Hydrographic Survey Equipment Market to Garner $5.3 Billion, Globally, by 2030 at 5.73% CAGR: Allied Market Research
Introduction of unmanned survey vehicles, integration of various technologies to support customer-friendly approach, and decline in cost of operations drive the global hydrographic survey equipment market.
PORTLAND, Ore., May 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hydrographic Survey Equipment Market by Type (Sensing Systems, Positioning Systems, Optical System, Profilers, Software, Others), by Depth (Shallow Water, Deep Water), by Platform (Surface Vessels, USVs And UUVs, Aircraft), by Application (Hydrographic Or Bathymetry Survey, Port And Harbor Management, Offshore Oil And Gas Survey, Cable Or Pipeline Route Survey, Others), by End User (Commercial, Research, Defense): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global hydrographic survey equipment industry was accounted for $3.1 billion in 2020, and is expected to reach $5.3 billion by 2030, growing at a CAGR of 5.73% from 2021 to 2030.
Major determinants of the market growth
Advent of unmanned survey vehicles, incorporation of various technologies to support customer-friendly approach, and reduced cost of operations have boosted the growth of the global hydrographic survey equipment market. However, high production cost and increased market competitiveness hinder the market growth. On the contrary, rise in demand for hydrographic survey equipment in developing countries would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic has had a negative impact on the industry due to travel restrictions and ban on commercial and logistics trade.
- The limited logistic support due to trade restrictions hampered the manufacturing industry and increased overhead costs. Moreover, it created supply-demand gap.
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The software segment dominated the market
By type, the software segment held the largest share in 2020, accounting for around one-third of the global hydrographic survey equipment market. In addition, the segment is estimated to register the highest CAGR of 6.13% during the forecast period, due to rise in reliance on software and rapid shift toward unmanned survey vehicles and automation. The report includes analysis of other segments such as sensing systems, positioning systems, optical systems, profilers, and others.
The commercial segment to portray the highest CAGR through 2030
By end user, the commercial segment is projected to manifest the highest CAGR of 5.84% from 2020 to 2030. Furthermore, the segment held the largest share in 2020, accounting for around three-fourths of the global hydrographic survey equipment market, due to rise in demand for hydrographic surveys for locating natural basins and performing geographic surveys near ports for the shipping industry. The report includes analysis of other segments such as research and defense.
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Asia-Pacific, followed by Europe and North America, held the highest share
By region, the global hydrographic survey equipment market across North America dominated in 2020, accounting for nearly two-fifths of the market, due to high demand on the commercial and military fronts in the region. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.69% during the forecast period, owing to rise in efforts taken by private and government players to support boarder protection and regional trade.
Major market players
- Edgetech
- Innomar Technologie GmbH
- Ixblue SaS
- Kongsberg Gruppen ASA
- Sonardyne International Ltd
- Syqwest Inc
- Teledyne Technologies Inc
- Tritech International Limited
- Valeport Ltd
- Xylem
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Hydrographic Survey Positioning Systems Market by Type (Inertial Navigation Systems (INS), Acoustic Positioning Systems (LBL, SBL, and USBL), Satellite Based Positioning Systems and Land Based Positioning Systems), Depth (Shallow Water and Deep Water), Platform ( Aircraft, Surface Vehicles and UUVs & USVs), Application (Charting Application, Offshore Oil & Gas Survey, Port & Harbor Management, Pipeline Route Survey, Bathymetric Survey and Others), and End User (Commercial, Defense and Research): Global Opportunity Analysis and Industry Forecast, 2020–2030
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