Why Hydrographic Survey Equipment Market Is Booming By Forecast
The global hydrographic survey equipment market size will rise to an elevated growth owing to increasing demand towards precise nautical charts and rising maritime trade. This information is provided by Fortune Business Insights™, in its report, titled, “Hydrographic Survey Equipment Market, 2022-2029.” Additionally, integration of 3D and 4D technologies alongside increased demand from similar activities such as maritime navigation, maritime construction, and submerged construction will boost the growth of the market.
COVID-19 Impact
Lockdown Measures and Disturbances in Transportation Sector to Thwart Growth
The COVID-19 has shaken the whole world with various manufacturing sectors bearing the brunt of the bore. The market for hydrographic survey equipment is no different with lockdown measures and restrictions in large gatherings of people have forced the prominent market players shutting down their manufacturing hubs. Furthermore, disruptions in the supply chain and volatility in the prices of raw material will further affect the value of the market in a negative way.
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Segments
By type, the market can be divided into sensing system, positioning system, subsea sensor, unmanned vehicle, and software.
On the basis of application, the market can be branched across port & harbor, oil & gas, cable, and charting.
In terms of depth, the market can be segmented across shallow water & deep water.
With accordance to platform, the market can be fragmented across surface vessels, USVS and UUVS, and aircraft.
Pertaining to the end user, the market can be scattered across commercial, research, and defense.
In terms of region, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage
The report provides in-depth market insights in terms of major features such as drivers, restraints, opportunities¸ and challenges that have the ability to affect the market. Additionally, the report provides an analysis of segments and subsegments w.r.t. trending market trends, growth prospects, and their overall allowance to the overall market space. Also, the report lists recent competitive developments such as contracts, latest product launches, research & development opportunities in addition to the business and corporate strategies incorporated by the dominant market players.
Drivers & Restraints
Rising Amount of Renewable Wind Energy Projects to Aid Growth
Increasing maritime activities towards commerce and transport will fuel the hydrographic survey equipment market growth. Also, technological advancements alongside the increasing number of renewable wind energy projects will bolster the growth of the market. Factors such as integration of autonomous underwater vehicles (AUVs) will aid market growth. Additionally, rising demand for deep water exploration and production & exploration activities with drilling support and pipeline inspection activities will increase the footprint of the market.
However, fluctuating prices in the oil & gas industry will hamper the growth of the market. Higher investment cost and seasonal demand pertaining to sales will further hinder the value of the market during the forecast duration.
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Regional Insights
Rising Oil & Gas Exploration Activities to Help North America Growth Exponentially
North America will dominate the market growth owing to the increasing number of prominent players in the region and increasing usage of hydrographic survey equipment towards dredging and subsea research activities.
Asia Pacific will witness the fastest growing CAGR during the advent of the forecast duration due to increasing adoption of hydrographic survey equipment from emerging economies such as China and India. Factors such as growing demand for offshore drilling and increasing maritime construction analysis will boost the growth of the hydrographic survey equipment market share.
Europe will capture a significant growth in the market due to rising attributes of the key player’s presence. The rest of the World will occupy a huge chunk of the market owing to rising demand from South America and Middle East & Africa for port and harbor services from the sectors of oil & gas industry, cable, and charting services.
Competitive Landscape
Key Players Focused on Collaborative Efforts for Introducing Unique Products for Consumers
The global market is occupied by a mix of large, small, and medium sized companies that are majorly focused towards launching the latest generation of products in order to cater to wider size of consumers. Others are focused on collaborating with similar organizations for capturing a larger market grasp. For example, in February 2021, Kongsberg Maritime and Indian National Institute of Ocean Technology (NIOT) signed an agreement for the sale of the HUGIN AUV system. The HUGIN AUV systems offer will be equipped with a EM2040 multiband echo sounder which is specifically designed for mapping seabed and other range of hydrographic applications.
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Industry Development
- March 2021: The Royal Navy tested cutting-edge software for mapping the seabed. The HMS Magpie was commissioned with charting the waters around Plymouth using technologically advanced Radar-based bathymetric survey systems using a customized computer which was programmed for measuring wave height.
List of Key Players Present in the Market
- Edgetech (U.S.)
- INNOMAR Techologie GmbH (Germany)
- iXblue SaS (France)
- Kongsberg Maritime (Norway)
- Sonardyne International (U.K.)
- SyQwest Inc. (U.K.)
- Teledyne Technologies (U.S.)
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