According to the new research report, titled “Hydrographic Survey Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Software and Services) and End User (Marine and Oil & Gas)” published by The Insight Partners, the market is expected to reach US$ 155.91 million by 2027, registering a CAGR of 6.2% from 2020 to 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.
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Impact of COVID-19 Pandemic on Hydrographic Survey Market
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, UK, France, Spain, Italy, Germany, Argentina, Mexico, and South Africa are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis affected industries worldwide, and the global economy was adversely affected in 2020. The US is a prominent market for the hydrographic survey for oil & gas and marine sectors. The factory and business shutdowns across the globe have negatively impacted 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 across the globe, which leads to a halt in various ongoing projects. Thus, it also negatively impacted the integration of hydrographic survey market.
In the last few years, several fishing ports were designed at convenient locations, thereby eliminating the need to scrutinize environmental factors such as uncharted reefs, wave heights, and water depth and tidal stream changes. Several marine structures were expanded across the globe, and numerous issues that used to be considered minor have now grown into major ones. Hydrographic surveys or bathymetric surveys are used for surveying water bodies to ensure they are free of major issues that might lead to high maintenance requirements in future. The scope of hydrographic surveys entails the inspection of inland rivers and water control reservoirs, periodic condition assessments of coastal federal navigation channels (to eradicate obstructions) and intracoastal navigation projects, and execution of underwater structural surveys. Surveys of breakwaters, revetments, jetties, and other river control structures are performed to evaluate the subsurface condition of the structures. The hydrographic surveys ensure the safety of vessels. It enables ships to safely travel in ports, which prevents the loss of lives and properties, and protects the environment. Besides, in coastal areas, environmental management depends on changes in the marine environment, which can be tracked with the help of hydrographic surveys that are capable of identifying the changes in bathymetry and seafloor characteristics. Therefore, the demand for the hydrographic survey software market is rising at a rapid pace in the world. The growing number of offshore infrastructure projects, including effluent disposal systems, bridges, and ports, is contributing to the rise in demand for hydrographic survey software and services. Moreover, the surge in spending on offshore oil & gas projects is boosting the growth of the hydrographic survey market.
The players operating in the hydrographic survey market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In January 2021, IIC Technologies and XOCEAN delivered a ground-breaking survey of superior lake seabed for the Canadian Hydrographic Service (CHS). For this project, two XOCEAN Uncrewed Surface Vessels (USVs), took to Lake Superior this winter to undertake pioneering survey work for the CHS. CHS contracted IIC Technologies to acquire a high-resolution seabed survey in water depths up to 200m, of over 800km2 off Thunder Bay, Ontario, using USV technology.
In December 2020, BeamworX BV had launched a new version of the BeamworX software suite (version 2020.3). This new NavAQ software supports AIS, automation, and Mbe multi-detection.
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