According to the latest report by IMARC Group "Hydrographic Survey Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the global hydrographic survey equipment market revenue. The global hydrographic survey equipment market size reached US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2027, exhibiting a growth rate (CAGR) of 5.87% during 2022-2027.
Hydrographic survey equipment includes software and hardware components. It can be installed on autonomous underwater vehicles (AUVs), unmanned underwater vehicles (UUVs), large ships and small crafts. It assists in producing detailed plans of harbor, seabed and waterway showcasing shapes, contours, and depths. As a result, its demand is rising around the world.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Presently, there is a considerable increase in maritime trade across the globe. This, in confluence with the rising demand for accurate nautical charts, represents one of the key factors strengthening the market growth. Apart from this, hydrographic survey equipment is increasingly being utilized in offshore industries like oil and gas. This, along with numerous technological advancements, such as the incorporation of 3D and 4D technologies in hydrographic studies, is acting as another growth-inducing factor. However, the outbreak of the contagious coronavirus disease (COVID-19) and subsequent impositions of lockdown restrictions have resulted in the temporary closure of the ports. The market is anticipated to recover losses on account of the growing development of offshore marine infrastructure fields.
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