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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.
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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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