Market Overview
Global Hydrographic Survey Equipment Market is projected to be valued at USD 3,760 Million by 2028, registering a CAGR of 5.41% from 2020 to 2028. The rise in maritime commerce is propelling the growth of this market. Transport has also significantly contributed to the expansion of the hydrographic survey equipment market. The hydrographic squadron of the British Royal Navy replaced its aging HMS Gleaner survey ship with the new hydrographic survey vessel, HMS Magpie. The increasing procurement of such hydrographic survey vessels by various countries is creating a strong demand for hydrographic equipment. This is expected to drive the market growth for hydrographic equipment during the forecast period.
However, factors including stringent regulations implemented by government authorities for the execution of hydrographic surveys, the high investment cost, as well as the lack of technical expertise in undertaking hydrographic surveys is expected to hinder the market growth.
Key Players
Kongsberg Gruppen ASA (Norway)
Chesapeake Technology (US)
EdgeTech (US)
Environmental Systems Research Institute, Inc. (ESRI) (US)
Innomar Technologie GmbH (Germany)
Ixblue SAS (France)
Mitcham Industries Inc. (US)
Saab AB (Sweden)
Sonardyne International Ltd. (UK)
Ixblue SAS (France)
Market Segmental
Unmanned Vehicles Segment to Register the Highest Growth Rate: The unmanned vehicles segment is expected to register the highest CAGR during the forecast period, 2020 to 2028. The use of unmanned vehicles increases safety during critical operations due to minimal human intervention and reduces the associated risks and costs as compared to the use of manned vehicles.
Deepwater Segment Is Expected to Grow at Higher CAGR: The deepwater segment is projected to record the higher CAGR during the review period. The increasing number of deepwater operations in oil field development projects in the Gulf of Mexico, Brazil, and West Africa, as well as other emerging regions, is expected to drive the growth of the segment.
Offshore Oil & Gas Segment Expected to Register the Highest CAGR: The offshore oil & gas survey segment is estimated to register the highest CAGR during the forecast period. The offshore oil & gas industry relies on survey & positioning for exploration and planning facilities, construction, and maintenance. The rising demand for crude oil energy across the world is also a significant factor in driving the growth of this segment.
Commercial Segment to Dominate the Market: The commercial segment is projected to be the fastest-growing segment during the forecast period. An increase in dredging operations, pipeline & cable laying, oil & gas exploration, offshore surveys, and drilling activities by commercial companies is expected to drive the growth of the segment.
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Regional Analysis
Increasing investment in autonomous vessels with advanced technologies is expected to drive the growth of the market.
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