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Global Hydrographic Survey Equipment Market to Grow at a CAGR of 6.8% During 2022-2027, Aided by the Robust Growth of the Oil and Gas Industry

According to a new report by EMR titled, ‘Global Hydrographic Survey Equipment Market Report and Forecast 2022-2027’, the global market for hydrographic survey equipment attained a value of about USD 3 billion in 2021. The industry is further expected to grow at a CAGR of 6.8% in the forecast period of 2022-2027 to reach a value of approximately USD 4.1 billion by 2027.

The market is being aided by the rising demand for hydrographic survey equipment in the oil and gas industry. As it is crucial to identify ground conditions and potential geohazards before drilling in the oil and gas industry, the demand for hydrographic survey equipment is increasing, hence driving the industry growth. In addition, the increasing use of hydrographic survey equipment in various phases in the development and commissioning of oil and gas projects is propelling the growth of the market. The rising demand for offshore energy in major end-use industries is surging the utilisation of hydrographic survey equipment, which is expected to provide further impetus to the market growth in the forecast period.

Some of the leading companies in the market are Teledyne Technologies Incorporated (NYSE: TDY) and EdgeTech. In September 2020, the latter introduced a new sonar frequency combination suited for shallow water Unmanned Underwater Vehicles (UUV) and Unmanned Surface Vehicles (USV). The dual-frequency combination of 850 kHz and 1600 kHz offers high-resolution side-scan sonar imagery at both optimal bathymetry and frequencies at 850 kHz. This combination is ideal for small vehicles operating in shallow water with close proximity to the seafloor. The frequency combination is available in its 2205 hosted platform product line of solutions. The system is a flexible, compact, and configurable sonar system that integrates on surface vehicles and third-party underwater. It also includes two transducer arrays to be mounted on the vehicle for a clear view of the seafloor. Moreover, the system can be operated independently of the hosted platform by storing the data and configuring it to autonomously interoperate with the vehicle during missions. Such developments are propelling the market growth of hydrographic survey equipment.

Market Analysis by Type, Depth, Platform, Application, End User, and Region:

  • The market, on the basis of type, can be divided into sensing systems, positioning systems, subsea sensors, software, and unmanned vehicles, among others.
  • Based on depth, the industry can be divided into shallow water and deep water.
  • By platform, the market is segmented into surface vessels, USVs and UUVs, and aircraft.
  • The applications of hydrographic survey equipment include hydrographic or bathymetry survey, port and harbour management, offshore oil and gas survey, and cable or pipeline route survey, among others.
  • On the basis of end user, the market is classified into commercial, research, and defence.
  • The regional markets for hydrographic survey equipment include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing deployment of hydrographic survey equipment in the management and construction of ports and harbours is driving the market growth.
  • The market is being propelled by the increasing utilisation of bathymetric data to ensure the safety of ships and their compliance with regulatory standards, which, in turn, is surging the demand for hydrographic survey equipment.
  • The growing demand for hydrographic survey equipment to gain high-resolution topical data of tides and currents to enhance the understanding of water bodies is bolstering the industry growth.
  • The development of innovative hydrographic survey equipment that can access unreachable areas and efficiently function in challenging environments is providing impetus to the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for hydrographic survey equipment for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, depths, platforms, applications, end users, and regions of hydrographic survey equipment.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hydrographic survey equipment market are EdgeTech, Valeport Ltd, CEE HydroSystems, SyQwest Incorporated, and Teledyne Technologies Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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