Portland, OR, March 29, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydrographic survey equipment industry was estimated at $2.95 billion in 2019, and is anticipated to hit $4.13 billion by 2027, manifesting a CAGR of 5.6% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key segments, major investment pockets, competitive landscape, value chain, and regional scenario.
Surge in offshore wind energy projects across the world, significance of hydrographic surveys in the construction of marine projects, and increase in demand for hydrographic data for navigation and defense & security purposes drive the growth of the global hydrographic survey equipment market. On the other hand, high cost of hydrographic survey equipment and challenges related to shallow water hydrographic surveying restrain the market growth to certain extent. Nevertheless, emergence of hydrographic survey software and technological innovation in the field of bathymetric surveys are anticipated to usher an array of opportunities for the market players in the future.
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Covid-19 scenario:
- The outbreak of the pandemic led to decline the import and export activities along with suspending international travel through waterways, which in turn impacted the demand for conducting regular hydrographic surveys.
- Due to the prolonged lockdowns, the hydrographic survey services companies had suspended their operations either partially or completely. This, furthermore, delayed the initiatives and activities associated to the development of innovative hydrographic survey equipment solutions.
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The global hydrographic survey equipment market is segmented on the basis of type, depth, platform, application, end user, and region. Based on type, the unmanned vehicles segment dominated the market with largest share in 2019, holding around one-third of the global market. Furthermore, the segment is also expected to manifest the fastest CAGR of 6.0% during the forecast period.
Based on application, the offshore oil and gas survey segment held the lion’s share in 2019 with more than one-third of the global hydrographic survey equipment market. The segment would lead the trail throughout the forecast period. In addition, the segment is anticipated to showcase the fastest CAGR of 6.1% in between 2020 to 2027.
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Based on region, the hydrographic survey equipment market market is studied across numerous regions including Asia-Pacific, Europe, LAMEA, and North America. The North America region accounted for the highest market share in 2019, with more than one-third of the market. The region would rule the roost throughout the forecast period. On the other hand, the market across Asia-Pacific is expected to manifest the highest CAGR of 6.4% during the forecast period.
Major market players profiled in the hydrographic survey equipment market report include Edgetech, Ixblue SAS, Innomar Technologie GmbH, Mind Technology, Inc., Kongsberg Gruppen ASA, Syqwest Inc., Sonardyne International Ltd., Tritech International Ltd., Teledyne Technologies Inc., and Valeport Ltd.
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