Europe Hydrographic Survey Market Growth Drivers and Forecast by 2027

The Europe hydrographic survey market is expected to grow from US$ 26.01 million in 2019 to US$ 42.03 million by 2027; it is estimated to grow at a CAGR of 6.3 % from 2020 to 2027.

The UK, Germany, France, Italy, and Russia are major economies in Europe. Growing maritime commerce and transport is expected to accelerate the Europe hydrographic survey market. Maritime commerce and transport are 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 Europe are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. Commercial shipping is crucial for the regional 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 Europe 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 for Europe region.

Further, due to the COVID-19 outbreak, Russia, UK, France, Spain, Italy, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had either to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, the region witnessed an economic slowdown in 2020 and most likely to witness till Mid-2021. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit coronavirus spread among its citizens. European countries represent a major market for hydrographic survey due to increasing adoption and growth in marine safety and flourishing oil & gas industry. However, due to COVID-19, the major offshore projects that demand hydrographic surveys to perform analysis on water depth and other activities have seen a sharp decline in European countries due to halt in projects. These factors are expected to have a direct impact on hydrographic survey market growth in European countries. Russia, Italy, Germany, UK, and France hydrographic survey markets are anticipated to see the worst impact 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 Europe hydrographic survey market. The Europe hydrographic survey market is expected to grow at a good CAGR during the forecast period.

Europe Hydrographic Survey Market Segmentation

Europe Hydrographic Survey Market – By Component

• Software
• Services

Europe Hydrographic Survey Market – By End User

• Marine
• Oil & Gas

Europe Hydrographic Survey Market, by Country

• UK
• Russia
• Germany
• France
• Italy
• Rest of Europe     

Europe Hydrographic Survey Market -Companies Mentioned

• BeamworX BV
• Esri
• Eye4Software B.V.
• HYPACK / Xylem Inc.     
• IIC Technologies
• Moga Software s.r.l.
• Norcom Technology Limited
• OceanWise Limited
• Quality Positioning Services B.V. (QPS)
• Teledyne Marine (Teledyne Technologies Incorporated)             

Europe Hydrographic Survey Report Scope