The global hydrographic equipment market size will grow by USD 624.38 million during 2019-2023. This market research report provides a detailed analysis of the market by application (hydrographic charting, offshore oil and gas, port and harbor management, and coastal engineering) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many hydrographic equipment manufacturers, including Innomar Technologie GmbH, Kongsberg Gruppen ASA, Mitcham Industries Inc., Moog Inc., Seafloor Systems Inc., Sonardyne International Ltd., Syqwest Inc., Teledyne Technologies Inc., Valeport Ltd., and Xylem Inc.
Key Insights on Hydrographic Equipment Market – Global Forecast 2019-2023
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Industry Overview
Many countries across the world are increasingly adopting hydrographic survey vessels to create nautical charts, that are used by both civil and defense forces. The Royal New Zealand Navy recently adopted a hydrographic vessel, HMNZS Manawanui, at Devonport Naval Base. The ship can perform operations such as underwater search and recovery, disaster relief, explosives disposal, and limited mine countermeasures. Similarly, the hydrographic squadron of the British Royal Navy replaced its aging HMS Gleaner survey ship with the new hydrographic survey vessel, HMS Magpie. The increasing procurement of such hydrographic survey vessels by various countries is creating a strong demand for hydrographic equipment. This is expected to drive hydrographic equipment market growth during the forecast period.
Crucial hydrographic equipment market trends such as advances in satellite derived-bathymetry (SDB) will also influence market growth. SDB works remotely and helps in reducing operational costs of hydrographic survey projects by eliminating the need for the mobilization of equipment and personnel to the survey site. It also eliminates additional costs incurred because of equipment downtime caused by changing weather conditions. Moreover, SDB offers environment, health, and safety-related advantages. It facilitates easy surveying of fragile ecosystems using satellites and eliminates the risk of pollution and damage. Such advantages of SDB will have a positive impact on the growth of the hydrographic equipment market size. As a result of these factors, the market will register a CAGR of around 5% during 2019-2023.
Top Companies in Hydrographic Equipment Market
The global market is fragmented. To help clients improve their market positions, this hydrographic equipment market forecast report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading hydrographic equipment manufacturers, including:
- Innomar Technologie GmbH
- Kongsberg Gruppen ASA
- Mitcham Industries Inc.
- Moog Inc.
- Seafloor Systems Inc.
- Sonardyne International Ltd.
- Syqwest Inc.
- Teledyne Technologies Inc.
- Valeport Ltd.
- Xylem Inc.
Market Segmentation
Hydrographic Equipment Market by Application
- Hydrographic charting
- Offshore oil and gas
- Port and harbor management
- Coastal engineering
The hydrographic charting segment held the largest market share in 2018. Modern hydrographic charts are increasingly being used for the establishment of sea lanes and traffic separation schemes based on international standards and the interests of the coastal state. The information provided by modern charts is also leveraged by the tourism industry to encourage large cruise ships to visit formerly inaccessible areas. The hydrographic equipment market analysis report predicts that as a result of these factors, the segment wil account for the highest hydrographic survey equipment market share throughout the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the hydrographic equipment market size.
Hydrographic Equipment Market Segmentation by Region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that APAC will account for the highest share of the hydrographic equipment market share throughout the forecast period. The rising LNG trade among countries in the region is driving oil and gas companies to maximize their capacity utilization and improve upstream, midstream, and downstream delivery with the help of new pipelines. Moreover, the expansion of ports in the region has increased the hydrographic surveying efforts. These factors are fueling the hydrographic equipment market growth in APAC.
Major Highlights of the Hydrographic Equipment Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the hydrographic survey equipment market size during the next five years
- Precise estimation of the global hydrographic survey equipment market size and its contribution to the parent market
- Accurate hydrographic equipment market forecast on upcoming trends and changes in consumer behavior
- The growth of the hydrographic equipment industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of hydrographic equipment manufacturers
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