Hydrographic Survey Market is expected to reach US$ 155.91 Mn by 2027

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

According to our latest market study on “Hydrographic Survey Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Software and Services) and End User (Marine and  Oil & Gas)),” the 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 report highlights key factors driving the market growth and prominent players with their developments in the market.

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.

Impact of COVID–19 Pandemic on Hydrographic Survey Market

The US is a prominent market for the hydrographic survey for oil & gas and marine sectors. The factory and business shutdowns across the US, Canada, and Mexico impact negatively the adoption of the hydrographic survey market. Factors such as shortage of human resources and practical difficulties in many social distancing cases hindered the oil & gas activities in the US, which leads to a halt in various ongoing projects. It also disrupted the integration of hydrographic survey software. Therefore, the ongoing COVID-19 crisis and critical situation in the US would adversely affect the growth of the hydrographic survey market in North America in the next few months.

Hydrographic Survey Market Breakdown—by Region, 2019 (%)

---

Hydrographic Survey Market Size & Industry Share by 2027

Download Free Sample

---

Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Software, Services); End User (Marine and Oil & Gas)

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

Hydrographic Survey Market – by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM