North America Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Software and Services) and End User (Marine and Oil & Gas)
Request Now
The North America hydrographic survey market is expected to grow from US$ 35.90 million in 2019 to US$ 56.55 million by 2027; it is estimated to grow at a CAGR of 6.0 % from 2020 to 2027.
The US, Canada, and Mexico are major economies in North America. Growth in number of offshore oil & gas projects is expected to escalate the North America hydrographic survey market. Offshore projects play an important role in oil & gas production. They also contribute significantly to upsurge the economic activity and employment. The operations of offshore projects are complex, and contractors, engineers, equipment suppliers, and software and service providers play important role in their establishment and project commencement. The growth of the oil & gas industry drives the adoption of the hydrographic surveys to its peak. To attain the high levels of offshore oil and gas activities, various potential countries are heavily investing in this sector; for instance, as per the American Petroleum Institute (API), an amount of US$ 195 billion is projected to be spent between 2017 and 2035 in the US and the Atlantic coast states. Several major oil & gas firms are highly adopting hydrographic survey tools to conduct various surveys. The Alaska LNG Mega-project, located in Nikiski's industrial town, comprises a full LNG liquefaction plant, storage and shipping terminal, and 800-mile pipeline running from the North Slope to the oil & gas facility. Its anticipated cost ranges from US$ 45 billion to US$ 65 billion. Also, the Cameron LNG Liquefaction Plant project, with a value of US$ 10.16 billion, comprises the development of the existing LNG import facility to an innovative liquefaction plant. Furthermore, other projects are boosting the demand for the hydrographic survey’s software and services across North America region.
Further, in case of COVID-19, North America is highly affected specially the US. North America is one of the most important regions for adopting and developing new digital technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any negative impact on the growth of industries is expected to affect the economic growth of the region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 26,654,965 confirmed cases and 458,544 deaths as of 8th February 2021 by the World Health Organization (WHO). 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 the adoption of the hydrographic survey market. Due to shortage in the workforce and the practical difficulties in many social distancing cases hindered oil & gas activities in the US, which leads to a halt in various ongoing projects. Thus, it also impacted the integration of hydrographic survey software. The ongoing COVID-19 crisis and critical situation in the US will impact the hydrographic survey market growth of North America negatively for the next few months.
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 North America hydrographic survey market. The North America hydrographic survey market is expected to grow at a good CAGR during the forecast period.
Get more information on this report : 
North America Hydrographic Survey Market Segmentation
North America Hydrographic Survey Market – By Component
- Software
- Services
North America Hydrographic Survey Market – By End User
- Marine
- Oil & Gas
North America Hydrographic Survey Market, by Country
- US
- Canada
- Mexico
North America Hydrographic Survey Market -Companies Mentioned
- Esri
- HYPACK / Xylem Inc.
- IIC Technologies
- Quality Positioning Services B.V. (QPS)
- Teledyne Marine (Teledyne Technologies Incorporated)
- Triton Imaging, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America 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 North America 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 North America 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