Hydrographic Survey Market 2021 – Understanding New Opportunities & Future Trends by 2027

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. Moreover, by 2035, the offshore oil & gas growth would be capable of generating an additional 1.3 million barrels of oil, producing ~280,000 jobs, and contributing ~US$ 23.5 billion per year to the US economy. As per the Indian Brand Equity Foundation (IBEF), the oil & gas industry in India is expected to witness an investment of US$ 206 billion in the coming years. Therefore, rising number of offshore oil & gas projects and increasing maritime commerce and transport are driving the growth of the global hydrographic survey market.

HYPACK, IIC TECHNOLOGIES, TELEDYNE TECHNOLOGIES INCORPORATED, TRITON IMAGING, ESRI – PROMINENT MARKET PARTICIPANTS IN HYDROGRAPHIC SURVEY MARKET

The hydrographic survey market is segmented on the basis of component, end user, and geography. Based on component, the market is bifurcated into solutions and services. Hydrographic surveys are implemented to gain data of underwater site plan. The software and services offered for conducting hydrographic survey facilitate data collection and processing capabilities to end users, which allow statistical reporting, real-time imaging, and terrain modeling. They surveys are used in harbor management, contaminated lakes, offshore oil & gas plants, and among other industry applications. The software segment led the hydrographic survey market with a larger share in 2019. Based on end user, hydrographic survey market is bifurcated into marine and oil & gas. The oil & gas segment led the hydrographic survey market with a larger share in 2019. The oil & gas include pipeline route survey, water power, energy, floating wind farm, floating solar plants, and drilling rigs/exploration. The oil & gas sector needs hydrographic data for building, deploying, and operating seismic surveys, well drilling and production platforms, and pipeline facilities with greater accuracy. In this sector, hydrographic surveying is essential prior to installing or decommissioning offshore structures as well as before the deployment and structural inspection of subsea pipelines, wellheads, and production platforms. By geography, hydrographic survey market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America hold the largest share in the global hydrographic survey market, in the year 2019. North America comprises developed economies such as the US and Canada, and emerging economies such as Mexico. Technological developments make North America a highly competitive market for various companies. The companies in this region are continuously developing overall business processes to meet end users’ demands for high-quality products. Presently, the US boasts of robust port infrastructure and maritime sector due to its significant reliance on imported goods and notable outsourcing of manufacturing and production facilities over Asian economies

The players present in the market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. Various market initiatives were observed in North America, which have a high growth potential for hydrographic survey market providers. A few of the important market initiatives from the industry are mentioned below: