Middle East & Africa Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Software and Services) and End User (Marine and Oil & Gas)
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The MEA hydrographic survey market is expected to grow from US$ 11.10 million in 2019 to US$ 17.23 million by 2027; it is estimated to grow at a CAGR of 5.8 % from 2020 to 2027.
The UAE, Saudi Arabia, and South Africa are major economies in MEA. Integration with advanced technologies is expected to upsurge the MEA hydrographic survey market. Hydrographers play a key role in identifying the ocean environment and the production of nautical charts for navigation safety. In addition to the primary role of hydrography, the end users are increasingly seeking real-time data for the sustainable management of marine resources and protection of coastal infrastructure. They need hydrographic data to manage the challenges related to climate change and urbanization in coastal communities. Thus, hydrographic surveying and the roles of experts in this field are in experiencing a paradigm shift, and rise in the adoption of disruptive technologies, solutions, and techniques is likely to boost survey capacity and productivity, simultaneously mitigating the risks and costs involved. The integration of advanced technologies such as artificial intelligence (AI), virtual reality (VR), and automated data collection is emerging as the next step in the further development of the hydrographic survey industry. AI, machine learning (ML), and forward-looking sonar (FLS) transform hydrographic data collection, processing, analysis, and presentation. The technology integration would enable the close-to-real-time transmission of hydrographic data to cloud in the coming years. Moreover, several methods of processing data using complex algorithms and AI are in the developing phase. The introduction of AI and ML capabilities would allow enterprises to shift from being product-centric to data-centric, which would enable enterprises to expand their product and service portfolios, thereby allowing them to ensure greater client satisfaction. Advanced technologies are swiftly gaining prominence in the marine, and oil & gas sectors, and the rising use of hydrographic survey software integrated with advanced technologies is emerging as a prominent driver which will drive the MEA hydrographic survey market.
Further, in case of COVID-19, among the MEA countries, Turkey has faced the highest number of confirmed cases (2,531,456) and deaths (26,797). Other major countries facing the economic impact of COVID-19 include South Africa, Iran, Israel, Iraq, Morocco, Saudi Arabia, UAE, and Qatar. The region comprises many growing economies such as UAE and Saudi Arabia, among others, which are prospective markets for hydrographic survey providers due to the several ongoing marine and oil & gas projects. The global COVID-19 pandemic would have significant effects on global economies, but the region is anticipated to be impacted as there is already pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, the factory lockdowns, business, and various major plant shutdowns, and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the estimated decline in the region’s economic condition and the impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the hydrographic survey market till Mid- 2021.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA hydrographic survey market. The MEA hydrographic survey market is expected to grow at a good CAGR during the forecast period.
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MEA Hydrographic Survey Market Segmentation
MEA Hydrographic Survey Market – By Component
- Software
- Services
MEA Hydrographic Survey Market – By End User
- Marine
- Oil & Gas
MEA Hydrographic Survey Market, by Country
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
MEA Hydrographic Survey Market -Companies Mentioned
- Esri
- HYPACK / Xylem Inc.
- IIC Technologies
- OceanWise Limited
- Quality Positioning Services B.V. (QPS)
- Teledyne Marine (Teledyne Technologies Incorporated)
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA hydrographic survey market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the MEA hydrographic survey market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the hydrographic survey market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution