According to a new report published by Allied Market Research, titled, “Hydrographic Survey Equipment Market," The hydrographic survey equipment market was valued at $3.1 billion in 2020, and is estimated to reach $5.3 billion by 2030, growing at a CAGR of 5.73% from 2021 to 2030.
Asia Pacific dominated the hydrographic survey equipment market in terms of growth, followed by LAMEA, North America, and Europe. The U.S. dominated the market share in 2020, whereas China is expected to grow at a significant rate in the market during the forecast timeframe.
The Hydrographic Survey Equipment industry holds great potential in the near future to the rise in the global maritime industry. The arrival of unmanned vehicles that can be remotely piloted and engagement of machine learning technologies to support complete autonomous operations notably impact the business dynamics. The introduction of a new product range by companies operating within the vertical that is cost-effective and can deliver comprehensive results through autonomous operations is generating market competitiveness. Long-term agreements, service contracts, and collaborations are among the primary strategic initiates practiced by industry players operating in the hydrographic survey equipment market.
In addition, the rise in awareness about global warming, rising ocean levels across the globe, and increasing carbon footprint has proliferated the need for hydrographic surveys in the research community to study the effect of such changes on ocean beds. Hydrographic surveys also allow researchers to gauge the quality of water and the impact of pollution on marine ecosystems. Initiatives are taken by nonprofit organizations coupled with environmentalists to support the business growth within the forecast period.
By end user, the market is divided into commercial, research, and defense. By type, the market is classified into sensing systems, positioning, system, optical system, profilers, software, and others. Based on depth, the hydrographic survey equipment market is segmented into shallow water, and deepwater. The platform segment is categorized into surface vessels, unmanned surface vessels (USVs) & unmanned underwater vessels (UUVs), and aircraft. The application segment is divided into hydrographic or bathymetry survey, port & harbor management, offshore oil & gas survey, cable or pipeline route survey, and others.
Factors such as the introduction of unmanned survey vehicles, reduced cost of operation, and integration of various technologies to support a customer-friendly approach to augment the business opportunities within the forecast period. Technological advances, such as 3D and 4D technologies, being incorporated in bathymetric studies have made it possible for harbor owners and managers to get a better overall view of their areas. 4D technologies enhance predictive assessment for ports as they offer a more realistic insight into developments in the surrounding waters. Furthermore, the rise in demand for hydrographic surveys by defense organizations across the globe and rising tension between several nations such as the U.S., China, Russia, the Philippines, and North Korea among others will propel market opportunities. Updated hydrographic scans and precise subsea mapping provide strategic competitiveness to nations during critical situations.
KEY FINDINGS OF THE STUDY
- By end user, the commercial segment leads the market during the forecast period.
- By type, the software segment leads the market during the forecast period.
- By depth, the deepwater segment is expected to grow at lucrative growth rate during the forecast period (2021-2030).
- By platform, the USVs And UUVs segment leads the market during the forecast period.
- By Application, the offshore oil and gas survey is forecasted to witness highest growth rate during the forecast period.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The Key players operating in the hydrographic survey equipment market are Edgetech, Innomar Technologie GmbH, Ixblue SaS, Kongsberg Gruppen ASA, Sonardyne International Ltd, Syqwest Inc, Teledyne Technologies Inc, Tritech International Limited, Valeport Ltd, and Xylem.