Apr 22, 2021   SOURCE: BusinessWire

Global Hydrographic Survey Market Report 2021-2027: Rise in Number of Offshore Oil & Gas Projects - Technological Advancements in Software and Services - ResearchAndMarkets.com

The "Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; End User" report has been added to ResearchAndMarkets.com's offering.

Growing Offshore Projects to Support Hydrographic Survey Market Growth during 2020-2027

Hydrographic Survey Market was valued at US$ 97.19 million in 2019 and is projected to reach US$ 155.91 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.

The global hydrographic survey market is segmented into five major regions - North America, Europe, APAC, MEA, and SAM. For oil & gas and marine projects, the hydrographic survey work is initiated by the oil & gas and marine firms, with the country's permission. Navy or national survey agency, which is responsible for the safety of navigation, also conduct hydrographic surveys.

North America led the hydrographic survey market in 2019 with a share of 36.9%, followed by Europe and APAC. The growing maritime and oil & gas industries, rising trend of digitalization, presence of multiple hydrographic survey software or service providers, and favorable government policies for developing oil & gas and marine industries are propelling the hydrographic survey market growth in North America.

In Europe, the marine industry plays an important role in the overall economy, in terms of revenue generation, job creation, and infrastructural development. European Commission continually monitors this industry and works toward the development of transport that favors the growth and competitiveness of the industry.

APAC is anticipated to register the highest CAGR in the hydrographic survey market during 2020-2027. The region comprises several developing economies such as China, India, and several southeast countries, which hold a high potential for the future growth of the hydrographic survey market. The growth in port and harbor management, exploration, and production activities, and rise in the development of offshore wind energy projects are propelling the growth of the hydrographic survey market in APAC.

Surge in deepwater operations in oil field development projects in Brazil, the Gulf of Mexico, and Africa, and other growing countries is anticipated to drive the demand for hydrographic survey software and services in the MEA and SAM during the forecast period.

Companies Mentioned

  • BeamworX BV
  • Eye4Software B.V.
  • HYPACK / Xylem Inc.
  • IIC Technologies
  • Norcom Technology Limited
  • Teledyne Marine (Teledyne Technologies Incorporated)
  • Triton Imaging, Inc.
  • OceanWise Limited
  • Moga Software s.r.l.
  • Quality Positioning Services B.V. (QPS)
  • Esri

Key Market Dynamics

Market Drivers

  • Rise in Number of Offshore Oil & Gas Projects
  • Rise in Maritime Commerce and Transport

Market Restraints

  • Lack of Awareness in Underdeveloped Countries

Market Opportunities

  • Increasing Demand for Energy & Power Projects in Developing Countries

Future Trends

  • Technological Advancements in Hydrographic Survey Software and Services

The global hydrographic survey market has been segmented as follows:

Hydrographic Survey Market - by Component

  • Software
  • Services

Hydrographic Survey Market - by End User

  • Oil & Gas
  • Marine

For more information about this report visit https://www.researchandmarkets.com/r/yscfkj