Global Hydrographic Survey Equipment Market Set For 9.5% Growth, Reaching $4.15 Billion By 2028
Hydrographic Survey Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Expected Hydrographic Survey Equipment Market Size In 2024 And Its Growth Rate?
The hydrographic survey equipment market has experienced substantial growth in recent years. The market value, which was $2.91 billion in 2023, is projected to rise to $3.12 billion in 2024, showing a compound annual growth rate CAGR of 7.5%. The impressive growth in the historic period can be ascribed to several factors, including an increase in maritime safety, a rise in port and harbor maintenance, increased offshore resource exploration, heightened environmental monitoring, and an upsurge in infrastructure development.
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What are the Growth Forecasts for the Hydrographic Survey Equipment Market?
Looking forward, we anticipate the hydrographic survey equipment market will continue its strong growth trajectory. The market is expected to be valued at $4.15 billion in 2028, with a compound annual growth rate CAGR of 7.4%. Anticipated growth can be attributed to climate change and sea-level rise, the increase in offshore renewable energy, growth of the blue economy, an uptick in international collaboration, and the rise of underwater archaeology.
What is Driving Growth in the Hydrographic Survey Equipment Market?
A significant driver of future growth in the hydrographic survey equipment market is an increase in maritime trade. Maritime trade, or trade conducted via the use of ships to transport goods by sea, directly benefits from hydrographic surveying. This civil engineering service determines the physical features of an underwater area and is integral to maintaining safe and effective maritime trade. According to data from the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, maritime trade is projected to increase by 4.3% in 2021, further driving growth in the hydrographic survey equipment market.
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Who are the Key Players Leading the Hydrographic Survey Equipment Market?
The hydrographic survey equipment market is home to major companies such as Kongsberg Maritime AS, Sonardyne International Ltd., Innomar Technologie GmbH, Edgetech Air Systems Pvt. Ltd., Tritech International Limited, Teledyne Technologies Incorporated, iXblue SaS, SyQwest Inc., Valeport Ltd., Xylem Inc., Raytheon Technologies Corporation, Fugro N.V., Thales Group, Atlas Electronics Inc., Odom Hydrographic Systems Inc., Stewart Technology Associates, H.J. Merrihue GmbH, Mesco Inc., Teg Oceanographic Services Inc., Waterway Surveys Inc., R2Sonic LLC., WASSP Ltd., Applied Acoustics International, ECHO81, Geomares Publishing, Hemisphere GNSS, Hydrotechnik Lübeck GmbH, JFE Advantech Co. Ltd., Knudsen Engineering Limited, and L-3 Communications Klein Associates Inc.
What are the Future Technological Trends in the Hydrographic Survey Equipment Market?
Technological advancements continue to shape the hydrographic survey equipment market with major companies focusing on developing new technologies to strengthen their market hold. For instance, in March 2022, Europe-based Kongsberg Maritime launched an addition to its acoustic modems lineup; the cNODE Mantis. With the capacity to create a live video feed, this new offering adds new capabilities for numerous subsea installations and enhances the visual monitoring of seabed structure placements.
How is the Hydrographic Survey Equipment Market Segmented?
The hydrographic survey equipment market is broadly segmented by type, platform, depth, application, and end-user.
- Types include Sensing Systems, Positioning Systems, Optical System, Profilers, Software, Other Types.
- Platforms include Surface Vessels, USV And UUV, Aircraft.
- Depths cover Shallow Water, Deep Water.
- Applications range from Port And Harbor Management, Offshore Oil And Gas Survey, Cable Or Pipeline Route Survey, Hydrographic Or Bathymetry Survey, among Other Applications.
- End Users consist of Commercial, Research, and Defense segments.
What is the Regional Impact of the Hydrographic Survey Equipment Market?
In 2023, the largest region in the hydrographic survey equipment market was Asia-Pacific. However, this industry report covers a range of regions including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing comprehensive geographical insights.
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