Hydrographic Survey Equipment Market: Offshore Oil and Gas Survey Application to Grow at $ 1,487.29 Million by 2027
Research Reports
Feb 03, 2022
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According to a recent report published by Allied Market Research, titled, “Hydrographic Survey Equipment Market by Type, Depth, Platform, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,”
The global hydrographic survey equipment market was valued at $2.95 billion in 2019, and is projected to reach $4.14 billion by 2027, registering a CAGR of 5.6%.
North America dominates the market in terms of revenue, followed by Europe, Asia Pacific, and LAMEA. The U.S. dominated the global hydrographic survey equipment market share in 2019, and is expected to grow at a significant rate during the forecast period due to increasing investments by the government to enhance the safety and operability of vessels that cross the waterways throughout the ports and harbors of the country.
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Hydrographic survey is the methodology that is used globally to measure and describe the physical features of an underwater area. The properties that are studied include water depth, tide measurement, topographic measurement, and others. Hydrographic surveyors examine the water bodies to view the seabed. It involves the measurement and description of underwater features that impact several maritime activities, for example, marine construction, offshore oil exploration/offshore oil drilling, maritime navigation, dredging, and other related activities. This data is also used to prepare raster and electronic nautical charts for vessels that cross the waterways.
By application, the global hydrographic survey equipment market has been segmented into hydrographic or bathymetry survey, port & harbor management, offshore oil & gas survey, cable or pipeline route survey, and others. The offshore oil & gas survey segment accounted for the highest revenue in 2019, owing to the high demand for hydrographic survey equipment by the oil & gas industry. The rising usage of ROVs and AUVs in conducting deep water studies is expected to propel the demand for unmanned survey vessels, which are capable to conduct both shallow and deep water studies. ROVs and AUVs can be fitted with several sensors, cameras, and other equipment to gather data related with the water depth, presence of debris, and properties, including temperature, conductivity, and pressure of seawater. Moreover, the cable or pipeline route survey segment is anticipated to witness a significant CAGR over the forecast timeframe. Attributed to the rising demand for high-speed internet by people and businesses, the hydrographic survey equipment is witnessing increased demand for laying of underwater optic fiber cables globally. Planning of cable routes requires hydrographic survey of the waterbed for efficient laying of underwater cable networks.
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By end user, the global hydrographic survey equipment market has been segmented into commercial, research, and defense. The commercial segment dominated the hydrographic survey equipment segment in 2019, owing to the ever-increasing size of trade that takes place through the waterways. Businesses make use of hydrographic survey equipment to conduct oil & gas exploration and drilling activities, pipeline & cable laying, dredging operations, and offshore surveys. In addition, the rising demand for hydrographic surveys in commercial fishing applications, mapping of nautical charts by commercial & private shipping corporations, and port & harbor authorities is anticipated to bolster the segment’s growth over the forecast timeframe.
The rising significance of hydrographic surveys in the construction of marine projects, growing demand for hydrographic data for navigation, defense, & security purposes, especially in the Asia Pacific region, and rise in offshore wind energy projects across the globe are expected to provide lucrative opportunities for the hydrographic survey equipment market during the forecast period. However, the high cost of hydrographic survey equipment and the challenges associated with shallow water hydrographic surveying are anticipated to hamper the growth of the market. Moreover, technological innovations in the field of bathymetric surveys and the emergence of hydrographic survey software are expected to offer lucrative opportunities for the market in future.?
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COVID-19 impact analysis
The COVID-19 impact on the hydrographic survey equipment market is unpredictable and is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict shutdown of ports to contain the spread of the virus. Consequently, a rapid decline in import-export and travel activities via waterways was witnessed across the globe. This led to sudden fall in demand for conducting regular hydrographic surveys across the world.
Moreover, the nationwide lockdown forced the hydrographic survey services providing companies to partially or completely shut their operations.
The adverse impacts of the COVID-19 pandemic have resulted in the delays in the activities and initiatives regarding the development of innovative hydrographic survey equipment solutions.
Key Findings Of The Study
By type, the unmanned vehicles segment is expected to register a significant growth during the forecast period.
By depth, the shallow water segment is anticipated to exhibit significant growth in the near future.
By platform, the USVs and UUVs segment is anticipated to exhibit significant growth in the global hydrographic survey equipment market during the forecast period, owing to higher CAGR as compared to the other platform segments.
By application, the offshore oil & gas survey segment is expected to register a significant growth in the global hydrographic survey equipment market during the forecast period, owing to higher CAGR as compared to other application segments.
By end user, the commercial segment is anticipated to exhibit significant growth in the near future.
By region, North America is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global hydrographic survey equipment market include Edgetech, Fugro N.V., Innomar Technologie GmbH, Ixblue SAS, Kongsberg Gruppen ASA, Mind Technology, Inc., Sonardyne International Ltd., Syqwest Inc., Teledyne Technologies Inc., Tritech International Ltd., and Valeport Ltd.
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