The global hydrographic equipment market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing maritime transport and commerce.
Hydrographic equipments are used in hydrographic survey, which is a process used to describe and measure the physical parameters of the navigable earth’s surfaces, such as rivers, lakes, and oceans. Equipments used in survey are mainly unmanned vehicles, sensing systems, software, positioning systems, subsea sensors, and others. This equipment helps in superior quality hydrographic data collection in large volume, which is then distributed and processed by means of software. Along with hardware, QINSy (Quality Integrated Navigation System) is a software used for managing operations of hydrographic equipments. The benefits offered by hydrographic survey, includes safe maritime transportation, waterway planning, dredging analysis, wreck analysis, and water depth estimation.
The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, the government bodies across the globe imposed the lockdown resulted in shutdown of ports. Additionally, social-distancing norms and travel bans implemented by the government affected the import-export and travel activities via waterways, which reduced the demand of hydrographic equipment. The market is expected to recover soon with an uptrend operation as emergency lockdown is lifted by the government gradually and ports are resuming their operation with limited workforce.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing product enhancement and advancements in equipment is one of the key factors driving the market growth.
- Rising demand for offshore oil exploration and drilling is projected to boost the market during the forecast period.
- Growing fluctuation in oil & gas industry acts as a major challenge that can restrict the market growth in the coming years.
- High cost and time inefficiency associated with equipments is expected to hamper the market growth during the projected timeline.
- Integrating machine learning and big data technology with equipments for data analysis is anticipated to create significant growth opportunities for the market.
Scope of Hydrographic Equipment Market Report
The report on the global hydrographic equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Hydrographic Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Offshore Oil & Gas, Hydrographic Charting, Coastal Engineering, and Port & Harbor Management [Loading Docks, Warehouses, Cargo, Ships, and Others])
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Ohmex Ltd.; Seafloor Systems Inc.; Teledyne Reson A/S; Atlas Elektronik GmbH; IIC Technology Pvt. Ltd.; Raytheon Technologies Corp.; Thales Group; and Furgo
Hydrographic Equipment Market Segment Insights
Hydrographic charting segment to register a high CAGR
On the basis of applications, the market is segregated into offshore oil & gas, hydrographic charting, coastal engineering, and port & harbor management. The port & harbor management is further divided into loading docks, warehouses, cargo, ships, and others. The hydrographic charting segment is projected to register at high CAGR in the projected timeline attributed to the rising demand for safe navigation. Furthermore, surging adoption of hydrographic charts for fishing activities, recreational boating, and commercial shipping is accelerating the segment growth further. On the other hand, the offshore oil & gas segment is anticipated to register a substantial CAGR during the forecast period due to the surge in investment in offshore oil & gas exploration activities by emerging economies. Moreover, increasing demand for extract petroleum, which lies in rock formation beneath the seabed is major driver of the segment.
North America to constitute a key market share
In terms of region, the global hydrographic equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to increase in usage of hydrographic equipment for oil & gas exploration, dredging, and subsea research activities coupled with the presence of key global players in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the growing adoption of hydrographic equipments from emerging economies in the region as well as rising demand of marine construction, offshore drilling, and dredging.
The global hydrographic equipment market has been segmented on the basis of
- Offshore Oil & Gas
- Hydrographic Charting
- Coastal Engineering
- Port & Harbor Management
- Loading Docks
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global hydrographic equipment market are Ohmex Ltd.; Seafloor Systems Inc.; Teledyne Reson A/S; Atlas Elektronik GmbH; IIC Technology Pvt. Ltd.; Raytheon Technologies Corp.; Thales Group; and Furgo. Companies are investing in R&D for advancements in equipment to maintain their competitive positions in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in March 2021, Royal Navy United Kingdom's naval warfare force had tested cutting-edge software to map the seabed. The HMS magpie was able to chart the waters around Plymouth by using technologically advanced Radar based bathymetric survey system. The installed radar system was with specialized computer program, which measures wave height. In February 2020, National Institute of Ocean Technology (NIOT), Chennai, India signed a contract with Kongsberg Maritime for the sale of HUGIN AUV System. The system ordered by NIOT is equipped with a KONGSBERG HISAS 1032, rated to a depth of 6,000 meters seabed, and hydrographic classification applications. It is also integrated with a range of environmental sensors and high definition colour still image camera for hydrographic surveys, including a magnetometer. This equipment is aimed to facilitate the extremely demanding mapping programs and deep-sea scientific research of NIOT.