23 September 2019
Hydrographic Survey Equipment Market Report 2019-2029: Forecasts by Type (Sensing System, Positioning System, Subsea Sensor, Unmanned Vehicle, Software), Application (Port & Harbor, Oil & Gas, Cable, Charting), Depth (Shallow Water, Deep Water), Platform (Surface Vessels, USVs and UUVs, Aircraft), End User (Commercial, Research, Defense), by Region and Analysis of Leading Companies indicates that the Global Hydrographic Survey Equipment Market was valued at $4.8 billion by 2029.
Hydrographic survey is a method for measuring and describing the body characteristics of oceans, coastal waters, lakes and rivers. Hydrographic equipment is known as the equipment needed to perform such surveys. Hydrographic surveys are aimed primarily at ensuring secure maritime navigation. Growth in this industry can be attributed to enhanced maritime trade, improved use of UUVs and USVs for hydrographic studies, as well as oil & gas surveys.
Increasing oil and gas prices owing to high demand, safety issues among sailors and shipping businesses, public policies promoting oil and gas exploration, advances in technology for hydrographic equipment are likely to drive the market for hydrographic equipment in the near future. The prospects in the hydrographic machinery markets are expected to be great in the near future as an uncontested industry with high benefits.
Based on depth, during the forecast period, the deep water segment is expected to achieve at the highest CAGR. This segment's growth can be linked to the growing amount of deepwater activities in petroleum field development projects in the Gulf of Mexico, Brazil, and West Africa, as well as other developing areas, expected to drive demand for hydrographic survey machinery.
The Asia Pacific hydrographic survey equipment market is expected to expand from 2019 to 2029 at the greatest CAGR. Growing exploration and manufacturing, port & harbor management, together with the development of offshore wind power parks in the area, fuel the growth of the Asia Pacific hydrographic survey equipment industry.
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