DUBLIN, October 14, 2021--(BUSINESS WIRE)--The "Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; End User" report has been added to ResearchAndMarkets.com's offering.
The hydrographic survey market was valued at US$ 97.19 million in 2019 and is projected to reach US$ 155.91 million by 2027; it is expected to grow at a CAGR of 6.08% from 2019 to 2027.
Maritime commerce and transport is a key to global trade and globalization; moreover, it is essential for ensuring national security. The movement of passengers and cargo demands an efficient marine transportation system.
Government agencies, such as the US Army Corps of Engineers, NOAA, US Department of Transportation (DOT), US Coast Guard, US Customs and Border Protection, and Environmental Protection Agency (EPA) regulate marine commerce and transportation.
These government agencies are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. As per United Nations Conference on Trade and Development (UNCTAD), the global maritime commerce is expected to increase at an average annual growth rate of 3.5% during 2019-2024 (the forecast period specified in the report), and the projected growth would be mainly driven by an increase in containerized, dry bulk, and gas cargoes.
Commercial shipping is crucial for the global and domestic coastal trade of any country.
Ships transporting dry and liquid bulk goods, containers, and passengers need efficient and safe shipping lanes and ocean routes as well as suitable port facilities and infrastructure. The ocean planning activities must ensure that the allotment of ocean space to other activities is compatible with safe maritime commerce and transport.
Numerous coastal nations worldwide are heavily investing in hydrographic surveys to have properly charted waters that can aid a rising need for maritime commerce and transportation. Optimized charts enable faster transits of ships with deeper drafts, allowing the movement of huge goods through navigational chokepoints and ports. Precise hydrographic software and services are vital for ensuring navigation safety as well as supporting and boosting safe maritime commerce and transport, which would contribute to the constant sustainable growth of the global economy, thereby escalating the demand for hydrographic survey software and services.
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, Italy, Germany, Argentina, Mexico, and South Africa are among the worst affected countries due to the COVID-19 outbreak. The COVID-19 crisis disrupted industries worldwide, and the global economy was adversely affected in 2020. The US is a prominent market for the hydrographic survey for oil & gas and marine sectors. The factory and business shutdowns across the world have negatively impacted the adoption of the hydrographic survey market. Factors such as shortage of human resources and the practical difficulties in many social distancing cases hindered oil & gas activities globally, which leads to a halt in various ongoing projects. Thus, it also negatively impacted the integration of the hydrographic survey market.
The hydrographic survey market is segmented on the basis of component, end user, and geography.
Based on component, the market is bifurcated into software and services. In terms of end user, the market is bifurcated into marine and oil & gas. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest market share. However, APAC is estimated to register the highest CAGR during 2020-2027. Despite the positive growth outlook, the ongoing COVID-19 pandemic is hindering the global economy, and its limiting effect is likely to restrain business activities and revenues of the hydrographic survey industry players across the world.
HYPACK / Xylem Inc.
Norcom Technology Limited
Teledyne Marine (Teledyne Technologies Incorporated)
Triton Imaging, Inc.
Moga Software s.r.l.
Quality Positioning Services B.V. (QPS)
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