South 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)
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The SAM hydrographic survey market is expected to grow from US$ 9.21 million in 2019 to US$ 14.97 million by 2027; it is estimated to grow at a CAGR of 6.4 % from 2020 to 2027.
The Brazil and Argentina are major economies in SAM. Rise in maritime commerce and transport is expected to bolster up the SAM hydrographic survey market. Maritime commerce and transport is a key to trade and globalization; moreover, it is essential for ensuring national security. The movement of passengers and cargo demand an efficient marine transportation system. Several government agencies across SAM region are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. Commercial shipping is crucial for the global and domestic coastal trade of any country. Ships transporting dry and liquid bulk goods, containers, and passengers need efficient and safe shipping lanes and ocean routes as well as suitable port facilities and infrastructure. The ocean planning activities must ensure that the allotment of ocean space to other activities is compatible with safe maritime commerce and transport. Numerous coastal nations across SAM region are heavily investing in hydrographic surveys to have properly charted waters that can aid a rising need for maritime commerce and transportation. Optimized charts enable faster transits of ships with deeper drafts, allowing the movement of huge goods through navigational chokepoints and ports. Precise hydrographic software and services are vital for ensuring the navigation safety as well as supporting and boosting safe maritime commerce and transport, which would contribute to the constant sustainable growth of the economy, thereby escalating the demand for hydrographic survey software and services, hence driving the SAM hydrographic survey market growth.
Further, in case of COVID-19, Brazil has the highest number of confirmed cases, followed by other countries such as Colombia, Argentina, Peru, and Chile. The governments of various countries in SAM are taking several initiatives to protect people and to contain COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to directly impact the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners such as China, Europe, and North America. The total number of cases in Brazil accounted for 9,497,795, out of which 231,012 total deaths are recorded. The shutdown of businesses and halt in ongoing offshore projects due to lockdown measures has directly affected the growth of the hydrographic survey market in this region. The sharp decline in business activities and product sales are also affected the growth rate of the hydrographic survey in this region in 2020 and most likely to affect 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 SAM hydrographic survey market. The SAM hydrographic survey market is expected to grow at a good CAGR during the forecast period.
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SAM Hydrographic Survey Market Segmentation
SAM Hydrographic Survey Market – By Component
- Software
- Services
SAM Hydrographic Survey Market – By End User
- Marine
- Oil & Gas
SAM Hydrographic Survey Market, by Country
- Brazil
- Argentina
- Rest of SAM
SAM Hydrographic Survey Market -Companies Mentioned
- Esri
- HYPACK / Xylem Inc.
- 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 SAM 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 SAM 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 SAM 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