NEW YORK, Aug. 7, 2017 /PRNewswire/ -- The hydrographic survey equipment market is projected to grow at a CAGR of 5.39% during the forecast period
The hydrographic survey equipment market is projected to grow from an estimated USD 2.11 billion in 2017 to USD 2.74 billion by 2022, at a CAGR of 5.39% from 2017 to 2022 during the forecast period. Growth in this market is attributed to the rise in maritime commerce and transport, and increase in the use of AUV and ROV. However, factors including stringent standards implemented by government authorities for the execution of hydrographic surveys and the high cost associated with as well as the lack of technical expertise in undertaking hydrographic surveys is expected to restrain the growth of the hydrographic survey equipment market in the near future.
Based on type, the unmanned vehicles segment is projected to be the fastest-growing market during the forecast period
Based on type, the unmanned vehicles segment is estimated to lead the hydrographic survey equipment market in 2017. Growth in this market is attributed to the increasing demand for unmanned vehicles in the commercial exploration of oil & gas, ongoing technological advancements in the field of autonomous underwater vehicles.
Based on depth, the shallow water segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017
Based on depth, the shallow water segment is estimated to lead the hydrographic survey equipment market in 2017, which can be attributed to updating of nautical charts on a regular basis as shallow waters are used for maritime commerce and fishing. Shallow water operations are typically less expensive compared to deep water operations. Thus, recovering oil prices are expected to lead to faster increase in offshore activity in shallow water basins compared to deep water ones. North America is expected to lead in the shallow water segment during the forecast period, largely by the US in the Gulf of Mexico.
North America was the largest market for hydrographic survey equipment in 2016 North America led the hydrographic survey equipment market in 2016, which has been studied for the US and Canada. The US leads the hydrographic survey equipment market in North America. Factors responsible for the leading position of North America are the increase in maritime commerce, oil and gas explorations, subsea surveying, dredging activities for construction, and increase in R&D for technological advancements in hydrographic survey equipment by major players.
Break-up of the profile of primary participants for this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: Europe – 30%, North America– 25%, Asia Pacific – 25%, Middle East and Africa – 15%, Latin America – 5%
Major players in the hydrographic survey equipment market are Kongsberg Maritime (Norway), Teledyne Technologies (US), INNOMAR Technologie GmbH (Germany), Edgetech (US), Sonardyne International (UK), iXblue SaS (France), and SyQwest Inc. (UK), among others.
The study segments the hydrographic survey equipment market on the basis of type (sensing systems, positioning systems, subsea sensors, software, unmanned vehicles, and others), depth (shallow water, deep water), platform (surface vehicles, UUVs & USVs, and aircraft), application (charting application, offshore oil & gas survey, port & harbor management, cable/pipeline route survey, hydrographic/bathymetric survey, and others), end user (commercial, research, defense), and region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The report provides in-depth market intelligence regarding the market dynamics and major factors that influence the growth of the hydrographic survey equipment market (drivers, restraints, opportunities, and industry-specific challenges), along with an analysis of micromarkets with respect to individual growth trends, future prospects, and their contribution to the hydrographic survey equipment market.
Reasons to buy the report:
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends); market share analysis of top players; company profiles; emerging and high-growth segments of the market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the hydrographic survey equipment offered by top players in the market
- Market Sizing: Market size for the financial year 2015-2016 and projection of the market size from 2017 to 2022
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the hydrographic survey equipment market
- Market Overview: Market dynamics and subsequent analyses of associated trends, drivers, restraints, and opportunities prevailing in the hydrographic survey equipment market
- Market Development: Comprehensive information about lucrative markets with an analysis of markets for hydrographic survey equipment across various regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the hydrographic survey equipment market
- Regional Analysis: Factors influencing market shares of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players
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