North America Hydrographic Survey Market is expected to reach US$ 56.55 million by 2027

Software Segment to Dominate North America Hydrographic Survey Market during 2019–2027.

According to The Insight Partners market research study on “North America Hydrographic Survey Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and End User,” is expected to reach US$ 56.55 million by 2027 from US$ 35.90 million in 2019. The market is estimated to grow at a CAGR of 6.0 % from 2020 to 2027. The report provides trends prevailing in the North America hydrographic survey market along with the drivers and restraints pertaining to the market growth. Growth in number of offshore oil & gas projects and increasing maritime commerce and transport are the major factor driving the growth of the North America hydrographic survey market. However, less awareness in several countries hinder the growth of North America hydrographic survey market.

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.  

The North America hydrographic survey market is segmented on the basis of component, end user, and country. Based on component, the market is segmented into software and services. The software segment dominated the North America hydrographic survey market in 2019 and services segment is expected to be fastest growing during forecast period.  In terms of end user, the North America hydrographic survey market is divided into marine and oil & gas. The oil & gas segment dominated the North America hydrographic survey market in 2019 and is also expected to be fastest growing during forecast period.

Esri, HYPACK / Xylem Inc., IIC Technologies, Quality Positioning Services B.V. (QPS), Teledyne Marine (Teledyne Technologies Incorporated), Triton Imaging, Inc. are among the leading companies in the North America hydrographic survey market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Quality Positioning Services B.V. (QPS) had launched a new Qinsy version 9 with a focus on cross-product features between Qinsy and Qimera. This release incorporates a new geodetic user interface, a project dialog, SVP folder monitoring, and an online line log. Additionally, Qinsy version 9 has refreshed icons, and the overall menu layout is improved.

The report segments the North America Hydrographic Survey Market as follows: 

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