusted to a revised 11.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $13.9 Million, While China is Forecast to Grow at 11.8% CAGR
The Underwater Acoustic Modem market in the U.S. is estimated at US$13.9 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$18.6 Million by the year 2027 trailing a CAGR of 11.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 10.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR.
Long-Range Devices Segment to Record 11.1% CAGR
In the global Long-Range Devices segment, USA, Canada, Japan, China and Europe will drive the 10.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.1 Million in the year 2020 will reach a projected size of US$14.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.6 Million by the year 2027.
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